DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If the Leased Property shall be damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date. 17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease. 17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 3 contracts
Samples: Lease Agreement (Monaco Coach Corp /De/), Lease Agreement (Monaco Coach Corp /De/), Lease Agreement (Monaco Coach Corp /De/)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If the Leased Property Premises shall be partially damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at shall be repaired by the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, Lessor to the extent of and subject to receipt of insurance proceeds from Landlord's insurer received by the Lessor. If all or substantially all of the Leased Premises becomes unfit for occupancy and use as a result of fire or other cause, the Lessor may elect (plus an amount equal a) to terminate this Lease as of the time when the Leased Premises are made unfit for occupancy and use by giving written notice to the amount of any applicable deductibleLessee within fifteen (15) sufficient to pay the cost of such repair and restoration, it being agreed days after that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restoredate, or (b) to repair, restore or rehabilitate the Leased Premises to the extent of insurance proceeds received by the Lessor within one hundred eighty (180) days after the Lessor is able to take possession of the Leased Premises and undertake reconstruction or repairs, in which latter event this Lease shall not terminate but the Rent shall be abated on a per diem basis while the Leased Premises are unfit for occupancy and use. If the Lessor elects to restore, repair or rehabilitate the Leased Premises and does not substantially complete the work within said one hundred eighty (180) day period, either party shall have the right to terminate this Lease as of the time when the Leased Premises became unfit for occupancy and use by written notice to Tenant sent the other party not later than 60 then ten (10) days following after the expiration of said period. In the event of such fire or other casualtytermination of this Lease, in which event the Term shall expire upon Lessee’s liability for the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion cease as of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but Premises were made unfit for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateoccupancy and use.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 2 contracts
Samples: Lease Agreement (Earth Biofuels Inc), Lease Agreement (Earth Biofuels Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. Section 10.01 If the Leased Property Building or the Demised Premises shall be partially damaged by fire or other causecause without the fault or neglect of Tenant, Tenant Tenant’s servants, employees, agents, visitors or licensees, the damages thereto (but not including Tenant’s improvements, trade fixtures and stock in trade) shall promptly notify be repaired by the Landlord thereof. If and the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Rent and other charges, Additional Rent and the Building, Landlord shall, at Tenant's option as determined like payable by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date under this Lease shall so terminatebe apportioned according to the part of the Demised Premises which is usable by Tenant. Fixed Rent and Additional Rent But if such partial damage is due to the fault or neglect of the Tenant, or of Tenant’s servants, employees, agents, visitors or licensees the damages shall be abated for the portion of the Leased Property which is not usable repaired by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There Landlord but there shall be no apportionment or abatement of Fixed Rent or the Additional Rent for any period of time for that portion of the Leased Property which and other charges payable by Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedunder this Lease. No penalty or damage shall accrue for delays reasonable delay which may arise by reason of adjustment of insurance on the part of Landlord, or Landlord and/or Tenant and for delays reasonable delay on account of Force Majeure“labor troubles”, or any other cause beyond Landlord’s control.
Section 10.02 If the Building and/or Demised Premises are totally damaged or are rendered wholly untenantable by fire or other cause, and if Landlord shall decide not to restore or not to rebuild the same, or if the Building of which the Demised Premises forms a part shall be so damaged that Landlord shall decide to demolish it, then, or in any such events, Landlord may within one hundred twenty (120) days after such fire or other cause, give Tenant a notice in writing of such decision, which notice shall be given as herein provided, and thereupon the Term of this Lease shall expire by lapse of time upon the third day after such notice is given, and Tenant shall vacate the Demised Premises and surrender same to Landlord. Upon If Tenant shall not be in default under this Lease then, upon termination of this Lease under the conditions provided for in accordance with this Section 17.01the immediately preceding sentence, Tenant's ’s liability for rent and other charges payable by Tenant shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before cease as of the day following such datenotice.
17.02Section 10.03 If the Building and/or the Demised Premises are totally damaged or are rendered wholly untenantable by fire or other cause, and if Landlord shall decide to restore or rebuild the same, or if the Building shall be so damaged that Landlord shall decide to demolish it and rebuild the same or similar building, including space similar to the Demised Premises, then or in any of such events Landlord may, within one hundred twenty (120) days after such fire or other cause, give Tenant a notice in writing of such decision, which notice shall be given as herein provided, and thereupon the Term of this Lease shall not terminate, but shall continue in full force and effect, and the rent and other charges payable by Tenant under this Lease shall xxxxx and be suspended for the duration of the restoration or reconstruction of the Demised Premises and until such time as Tenant may again enter into possession and use and occupancy as existed immediately prior to the fire or other cause of damage and destruction, provided that the Tenant is able to lawfully enter into possession, use and occupancy of the Demised Premises within one (1) year from the date of the fire or other cause of such damage. If the Tenant is not so restored to possession, use and occupancy of the restored or rebuilt Demised Premises within said one (1) year period, Tenant shall have the right to elect to terminate this Lease. Nothing in this paragraph shall be deemed to affect the length of the Term of this Lease.
Section 10.04 No damagedamages, compensation or claims shall be payable to Tenant by Landlord for delay, inconvenience, loss of business or annoyance to Tenant arising from any such damage by fire or other casualty or from any repair or restoration of all or any portion of the Leased Property Demised Premises or of the Building but Building.
Section 10.05 No damages, compensation or claims shall be payable to Tenant by Landlord shall use reasonable efforts to effect promptly for delay, inconvenience, loss of business or annoyance arising from any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions damage or from any repair or restoration of Section 17.01, if, by reason of some action or inaction on the part of Tenant all or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all portion of the insurance proceeds (including rent insurance proceeds) applicable to damage Demised Premises or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceedsBuilding.
Appears in 2 contracts
Samples: Commercial Lease (Halo Technology Holdings, Inc.), Commercial Lease (Warp Technology Holdings Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If Section 16.01 Subject to Sections 16.02 and 16.03 hereof, if the Leased Property shall be Building is damaged by fire or other causecasualty so as to affect the Premises, Tenant shall promptly immediately notify Landlord thereof. If Landlord, who shall (but only if the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer insurance available to Landlord
(plus an amount equal to the amount of any applicable deductiblei) sufficient to pay the cost of such repair and restoration, it being agreed that are free from collection by Landlord's obligation mortgagee, ground or primary lessor, and
(ii) are sufficient) have the damage repaired with reasonable speed at the expense of Landlord, subject to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of loss under insurance on policies and to other delays beyond Landlord's reasonable control. Provided such damage was not the part result of Landlordthe negligence or willful misconduct of Tenant, or Tenant's employees or invitees, an abatement in the Rental hereunder shall be allowed as to that portion of the Premises rendered untenantable by such damage until such time as Landlord determines that such damaged portion of the Premises has been made tenantable for delays on account Tenant's use.
Section 16.02 If the Premises are damaged or destroyed by any cause whatsoever, and if, in the Landlord's reasonable opinion the Premises cannot be rebuilt or made fit for Tenant's purposes within 120 days of Force Majeure. Upon termination the damage or destruction, or if the proceeds from insurance remaining after payment of any such proceeds to Landlord's mortgagee, ground, or primary lessor, are insufficient to repair or restore the damage by destruction, Landlord may, at its option, terminate this Lease by giving the Tenant, within 60 days after such damage or destruction, notice of termination, and thereupon Rental and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premises, provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Section 16.03 If either
(a) the Building is damaged or destroyed to the extent that, in accordance with Landlord's reasonable opinion it would not be economically feasible to repair or restore such damage or destruction, or
(b) in Landlord's reasonable judgment, the damage or destruction to the Building cannot be repaired or restored within 60 days after such damage or destruction, Landlord may, at its option, terminate this Section 17.01Lease by giving Tenant, Tenant's liability for rent within 60 days after such damage, notice of such termination requiring Tenant to vacate the Premises 60 days after delivery of the notice of termination, and thereupon Rental and any other payments shall ceasebe apportioned and paid to the date on which possession is relinquished and Tenant shall immediately vacate the Premises according to such notice of termination, subjectprovided, however, that those provisions of this Lease which are designed to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datecover matters of termination and the period thereafter shall survive the termination hereof.
17.02. Section 16.04 No damage, compensation or claims damages shall be payable by Landlord for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises, or of the Building but Building. Landlord shall use reasonable its best efforts to effect promptly any have such repairs made promptly so as may be undertaken by Landlord pursuant not to this Leaseunnecessarily interfere with Tenant's occupancy.
17.03. Notwithstanding the Section 16.05 The provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee this Article shall be unable to collect all considered an express agreement governing any case of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Building, the Building Standard Leasehold Improvements, the Non-Building Standard Leasehold Improvements, the alterations, or the Premises by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 2 contracts
Samples: Office Lease Agreement (Select Medical Holdings Corp), Office Lease Agreement (Select Medical Corp)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If Section 16.01 Subject to Sections 16.02 and 16.03 hereof, if the Leased Property shall be Building is damaged by fire or other causecasualty so as to affect the Premises, Tenant shall promptly immediately notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the BuildingLandlord, Landlord who shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of but only if the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer ’s insurance available to Landlord (plus an amount equal i) are free from collection by Landlord’s mortgagee and (ii) are sufficient, have the damage repaired, including any damages to the amount Leasehold Improvements, with reasonable speed at the expense of any applicable deductible) sufficient Landlord, subject to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of loss under insurance on policies and to other delays beyond Landlord’s reasonable control. Provided such damage was not the part result of Landlordthe negligence or willful misconduct of Tenant, or Tenant’s employees or invitees, an abatement in the Rental hereunder shall be allowed as to that portion of the Premises rendered untenantable by such damage until such time as Landlord determines that such damaged portion of the Premises has been made tenantable for delays on account Tenant’s use.
Section 16.02 If the Premises are damaged or destroyed by any cause whatsoever, and if, in the Landlord’s reasonable opinion the Premises cannot be rebuilt or made fit for Tenant’s purposes within 180 days of Force Majeure. Upon termination the damage or destruction, or if the proceeds from insurance remaining after payment of any such proceeds to Landlord’s mortgagee are insufficient to repair or restore the damage by destruction, Landlord may, at its respective option, terminate this Lease by giving the Tenant, within 30 days after such damage or destruction, notice of termination, and thereupon Rental and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premises, provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Section 16.03 If either
(a) the Building is damaged or destroyed to the extent that, in accordance with Landlord’s reasonable opinion it would not be economically feasible to repair or restore such damage or destruction, or
(b) in Landlord’s reasonable judgment, the damage or destruction to the Building cannot be repaired or restored within 120 days after such damage or destruction, Landlord may, at its respective option, terminate this Section 17.01Lease by giving the Tenant, Tenant's liability for rent within 60 days after such damage, notice of such termination, thereby requiring Tenant to vacate the Premises 30 days after delivery of the notice of termination, and thereupon Rental and any other payments shall ceasebe apportioned and paid to the date on which possession is relinquished and Tenant shall immediately vacate the Premises according to such notice of termination, subjectprovided, however, that those provisions of this Lease which are designed to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datecover matters of termination and the period thereafter shall survive the termination hereof.
17.02. Section 16.04 No damage, compensation or claims damages shall be payable by Landlord for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises, or of the Building but unless caused by the sole negligence of Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its Landlord’s employees, agents, licensees representatives or contractors. Landlord shall use its best efforts to have such repairs made promptly so as not to unnecessarily interfere with Tenant’s occupancy and use of the Premises, Landlord, or any Superior Mortgagee the Building and the Property.
Section 16.05 The provisions of this Article shall be unable to collect all considered an express agreement governing any case of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Building, the Building Standard Leasehold Improvements, the Tenant’s Improvements, the alterations, or the Premises by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 2 contracts
Samples: Office Lease Agreement (Select Medical Corp), Office Lease Agreement (Select Medical Corp)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 16.01. If Subject to Sections 16.02 and 16.03 hereof, if the Leased Property shall be Building is damaged by fire or other causecasualty so as to affect the Premises, Tenant shall promptly immediately notify Landlord thereof. If Landlord, who shall (but only if the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer insurance available to Landlord
(plus an amount equal to the amount of any applicable deductiblei) sufficient to pay the cost of such repair and restoration, it being agreed that are free from collection by Landlord's obligation mortgagee, ground or primary lessor, and
(ii) are sufficient) have the damage repaired with reasonable speed at the expense of Landlord, subject to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of loss under insurance on policies and to other delays beyond Landlord's reasonable control. Provided such damage was not the part result of Landlordthe negligence or willful misconduct of Tenant, or Tenant's employees or invitees, an abatement in the Rental hereunder shall be allowed as to that portion of the Premises rendered untenantable by such damage until such time as Landlord determines that such damaged portion of the Premises has been made tenantable for delays on account Tenant's use.
Section 16.02. If the Premises are damaged or destroyed by any cause whatsoever, and if, in Landlord's reasonable opinion, the Premises cannot be rebuilt or made fit for Tenant's purposes within 120 days of Force Majeure. Upon termination the damage or destruction, or if the proceeds from insurance remaining after payment of any such proceeds to Landlord's mortgagee, ground, or primary lessor, are insufficient to repair or restore the damage by destruction, Landlord may, at its option, terminate this Lease by giving Tenant, within 60 days after such damage or destruction, notice of termination, and thereupon Rental and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premises, provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Section 16.03. If either
(a) the Building is damaged or destroyed to the extent that, in accordance with Landlord's reasonable opinion it would not be economically feasible to repair or restore such damage or destruction, or
(b) in Landlord's reasonable judgment, the damage or destruction to the Building cannot be repaired or restored within 60 days after such damage or destruction, Landlord may, at its option, terminate this Section 17.01Lease by giving Tenant, Tenant's liability for rent within 60 days after such damage, notice of such termination requiring Tenant to vacate the Premises 60 days after delivery of the notice of termination, and thereupon Rental and any other payments shall ceasebe apportioned and paid to the date on which possession is relinquished and Tenant shall immediately vacate the Premises according to such notice of termination, subjectprovided, however, that those provisions of this Lease which are designed to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datecover matters of termination and the period thereafter shall survive the termination hereof.
17.02Section 16.04. No damage, compensation or claims damages shall be payable by Landlord for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises, or of the Building but Building. Landlord shall use reasonable its best efforts to effect promptly any have such repairs made promptly so as may be undertaken by Landlord pursuant not to this Leaseunnecessarily interfere with Tenant's occupancy.
17.03Section 16.05. Notwithstanding the The provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee this Article shall be unable to collect all considered an express agreement governing any case of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Building, the Building Standard Leasehold Improvements, the Non-Building Standard Leasehold Improvements, the alterations, or the Premises by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 2 contracts
Samples: Office Lease Agreement (Select Medical Corp), Office Lease Agreement (Select Medical Corp)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, except for Tenant’s Work, all other leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, at Landlord’s expense with reasonable dispatch after notice to Landlord of the damage or destruction and the collection of the insurance proceeds attributable to such damage.
10.02. If the Building or the demised premises shall be damaged or destroyed by fire or other cause, Tenant , the rents payable hereunder shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date the damage shall be repaired or restored, such abatement to be granted on which a pro rata basis if only a portion of the Leased Property become usable by demised premises is rendered untenantable; provided, however, that should Tenant reoccupy a portion of the demised premises for the ordinary normal conduct of its business. There business as to which the abatement is in effect during the period the restoration work is taking place and prior to the date that the whole of said demised premises are made tenantable, basic annual rent and additional rent allocable to such portion shall be no abatement payable by Tenant from the date of Fixed Rent such occupancy.
10.03. If the Building shall be so damaged or Additional Rent for any period destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of time for that portion more than twenty percent (20%) of the Leased Property full insurable value of the Building immediately prior to the casualty (or ten percent (10%) if such casualty occurs during the last two years of the Term) then Landlord may terminate this Lease by giving Tenant notice to such effect within sixty (60) days after the date of the casualty and upon such notice this Lease and the estate hereby granted, whether or not the Term shall have theretofore commenced, shall terminate as if that date was the Expiration Date. In case of any damage or destruction mentioned in this Article 10 which Landlord is required to repair and restore, Tenant continues may terminate this Lease by notice to occupy Landlord if Landlord has not completed the making of the required repairs and restorations within twelve (12) months after the date (“Outside Date”) of such damage or has reoccupieddestruction, or within such period after such Outside Date (not exceeding three (3) months) as shall equal the aggregate period Landlord may have been delayed in doing so by Force Majeure Causes (as defined in Article 34). If there Tenant’s notice of Lease termination referenced in the immediately preceding sentence shall be null and void and without any delay in legal effect or binding force if not received by Landlord within thirty (30) days (time being of the process essence) after the later of restoration and repair due to any act or omission on (i) the part date of Tenant, Fixed Rent and Additional Rent shall commence on ’s receipt of notification from Landlord advising Tenant of the date the Leased Property would have otherwise been completed but for such delayOutside Date, as shall such Outside Date may be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise extended by reason of adjustment of insurance on the part of LandlordForce Majeure Causes (which extension shall not exceed six (6) months), or for delays on account (ii) the Outside Date, as same may be extended by reason of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent Majeure Causes (which extension shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.not exceed six (6) months)
17.0210.04. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to from damage or destruction of the Leased Property caused by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 casualty and Landlord shall not be effective required to the extent of the uncollected insurance proceeds.do any such repair or restoration except on Business Days from 9:00 A.M. to 5:00 P.M.
Appears in 2 contracts
Samples: Sublease Agreement (Scynexis Inc), Office Lease (Optimer Pharmaceuticals Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. Section 10.01 If the Leased Property Premises are partially damaged or rendered partially untenantable by fire or other cause without the fault or neglect of Tenant, Rent shall be apportioned according to the part of the Premises which is usable by Tenant for its normal business operations until the Premises are repaired and restored by Landlord to its condition as existed at the time of completion of the Punchlist items following the Commencement Date in accordance with Section 10.04. Section 10.02 If the Premises are totally or substantially damaged or are rendered wholly or substantially untenantable (by reason of damage to the Premises and/or the Building) by fire or other cause, Tenant then Rent shall promptly notify Landlord thereof. If be paid up to the damage is time of occurrence of such an extent condition and Tenant's obligation to pay Rent thenceforth shall cease until the Premises and, if affected, access thereto, are repaired and restored by Landlord to its condition as to interfere materially with Tenant' s ability to conduct its operations existed at the Buildingtime of completion of the Punchlist items following the Commencement Date, Landlord shallsubject to the provision of Section 10.04. Section 10.03 If, at Tenant's option as determined any time during the Term, the Premises are damaged or are rendered wholly or substantially untenantable (by Tenant reason of damage to the Premises and/or the Building) by written notice to Landlord given not more than 60 days following such fire or other cause and Landlord decides not to restore the same or if the Building shall be so damaged (whether or not the Premises have been damaged) that Landlord and its engineers or contractors do not expect to be able to repair/restore the Building and/or the Premises within two hundred seventy (270) days of the date of the casualty, then either Landlord or Tenant may elect to terminate this Lease within thirty (a30) repair and restore any damaged portions days of Tenant's receipt of written notice from Landlord of such determination. Landlord shall provide such determination within thirty (30) days following the date of the Leased Property casualty and in the event that Landlord fails to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficientdo so, Tenant shall have the right to obtain the same from an independent engineer or contractor; any such determination from an engineer or contractor obtained by Tenant shall be solely responsible for subject to Landlord's reasonable approval. Moreover, in the cost event that Landlord shall decide to demolish or not to rebuild the Premises, and Landlord is terminating all leases in the Building at the same time, then Landlord may, within ninety (or 90) days after the balance occurrence of such condition, give Tenant a notice in writing of such decision. In addition, if Landlord has elected to restore the costdamage, as the case may be) and Tenant either didn't have a right to so repair and restore, or (b) terminate this Lease by written notice pursuant to Tenant sent this Section 10.03 or had a right to terminate this Lease pursuant to this Section 10.03 but did not later than 60 days following exercise such fire or other casualtyright, in which event the Term shall expire upon the thirtieth day following such notice and then Tenant shall vacate the Leased Property and surrender the same have a further right to Landlord on or before the date terminate this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for if the portion of damage to the Leased Property which Premises or access thereto is not usable by Tenant in the ordinary conduct substantially restored within a period of its business time, from the date of such damage Landlord's estimate of the restoration time, if the estimate was for less than two hundred seventy (270) days, or destruction until from the date on which that Tenant elected not to terminate this Lease, if the Leased Property become usable estimate was for two hundred seventy (270) days or more, equal to the time of the estimate, plus 25%. Upon the third day after the giving of such notice, this Lease shall terminate by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period lapse of time for that portion of as fully and completely as if such date were the Leased Property which Expiration Date hereunder. Tenant continues to occupy or has reoccupied. If there shall be any delay in then forthwith quit, surrender and vacate the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subjectPremises without prejudice, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss each of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.13
Appears in 2 contracts
Samples: Lease Agreement (Carbon Black, Inc.), Lease Agreement (Carbon Black, Inc.)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Demised Premises or any part thereof shall be damaged by fire or other causecasualty, Tenant shall promptly give prompt notice thereof to Landlord and this Lease shall continue in full force and effect except as hereinafter set forth.
(a) If the Demised Premises are partially damaged or rendered partially untenantable by fire or other casualty (i.e., less than 50% of the rentable square footage of the Demised Premises is substantially damaged or destroyed), then, within thirty (30) days of the occurrence of such casualty, Landlord shall commence repairing the damage and complete said repair within six (6) months of the date of such notice. The damage thereto shall be repaired by and at the expense of Landlord and the Fixed Annual Rent shall be apportioned from the day following the casualty until such repair shall be substantially completed and any required Occupancy Approvals are obtained by Landlord in connection with the affected space.
(b) If the Demised Premises are substantially damaged or are rendered wholly or substantially untenantable by fire or other casualty (i.e., more than 50% of the rentable square footage of the Demised Premises is substantially damaged or destroyed), then, within thirty (30) days of the occurrence of such a casualty, Landlord shall notify Tenant in writing if Landlord thereofis able to repair such casualty within six (6) months of the date of such notice. If Landlord notifies Tenant that it can repair such damage within such six (6) month period, the damage is Fixed Annual Rent shall be paid up proportionately to the time of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Buildingcasualty and thenceforth shall cease until the date when the Demised Premises shall have been repaired and restored by Landlord and any required Occupancy Approvals are obtained by Landlord. If, however, Landlord shallnotifies Tenant that is cannot, at Tenantor elects not to, repair said damage within such six (6) month period, Tenant may, upon written notice given no later than thirty (30) days after receipt of Landlord's option as determined by notice, cancel this Lease.
(c) If the Demised Premises or Building are totally destroyed due to fire or other casualty, Tenant shall have the right to terminate this Lease by written notice to Landlord given not more than 60 within thirty (30) days following such fire and this Lease shall be cancelled and terminated.
(d) If the Demised Premises are totally or other casualtysubstantially damaged or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it, either (a) repair and restore any damaged portions or if at least 50% of the Leased Property to a condition suitable for Tenant's usefloor area of the Demised Premises is damaged or destroyed during the last 18 months of the then current term of this Lease, as promptly as reasonably practicablethen, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of in any applicable deductible) sufficient to pay the cost of such repair and restorationevents, it being agreed that Landlord's obligation Landlord may elect to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 given within ninety (90) days following after such fire or other casualtycasualty specifying a date for the expiration of the Lease, which date shall not be more than sixty (60) days after the giving of such notice. Upon the expiration date specified in which event such notice, the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date term of this Lease shall so terminate. Fixed Rent expire as fully and Additional Rent shall be abated completely as if such date were the date set forth above for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease and Tenant shall forthwith quit, surrender and vacate the Demised Premises without prejudice, except to Landlord's rights and remedies against Tenant under the Lease provisions in accordance effect prior to such termination, and any rent owing shall be paid up to such date (subject to abatement as provided in subparagraph (b) above) and any payments of rent made by Tenant that were on account of any period subsequent to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as provided for herein (or unless Tenant has terminated the Lease pursuant to its rights herein), Landlord shall make the repairs and restorations under the conditions of (a) and (b) hereof, with this Section 17.01ordinary diligence during business days and business hours, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Landlord's control. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the Demised Premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture and other property. Tenant's liability for rent shall cease, subject, however, to any claim by resume thirty (30) days after written notice from Landlord that the Demised Premises shall be substantially ready for Fixed Rent and/or Additional Rent accruing on or before such dateTenant's occupancy and Landlord's receipt of all Occupancy Approvals.
17.0210.03. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.04. Notwithstanding the provisions Landlord will not carry separate insurance of Section 17.01any kind on Tenant's property and, if, except as provided by a law or by reason of some action or inaction on the part its breach of Tenant or any of its employeesobligations hereunder, agents, licensees shall not be obligated to repair any damage thereto or contractors, Landlord, or any Superior Mortgagee replace the same.
10.05. The provisions of this Article 10 shall be unable to collect all considered an express agreement governing any cause of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Demised Premises by fire or other casualty, thenand Section 227 of the Real Property Law of the State of New York, without prejudice to providing for such a contingency in the absence of an express agreement, and any other remedy which may be available against Tenantlaw of like import, the abatement of rent provided for now or hereafter in said Section 17.01 force, shall not be effective to the extent of the uncollected insurance proceedshave no application in such case.
Appears in 2 contracts
Samples: Lease Agreement (1 800 Flowers Com Inc), Lease Agreement (1 800 Flowers Com Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If the Leased Property shall be damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s 's ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 2 contracts
Samples: Lease Agreement (Monaco Coach Corp /De/), Lease Agreement (Monaco Coach Corp /De/)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, minimum rent and additional rent pursuant to the extent provisions of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of Article 22 until such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues apportioned according to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of the Demised Premises which is usable and accessable by Tenant. Landlord shall have no responsibility to repair any damage to Tenant's work (as referred to in Section 5.01), Fixed Rent and Additional Rent shall commence on the date same being the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedresponsibility of Tenant. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or for delays on account any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of Force Majeurefire or other damage to the Demised Premises. Upon termination If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially unusable by fire or any such other casualty, or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), Landlord at its election may terminate this Lease by written notice to Tenant, within ninety (90) days after such fire or other casualty, and thereupon the term of this Lease shall expire by lapse of time upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. However, if more than twenty-five (25%) percent of the rentable square feet of the Demised Premises shall be damaged during the last year of the term hereof, either Landlord or Tenant, at its election, may terminate this Lease by written notice to the other within sixty (60) days after such fire or other casualty, and thereupon the term of this Lease shall expire upon the third (3/rd/) day after such notice is given and Tenant shall vacate and surrender the Demised Premises to Landlord. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. Notwithstanding the foregoing, if Landlord does not substantially complete such repairs within six (6) months from the date of such casualty (as such period may be extended pursuant to Article 34), then Tenant may elect to terminate this Lease by notice to Landlord within ten (10) days following the expiration of such time period, and thereupon the term of this Lease shall expire on the thirtieth (30/th/) day after such notice is given and Tenant shall vacate and surrender the Demised Premises to Landlord, unless within such thirty (30) day period, Landlord substantially completes such repairs, in accordance with which event this Lease shall remain in full force and effect. Tenant hereby waives the provisions of Section 17.01227 of the Real Property Law, Tenant's liability for rent and the provisions of this Article shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dategovern and control in lieu thereof.
17.02Section 10.02. No damage, damages of compensation or claims shall be payable by Landlord nor shall Tenant make any claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable its best efforts to commence and effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not to this Leaseunreasonably interfere with Tenant's occupancy.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 2 contracts
Samples: Lease Agreement (Cmgi Inc), Lease (Cmgi Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following and the minimum rent and additional rent provided in Article 22 until such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues apportioned according to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of the Demised Premises which is usable by Tenant. Landlord shall have no responsibility to repair any damage to Tenant's work (as referred to in Section 5.01), Fixed Rent and Additional Rent shall commence on the date same being the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedresponsibility of Tenant. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or for delays on account any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of Force Majeurefire or other damage to the Demised Premises. Upon termination If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially unusable by fire or any such other casualty, or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), Landlord at its election may terminate this Lease by written notice to Tenant, within ninety (90) days after such fire or other casualty, and thereupon the term of this Lease shall expire by lapse of time upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. Tenant hereby waives the provisions of Section 227 of the Real Property Law, and the provisions of this Article shall govern and control in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datelieu thereof.
17.02Section 10.02. No damage, damages of compensation or claims shall be payable by Landlord nor shall Tenant make any claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable its best efforts to commence and effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not to this Leaseunreasonably interfere with Tenant's occupancy.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Lease (Global Technologies LTD)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents, or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereofshall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's property.
10.02. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Buildingdemised premises shall be partially damaged or partially destroyed by fire or other cause, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following then unless such fire or other casualtydamage shall have resulted from the negligence of Tenant, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises, provided, however, that should Tenant reoccupy a portion of the demised premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy.
10.03. If the Building or the demised premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than forty (40%) per cent of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease by giving Tenant notice to such effect within one hundred eighty (180) days after the date of the casualty. If the demised premises or any part thereof shall be damaged by fire or other casualty as set forth in Article 10, and Landlord is required to or elects to repair and restore the demised premises, Landlord shall, within 60 days after such damage or destruction, provide Tenant with a written notice of the estimated date on which the Leased Property become usable restoration of the demised premises shall be substantially completed. If such estimated date is more than twelve (12) months after the date of such damage or destruction, Tenant may terminate this Lease by notice to Landlord, which notice shall be given within twenty (20) days after the date Landlord provides the notice required by the preceding sentence, and such termination shall be effective upon the giving of Tenant's notice. Failure by Tenant for the ordinary conduct of its business. There to provide such notice within such twenty (20) day period shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which deemed an election by Tenant continues not to occupy or has reoccupiedterminate this Lease. If there Tenant elects not to terminate this Lease or is deemed to have so elected, and if Landlord has not substantially completed the required repairs and restored the demised premises within the period originally estimated by Landlord or within such period thereafter (not to exceed 3 months) as shall equal the aggregate period Landlord may have been delayed in doing so by adjustment of insurance, labor trouble, governmental controls, act of god, or any other cause beyond Landlord's reasonable control, then Tenant shall have the further right to elect to terminate this Lease upon written notice to Landlord and such election shall be any delay in effective upon the process expiration of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on thirty (30) days after the date the Leased Property would have otherwise been completed but for of such delaynotice, as shall be determined by unless Landlord in its judgment reasonably exercisedsubstantially completes such restoration within such thirty (30) day period.
10.04. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06. Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
Samples: Lease Agreement (24/7 Media Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If Section 15.1 Except as otherwise expressly provided in this Article 15, if the Leased Property shall be Building (or any portion thereof), or the Premises, is damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If destroyed during the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the BuildingTerm, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire shall diligently repair or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (Building or the balance of the costPremises, as the case may be, as soon as reasonably possible to substantially the condition in which the Building or the Premises, as the case may be, existed immediately prior to such damage or destruction.
Section 15.2 If continuation of Tenant’s business from the Premises (or a portion thereof) is not practical pending reconstruction of the Building (or portion thereof), or the Premises, as the case may be, Rent due and payable hereunder shall equitably xxxxx for the portion of the Premises which is unusable by Tenant for the period commencing with the date of such casualty until the earlier of the date that reconstruction is substantially completed or that Tenant resumes the conduct of its business from such portion of the Premises.
Section 15.3 If there is damage or destruction to so the Building (whether or not such damage affects the Premises) or to the Premises, to the extent that Landlord reasonably determines that the Building or the Premises, as the case may be, cannot be fully repaired or restored by Landlord within one-hundred eighty (180) days from the date of the casualty, said determination to be delivered to Tenant in writing within sixty (60) days of such casualty, Landlord and (solely in the event that the Premises is damaged or destroyed) Tenant shall have the option, upon written notice delivered to the other party within fifteen (15) days of Landlord’s written notice, to terminate this Lease. If Landlord determines that the Building or the Premises, as the case may be, can be fully repaired or restored within such one-hundred eighty (180) day period, or if it is determined that such repair or restoration cannot be made within such period, but neither party elects to terminate this Lease within the aforementioned fifteen (15) days, this Lease shall remain in full force and effect and Landlord shall diligently repair and restorerestore the damage or destruction as soon as reasonably possible.
Section 15.4 Notwithstanding anything contained herein to the contrary, in the event the damage or destruction of a material portion of the Building or the Premises, as the case may be, is not fully covered by the insurance proceeds received by Landlord, or if there are insufficient proceeds after any required payments to mortgagees or lessors, Landlord may, within sixty (b60) days of such casualty, terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualtyTenant, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion effective as of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until casualty. If Landlord does not elect to terminate this Lease, this Lease shall remain in full force and effect and the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There Building shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration diligently repaired and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease restored in accordance with this Section 17.0115.1 hereof.
Section 15.5 If the Building or the Premises or any portion thereof is destroyed by fire or other causes at any time during the last year of the Term, Tenant's liability for rent then either Landlord or Tenant shall ceasehave the right, subject, howeverat the option of either party, to any claim terminate this Lease by Landlord for Fixed Rent and/or Additional Rent accruing on or before giving written notice to the other within sixty (60) days after the date of such datedestruction.
17.02. No damage, compensation or claims Section 15.6 Landlord shall be payable by Landlord have no liability to Tenant for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or the Project. If the Premises are damaged by any casualty, Tenant shall pay to Landlord that amount of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the Tenant’s insurance proceeds (including rent or the amount which would have been received by Tenant if Tenant was carrying the insurance proceedsrequired by this Lease) applicable which insures such damage.
Section 15.7 In the event of termination of this Lease pursuant to damage or destruction of the Leased Property by fire or other casualtyArticle 15, then, without prejudice to any other remedy which may then all Rent shall be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective apportioned and paid to the extent date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the uncollected insurance proceedsPremises according to such notice of termination; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Appears in 1 contract
Samples: Lease Agreement (Advanced Life Sciences Holdings, Inc.)
DAMAGE BY FIRE OR OTHER CAUSE. Section 17.01. Tenant shall give prompt notice to Landlord in case of fire or other damage to the Demised Premises or the Building.
Section 17.02. If the Leased Property Demised Premises or the Building shall be damaged by fire or other causecasualty, Tenant Landlord, at Landlord’s expense, shall promptly notify repair such damage. However, Landlord thereofshall have no obligation to repair any damage to, or to replace, Tenant’s personal property or any other property or effects of Tenant. If the damage is Demised Premises shall be rendered untenantable by reason of any such damage, the Base Rent only shall xxxxx for the period from the date of such an extent as damage to interfere materially with the date when such damage shall have been substantially repaired, and if only a part of the Demised Premises shall be so rendered untenantable, the Base Rent shall xxxxx for such period in the proportion which the Rentable Area of the Demised Premises so rendered untenantable bears to the total Rentable Area of the Demised Premises. However, if, prior to the date when all of such damage shall have been repaired, any part of the Demised Premises so damaged shall be rendered tenantable and shall be used or occupied by Tenant or other persons claiming through or under Tenant' s ability , then the amount by which the Base Rent shall xxxxx shall be equitably apportioned for the period from the date of any such use or occupancy to conduct its operations at the Buildingdate when all such damage shall have been repaired.
Section 17.03. Notwithstanding the foregoing provisions of this Article, if prior to or during the term of this Lease, the Building shall be so damaged by fire or other casualty that, in Landlord’s opinion, substantial alteration, demolition, or reconstruction of the Building shall be required, then, in such event, Landlord shallat Landlord’s option, at may give to Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 , within ninety (90) days following after such fire or other casualty, either a five (a5) repair and restore any damaged portions days’ written notice of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent termination of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualtyand, in which the event such notice is given, this Lease and the Term shall come to an end and expire (whether or not said Term shall have commenced) upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender expiration of said five (5) days with the same to Landlord on or before effect as if the date this Lease shall so terminate. Fixed of expiration of said five (5) days were the Expiration Date, and the Base Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date apportioned as of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent and any prepaid portion for any period of time for that portion of the Leased Property which Tenant continues after such date shall be refunded by Landlord to occupy or has reoccupiedTenant.
Section 17.04. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective terminated as provided in Section 17.03 hereof, Landlord shall, at its expense, to the extent of the uncollected net insurance proceedsrecovery, repair or restore the Demised Premises with reasonable diligence and dispatch, substantially to the condition immediately prior to the casualty except that Landlord shall not be required to repair or restore any of Tenant’s leasehold improvements or betterments, furniture, furnishings, decorations or any other installations made at Tenant’s expense. All insurance proceeds payable to Tenant for such items shall be held in trust by Tenant and upon the completion by Landlord of repair or restoration, Tenant shall prepare the Premises for occupancy by Tenant in the manner obtaining immediately prior to the damage or destruction in accordance with plans and specifications approved by Landlord.
Section 17.05. In no event shall Landlord be liable to Tenant for any consequential damages to or loss of business suffered by Tenant by reason of any damages or casualty, regardless of fault, and apart from the apportionment of rent required under Section 17.02 in the event a portion of the Demised Premises is rendered untenantable, Tenant’s sole recourse for any damages shall be against Tenant’s insurance company, regardless of fault, and Tenant waives on its own behalf and on behalf of any insurer, any claim therefor against Landlord.
Appears in 1 contract
Samples: Lease (Yunhong CTI Ltd.)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 10.01 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents, or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereof. shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant’s property.
10.02 If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Buildingdemised premises shall be partially damaged or partially destroyed by fire or other cause, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following then unless such fire or other casualtydamage shall have resulted from the negligence of Tenant, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable demised premises shall have been rendered untenantable or insufficient, Tenant shall be solely responsible inaccessible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement repaired or restored. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable or inaccessible on account of Fixed Rent fire or Additional Rent for any period other cause, the rents shall xxxxx as of time for the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises, provided, however, that should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place and prior to occupy or has reoccupied. If there the date that the same are made completely tenantable, rents allocable to such portion shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on payable by Tenant from the date of such occupancy.
10.03 If the Leased Property would have otherwise been completed but for such delay, as Building or the demised premises shall be determined totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than forty (40%) per cent of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty. In case of any damage or destruction mentioned in its judgment reasonably exercised. No penalty this Article 10, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed the making of the required repairs and restored and rebuilt the Building and the demised premises within eight (8) months from the date of such damage or damage shall accrue for delays which destruction (such period may arise be extended after such date (not exceeding three (3) months) by reason of a period equal to the aggregate period Landlord may have been delayed in doing so by adjustment of insurance on the part insurance, labor trouble, governmental controls, act of LandlordGod, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateother cause beyond Landlord’s reasonable control).
17.02. 10.04 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.03. 10.05 Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant’s rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06 Landlord will not carry separate insurance of any kind on Tenant’s property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant’s property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07 The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
Samples: Lease Agreement (Enernoc Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 16.01. If Subject to Sections 16.02 and 16.03 hereof, if the Leased Property shall be Building is damaged by fire or other causecasualty so as to affect the Premises, Tenant shall promptly immediately notify Landlord thereof. If Landlord, who shall (but only if the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer insurance available to Landlord
(plus an amount equal to the amount of any applicable deductiblei) sufficient to pay the cost of such repair and restoration, it being agreed that are free from collection by Landlord's obligation mortgagee, ground or primary lessor, and
(ii) are sufficient) have the damage repaired with reasonable speed at the expense of Landlord, subject to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of loss under insurance on policies and to other delays beyond Landlord's reasonable control. Provided such damage was not the part result of Landlordthe negligence or willful misconduct of Tenant, or Tenant's employees or invitees, an abatement in the Rental hereunder shall be allowed as to that portion of the Premises rendered untenantable by such damage until such time as Landlord determines that such damaged portion of the Premises has been made tenantable for delays on account Tenant's use.
Section 16.02. If the Premises are damaged or destroyed by any cause whatsoever, and if, in the Landlord's reasonable opinion the Premises cannot be rebuilt or made fit for Tenant's purposes within 120 days of Force Majeure. Upon termination the damage or destruction, or if the proceeds from insurance remaining after payment of any such proceeds to Landlord's mortgagee, ground, or primary lessor, are insufficient to repair or restore the damage by destruction, Landlord may, at its option, terminate this Lease by giving the Tenant, within 60 days after such damage or destruction, notice of termination, and thereupon Rental and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premises, provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Section 16.03. If either
(a) the Building is damaged or destroyed to the extent that, in accordance with Landlord's reasonable opinion it would not be economically feasible to repair or restore such damage or destruction, or
(b) in Landlord's reasonable judgment, the damage or destruction to the Building cannot be repaired or restored within 60 days after such damage or destruction, Landlord may, at its option, terminate this Section 17.01Lease by giving Tenant, Tenant's liability for rent within 60 days after such damage, notice of such termination requiring Tenant to vacate the Premises 60 days after delivery of the notice of termination, and thereupon Rental and any other payments shall ceasebe apportioned and paid to the date on which possession is relinquished and Tenant shall immediately vacate the Premises according to such notice of termination, subjectprovided, however, that those provisions of this Lease which are designed to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datecover matters of termination and the period thereafter shall survive the termination hereof.
17.02Section 16.04. No damage, compensation or claims damages shall be payable by Landlord for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises, or of the Building but Building. Landlord shall use reasonable its best efforts to effect promptly any have such repairs made promptly so as may be undertaken by Landlord pursuant not to this Leaseunnecessarily interfere with Tenant's occupancy.
17.03Section 16.05. Notwithstanding the The provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee this Article shall be unable to collect all considered an express agreement governing any case of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Building, the Building Standard Leasehold Improvements, the Non-Building Standard Leasehold Improvements, the alterations, or the Premises by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01 If the Demised Premises or the Unit or the Building shall be partially damaged by fire or other cause, then Landlord shall (except as otherwise provided herein) repair and restore (a) the Base Systems serving the Premises up to the point of connection to the Premises and the columns, beams, floor slabs, ceiling slabs and perimeter walls of the Premises and the curtain wall and foundation of the Building adjoining the Premises (exclusive of Tenant’s Roof Top Space) substantially to the condition thereof existing on the Commencement Date for the applicable Premises Portion (to the extent damaged by such fire or other cause), reasonable wear and tear excepted and (b) Tenant’s Roof Top Space (but not Tenant’s Property) substantially to the condition as existed immediately prior to such fire or casualty. Until the date (the “Casualty Abatement Period Expiration Date”) which (i) with respect to the repair and restoration obligations under clause (a) is the earlier to occur of (A) one hundred eighty (180) days after the date on which such repairs shall be Substantially Completed (or would have been completed but for Tenant Delay) and (B) the date on which Tenant shall reoccupy such portion of the Demised Premises for the conduct of its business and (ii) with respect to the repair and restoration obligations under clause (b) above, the date upon which such repairs shall be Substantially Completed, the Fixed Rent and all Additional Rent shall be apportioned according to the part of the Demised Premises which is usable by Tenant for the conduct of its business in normal fashion (i.e., Tenant shall not be obligated to pay Fixed Rent and Additional Rent with respect only to the portion of the Demised Premises in which Tenant is unable to conduct business in normal fashion by reason of such fire or other cause). Landlord shall notify Tenant at least ten (10) Business Days prior to the date on which Landlord expects such repairs will be Substantially Completed (or such lesser period as may be equal to the estimated time period required for Landlord to perform such repairs). In the event that the Demised Premises or any portion thereof or the Building and/or the Unit (in such a manner that materially interferes with Tenant’s use of the Demised Premises or reasonable access thereto) shall be damaged by fire or casualty, within forty-five (45) days after such fire or other casualty (the “Trigger Date”), Landlord shall deliver to Tenant a statement (hereinafter referred to as the “Damage Statement”) prepared by a reputable, independent licensed architect or engineer or contractor having at least ten (10) years’ experience in such matters selected by Landlord setting forth such architect’s or engineer’s or contractor’s reasonable estimate as to the time required to repair such damage, together with a notice from Landlord to the effect that if Tenant fails to respond to such notice within the thirty (30) day period described in the following sentence, then Tenant shall be deemed to have waived its rights to terminate this Lease pursuant to this Section 17.01. If Landlord shall continue to fail to deliver such Damage Statement within fifteen (15) days following notice from Tenant to Landlord of such failure, then Tenant may have such statement prepared by a reputable, independent licensed architect, engineer or contractor selected by Tenant setting forth such architect’s, engineer’s or contractor’s reasonable estimate as to the Leased Property time required to repair such damage. If the estimated time period to perform such repairs extends beyond the date that is sixteen (16) months following the Trigger Date (as such period may be extended due to not more than two (2) months of Force Majeure delay, or due to Tenant Delay), Tenant may elect, as its sole remedy, to terminate this Lease by notice to Landlord sent not later than thirty (30) days following receipt of the Damage Statement, time being of the essence with respect thereto. In the event that the Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify then, if the repair work is not Substantially Completed by Landlord thereof. If within sixteen (16) months following the damage is of Trigger Date (as such an extent as period may be extended due to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following two (2) months of Force Majeure delay, or due to Tenant Delay) to such fire a degree that the Demised Premises are useable by Tenant (or other casualtysuch longer period as is set forth in the Damage Statement if Tenant does not terminate this Lease pursuant to the provisions set forth hereinabove), either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's useTenant may elect, as promptly as reasonably practicableits sole remedy, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent Landlord not later than 60 thirty (30) days following such the expiration of said period. If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially untenantable or inaccessible by fire or other casualtycause insured or required to be insured pursuant to this Lease, in which event then the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for proportionately paid up to the portion time of the Leased Property which is casualty and thenceforth shall cease until the applicable Casualty Abatement Period Expiration Date, subject to Landlord’s right to elect not usable by Tenant to restore the same as hereinafter provided. If the Building, Common Elements or the Unit shall be so damaged (whether or not the Demised Premises are damaged in whole or in part) such that Landlord or the Condominium Boards, as the case may be, shall decide to demolish it or not to rebuild it, and Landlord shall terminate leases for office space in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion Unit affecting not less than sixty percent (60%) of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay aggregate of RSF in the process Unit exclusive of restoration and repair due to any act space leased or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined occupied by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part an Affiliate of Landlord, then Landlord may, within sixty (60) days after such fire or for delays on account other cause, give Tenant a notice of Force Majeure. Upon termination such decision and thereupon the Term of this Lease shall expire by lapse of time upon the tenth (10th) day after such notice is given, and Tenant shall promptly thereafter vacate the Demised Premises and surrender the same to Landlord in accordance with the terms of this Lease. Tenant hereby expressly waives the provision of Section 17.01227 of the Real Property Law and agrees that the foregoing provision of this Article 17 shall govern and control in lieu thereof, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datethis Article 17 being an express agreement.
17.02. No 17.02 Except for the abatement of Rent set forth in Section 17.01 hereof, no damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises, the Unit or of the Building but Building. Landlord shall use its reasonable and diligent efforts to effect the repairs required to be performed by Landlord under this Article promptly any and in such a manner as not unreasonably to interfere with Tenant’s occupancy of the floors not affected by such damage or casualty (which reasonable efforts shall include coordination with Tenant in scheduling such repairs or restoration but which shall in no event obligate Landlord to pay overtime or other premium rates). Tenant may request Landlord to incur overtime costs provided that Tenant shall pay to Landlord, as may be undertaken Additional Rent, within thirty (30) days after demand, an amount equal to the excess of (a) the overtime or other premium pay rates, including all fringe benefits and other elements of such pay rates, over (b) the regular pay rates for such labor, including all fringe benefits and other elements of such pay rates.
17.03 The parties hereto shall each procure and maintain in force and effect an appropriate clause in, or endorsement on, any insurance covering the Demised Premises and the Building and/or the Unit and the personal property, fixtures and equipment located therein or thereon and any rent insurance carried by Landlord and any business interruption insurance carried by Tenant, pursuant to which the insurance companies waive subrogation or, if such waiver should be unobtainable or unenforceable, (a) an express agreement that such policy shall not be invalidated if the insured waives the right of recovery against any party responsible for a casualty covered by the policy before the casualty or (b) any other form of permission for the release of the other party. Provided that its right of full recovery under its insurance policies is not adversely affected thereby, each of the parties hereto hereby releases and will not make any claims against or seek to recover from the other for any loss or damage to its property resulting from fire or other hazards to the extent covered by such property or other insurance that each party is required hereunder to maintain or does otherwise maintain hereunder (or to the extent the same would have been covered if the parties hereunder were carrying all insurance required hereunder). The waiver of subrogation in this LeaseSection 17.03 shall extend to both Landlord Parties and Tenant Parties.
17.03. Notwithstanding 17.04 Tenant acknowledges that Landlord will not carry insurance on Tenant’s Property (including any Tenant’s Property located in Tenant’s Roof Top Space), or any Tenant Changes (including Tenant’s Initial Work and any Specialty Alterations) and Tenant agrees that Tenant shall be solely responsible to insure and shall insure the same in accordance with the provisions of Section 17.01this Lease and that Landlord will not be obligated to insure or repair any damage thereto or to replace the same. Tenant shall complete the repair and restoration of Tenant’s Initial Work, ifany Tenant Changes and Tenant’s Property within a reasonable period of time after the occurrence of the casualty and substantial completion of Landlord’s restoration obligations under this Article in accordance with the provisions of this Lease, by reason including Article 13 hereof, subject to delays due to Force Majeure.
17.05 If more than twenty five percent (25%) of some action the Office Space or inaction on a substantial (i.e., more than fifty percent (50%)) portion of the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee Building shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property damaged by fire or other casualtycasualty during (i) the last two (2) years of the Term, thenor (ii) the one (1) year immediately prior to Termination Date, without prejudice then Tenant may, upon thirty (30) days’ notice to Landlord, cancel and terminate this Lease as of the date set forth in such notice, as if such date were the Stated Expiration Date of this Lease and Landlord shall have no duty to repair and/or restore the Demised Premises or Tenant’s Roof Top Space.
17.06 In the event this Lease is terminated as provided in this Article 17, neither party shall have the duty to repair and/or restore the Demised Premises or any other remedy which may part of the Building.
17.07 Notwithstanding anything in this Article 17 to the contrary, each Condominium Board, and not Landlord, subject to the provisions of Article 34 hereof, shall be available against Tenantresponsible for all repairs to the Building, the abatement of rent provided for in said Section 17.01 shall not be effective Common Elements, the Unit and the Demised Premises which, pursuant to the extent Condominium Documents, such Condominium Board is required to repair and/or restore, but Landlord shall be obligated to enforce the obligations of the uncollected insurance proceedsCondominium Board as set forth in Article 34 hereof.
17.08 Any dispute between Landlord and Tenant arising under this Article 17 shall be resolved by arbitration conducted in accordance with the provisions of Article 25 hereof and during the pendency of any such dispute, the then applicable time period(s) under this Article 17 shall be tolled.
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Samples: Lease Agreement (Datadog, Inc.)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 18.01. If the Leased Property shall Premises or the Building should be partially or totally damaged or destroyed by fire or other cause, Tenant then (if this Lease shall not have been canceled as provided in this Section 18.01 or Section 18.02), Landlord shall promptly notify make application to receive insurance proceeds and thereafter diligently repair the damage and restore, replace and rebuild the Building and Premises to the condition originally provided by Landlord. Landlord’s repair obligations with respect to the Premises shall be to restore the Premises to the condition it was in on the Commencement Date, including restoration of the Initial Alterations. Landlord thereofshall not be required to repair or replace at its expense any property that Tenant is required to insure pursuant to Section 15.03. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Premises shall be damaged or destroyed, the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, Base Rent payable hereunder shall be abated to the extent that the Premises shall have been rendered untenantable or unfit for Tenant’s use; provided, however, that should Tenant reoccupy a portion of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal the Premises that had been rendered untenantable or unfit for Tenant’s use prior to the amount date that Landlord has completed all its repair obligations, Base Rent shall be apportioned and payable by Tenant in proportion to (i) the part of the Premises occupied by it, and (ii) Tenant’s ability to use and enjoy such part of the Premises relative to use and enjoyment before such damage or destruction. Base Rent will not be abated for any applicable deductible) sufficient to pay damage caused by the cost willful misconduct of Tenant or any of its agents, employees or contractors. Nevertheless, in case of such repair and restorationtotal or substantial damage to or destruction of, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon or complete, or substantial untenantability of the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficientPremises, Tenant shall be solely responsible for the cost may, at its option, upon thirty (or the balance of the cost30) days notice to Landlord, as the case may be) to so repair and restore, or (b) terminate cancel this Lease by written notice to Tenant sent Landlord if either (i) Landlord has not later than 60 days following such fire or other casualty, in which event completed the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion making of the Leased Property which is not usable by Tenant in repairs and substantially restored, replaced and rebuilt the ordinary conduct of its business Premises to the extent required hereunder within twelve (12) months from the date of such damage or destruction, or (ii) it is reasonably determined by Landlord’s architect and Tenant’s architect (or, if such parties fail to reach an agreement, a mutually agreed to third-party architect) at the time of such destruction until that such repair and substantial restoration cannot be performed within twelve (12) months from the date on which of such damage or destruction. Provided that Landlord has maintained adequate insurance to cover the Leased Property become usable by Tenant for “replacement cost” of the ordinary conduct of its business. There Building and the Premises, Landlord’s obligations under this Section 18.01 to repair and replace the Premises shall be no abatement of Fixed Rent limited to the insurance proceeds received. If the damage to the Building should be so extensive that Landlord shall decide not to repair or Additional Rent for any period of time for that portion rebuild the Building, this Lease shall be terminated as of the Leased Property which date of such damage or destruction by written notice from Landlord to Tenant continues to occupy given within one hundred twenty (120) days after such damage or has reoccupieddestruction and Tenant shall thereupon promptly vacate the Premises.
Section 18.02. If there the Building or the Premises shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage substantially destroyed by fire or other casualty or from causes at any repair or restoration of any portion time during the last year of the Leased Property or Term of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action either Landlord or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective terminate this Lease upon written notice to the extent other party hereto given within sixty (60) days after the date of the uncollected insurance proceedssuch destruction.
Appears in 1 contract
Samples: Lease Agreement (Ariba Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. Section 17.01 Tenant shall give prompt notice to Landlord in case of fire or other damage to the Demised Premises or the Building.
Section 17.02 If the Leased Property Demised Premises or the Building shall be damaged by fire or other causecasualty, Tenant Landlord, at Landlord’s expense, shall promptly notify repair such damage. However, Landlord thereofshall have no obligation to repair any damage to, or to replace, Tenant’s personal property or any other property or effects of Tenant. If the damage is Demised Premises shall be rendered untenantable by reason of any such damage, the Base Rent only shall xxxxx for the period from the date of such an extent as damage to interfere materially with the date when such damage shall have been substantially repaired, and if only a part of the Demised Premises shall be so rendered untenantable, the Base Rent shall xxxxx for such period in the proportion which the rentable area of the Demised Premises so rendered untenantable bears to the total rentable area of the Demised Premises. However, if, prior to the date when all of such damage shall have been repaired, any part of the Demised Premises so damaged shall be rendered tenantable and shall be used or occupied by Tenant or other persons claiming through or under Tenant' s ability , then the amount by which the Base Rent shall xxxxx shall be equitably apportioned for the period from the date of any such use or occupancy to conduct its operations at the Buildingdate when all such damage shall have been repaired. Tenant hereby expressly waives the provisions of Section 227 of the New York Real Property Law, and of any successor law of like import then in force, and Tenant agrees that the provisions of this Article shall govern and control in lieu thereof.
Section 17.03 Notwithstanding the foregoing provisions of this Article, if prior to or during the term of this Lease, the Building shall be so damaged by fire or other casualty that, in Landlord’s opinion, substantial alteration, demolition, or reconstruction of the Building shall be required, then, in such event, Landlord shallat Landlord’s option, at may give to Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 , within ninety (90) days following after such fire or other casualty, either a thirty (a30) repair and restore any damaged portions days’ written notice of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent termination of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualtyand, in which the event such notice is given, this Lease and the Term shall come to an end and expire (whether or not said Term shall have commenced) upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender expiration of said thirty (30) days with the same to Landlord on or before effect as if the date this Lease shall so terminate. Fixed of expiration of said thirty (30) days were the Expiration Date, and the Base Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date apportioned as of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent and any prepaid portion for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there after such date shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined refunded by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of to Tenant.
Section 17.04 If this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective terminated as provided in Section 17.03 hereof, Landlord shall, at its expense, to the extent of the uncollected net insurance proceedsrecovery, repair or restore the Demised Premises with reasonable diligence and dispatch, substantially to the condition immediately prior to the casualty, except that Landlord shall not be required to repair or restore any of Tenant’s leasehold improvements or betterments, furniture, furnishings, decorations or any other installations made at Tenant’s expense. All insurance proceeds payable to Tenant for such items shall be held in trust by Tenant and upon the completion by Landlord of repair or restoration, Tenant shall prepare the Demised Premises for occupancy by Tenant in the manner obtaining immediately prior to the damage or destruction in accordance with plans and specifications approved by Landlord.
Section 17.05 In no event shall Landlord be liable to Tenant for any consequential damages to or loss of business suffered by Tenant by reason of any damages or casualty, regardless of fault, and apart from the apportionment of rent required under Section 17.02 in the event a portion of the Demised Premises is rendered untenantable, Tenant’s sole recourse for any damages shall be against Tenant’s insurance company, regardless of fault, and Tenant waives on its own behalf and on behalf of any insurer, any claim therefor against Landlord.
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DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereofshall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any property installed by or on behalf of Tenant.
10.02. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Buildingdemised premises shall be partially damaged or partially destroyed by fire or other cause, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following then unless such fire or other casualtydamage shall have resulted from the negligence of Tenant, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement repaired or restored. If the demised premises or a major part thereof shall. be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the rents shall xxxxx as of time for the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises, provided, however, that should Tenant reoccupy a portion of the Leased Property which demised premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant continues to occupy or has reoccupiedfrom the date of such occupancy.
10.03. If there the Building or the demised premises shall be any delay totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed as to require a reasonably estimated expenditure of more than forty (40%) per cent of the full insurable value of the Building immediately prior to the casualty, then in the process of restoration and repair due either such case Landlord may terminate this Lease by giving Tenant notice to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on such effect within one hundred eighty (180) days after the date of the Leased Property would have otherwise been casualty. In case of any damage or destruction mentioned in this Article 10, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed but for the making of the required repairs and restored and rebuilt the Building and the demised premises within eighteen (18) months from the date of such delaydamage or destruction, or within such period after such date (not exceeding six (6) months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercisedadjustment of insurance, labor trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control.
10.04. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06. Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07. Landlord and Tenant shall each look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty.
10.08. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01 If the Demised Premises or the Unit or the Building shall be partially damaged by fire or other cause, then Landlord shall (except as otherwise provided herein) repair and restore (a) the Base Systems serving the Premises up to the point of connection to the Premises and the columns, beams, floor slabs, ceiling slabs and perimeter walls of the Premises and the curtain wall and foundation of the Building adjoining the Premises (exclusive of Tenant’s Roof Top Space) substantially in accordance with the Base Building Criteria therefore and (b) Tenant’s Roof Top Space (but not Tenant’s Property) substantially to the condition as existed immediately prior to such fire or casualty. Until the date (the “Casualty Abatement Period Expiration Date”) which (i) with respect to the repair and restoration obligations under clause (a) is the earlier to occur of (A) one hundred eighty (180) days after the date on which such repairs shall be Substantially Completed and (B) the date on which Tenant shall reoccupy such portion of the Demised Premises for the conduct of its business and (ii) with respect to the repair and restoration obligations under clause (b) above, the date upon which such repairs shall be Substantially Completed, the Fixed Rent and all Additional Rent shall be apportioned according to the part of the Demised Premises which is usable by Tenant for the conduct of its business in normal fashion (i.e., Tenant shall not be obligated to pay Fixed Rent and Additional Rent with respect only to the portion of the Demised Premises in which Tenant is unable to conduct business in normal fashion by reason of such fire or other cause). Landlord shall notify Tenant at least ten (10) Business Days prior to the date on which Landlord expects such repairs will be Substantially Completed (or such lesser period as may be equal to the estimated time period required for Landlord to perform such repairs). In the event that the Demised Premises or any portion thereof or the Building and/or the Unit (in such a manner that materially interferes with Tenant’s use of the Demised Premises or reasonable access thereto) shall be damaged by fire or casualty, within forty-five (45) days after such fire or other casualty (the “Trigger Date”), Landlord shall deliver to Tenant a statement (hereinafter referred to as the “Damage Statement”) prepared by a reputable, independent licensed architect or engineer or contractor having at least ten (10) years’ experience in such matters selected by Landlord setting forth such architect’s or engineer’s or contractor’s reasonable estimate as to the time required to repair such damage, together with a notice from Landlord to the effect that if Tenant fails to respond to such notice within the thirty (30) day period described in the following sentence, then Tenant shall be deemed to have waived its rights to terminate this Lease pursuant to this Section 17.01. If Landlord shall continue to fail to deliver such Damage Statement within fifteen (15) days following notice from Tenant to Landlord of such failure, then Tenant may have such statement prepared by a reputable, independent licensed architect, engineer or contractor selected by Tenant setting forth such architect’s, engineer’s or contractor’s reasonable estimate as to the Leased Property time required to repair such damage. If the estimated time period to perform such repairs extends beyond the date that is sixteen (16) months following the Trigger Date (as such period may be extended due to not more than two (2) months of Force Majeure delay, or due to Tenant Delay) (provided, however, if Landlord agrees to a lesser period of time in the corresponding provisions of any leases entered into during the Initial Lease-up Period for space in the High-Rise Floors, then the sixteen (16) month and/or two (2) month time periods set forth in this sentence shall be deemed to be amended (as applicable) to reflect such lesser of period of time), Tenant may elect, as its sole remedy, to terminate this Lease by notice to Landlord sent not later than thirty (30) days following receipt of the Damage Statement, time being of the essence with respect thereto. In the event that the Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify then in such event if the repair work is not Substantially Completed by Landlord thereof. If within sixteen (16) months following the damage is of Trigger Date (as such an extent as period may be extended due to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire two (2) months of Force Majeure delay, or other casualtydue to Tenant Delay) (provided, either (a) repair and restore any damaged portions of the Leased Property however, if Landlord agrees to a condition suitable lesser period of time in the corresponding provisions of any leases entered into during the Initial Lease-up Period for Tenant's usespace in the High-Rise Floors, then the sixteen (16) month and/or two (2) month time periods set forth in this sentence shall be deemed to be amended (as applicable) to reflect such lesser of period of time) to such a degree that the Demised Premises are useable by Tenant (or such longer period as is set forth in the Damage Statement if Tenant does not terminate this Lease pursuant to the provisions set forth hereinabove), Tenant may elect, as promptly as reasonably practicableits sole remedy, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent Landlord not later than 60 thirty (30) days following such the expiration of said period. If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially untenantable or inaccessible by fire or other casualtycause insured or required to be insured pursuant to this Lease, in which event then the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for proportionately paid up to the portion time of the Leased Property which is casualty and thenceforth shall cease until the applicable Casualty Abatement Period Expiration Date, subject to Landlord’s right to elect not usable by Tenant to restore the same as hereinafter provided. If the Building, Common Elements or the Unit shall be so damaged (whether or not the Demised Premises are damaged in whole or in part) that Landlord or the Condominium Board, as the case may be, shall decide to demolish it or not to rebuild it, and Landlord shall terminate leases for office space in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion Unit affecting not less than sixty percent (60%) of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay aggregate of RSF in the process Unit exclusive of restoration and repair due to any act space leased or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined occupied by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part an Affiliate of Landlord, then Landlord may, within sixty (60) days after such fire or for delays on account other cause, give Tenant a notice of Force Majeure. Upon termination such decision and thereupon the Term of this Lease shall expire by lapse of time upon the tenth (10th) day after such notice is given, and Tenant shall promptly thereafter vacate the Demised Premises and surrender the same to Landlord in accordance with the terms of this Lease. Tenant hereby expressly waives the provision of Section 17.01227 of the Real Property Law and agrees that the foregoing provision of this Article 17 shall govern and control in lieu thereof, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datethis Article 17 being an express agreement.
17.02. No 17.02 Except for the abatement of Rent set forth in Section 17.01 hereof, no damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises, the Unit or of the Building. Landlord shall use its reasonable and diligent efforts to effect the repairs required to be performed by Landlord under this Article promptly and in such a manner as not unreasonably to interfere with Tenant’s occupancy of the floors not affected by such damage or casualty (which reasonable efforts shall include coordination with Tenant in scheduling such repairs or restoration but which shall in no event obligate Landlord to pay overtime or other premium rates). Tenant may request Landlord to incur overtime costs provided that Tenant shall pay to Landlord, as Additional Rent, within thirty (30) days after demand, an amount equal to the excess of (a) the overtime or other premium pay rates, including all fringe benefits and other elements of such pay rates, over (b) the regular pay rates for such labor, including all fringe benefits and other elements of such pay rates.
17.03 The parties hereto shall each procure and maintain in force and effect an appropriate clause in, or endorsement on, any property insurance covering the Demised Premises and the Building and/or the Unit and the personal property, fixtures and equipment located therein or thereon and any rent insurance carried by Landlord and any business interruption insurance carried by Tenant, pursuant to which the insurance companies waive subrogation. Provided that its right of full recovery under its insurance policies is not adversely affected thereby, each of the parties hereto hereby releases and will not make any claims against or seek to recover from the other for any loss or damage to its property resulting from fire or other hazards to the extent covered by such property or other insurance that each party is required hereunder to maintain or does otherwise maintain hereunder (or to the extent the same would have been covered if the parties hereunder were carrying all insurance required hereunder). The waiver of subrogation in this Section 17.03 shall extend to both Landlord Parties and Tenant Parties.
17.04 Tenant acknowledges that Landlord will not carry insurance on Tenant’s Property (including any Tenant’s Property located in Tenant’s Roof Top Space or, if leased by Tenant hereunder, the 51st Floor Space), or any Tenant Changes (including Tenant’s Initial Work and any Specialty Alterations) and Tenant agrees that Tenant shall be solely responsible to insure and shall insure the same in accordance with the provisions of this Lease and that Landlord will not be obligated to insure or repair any damage thereto or to replace the same. Tenant shall complete the repair and restoration of Tenant’s Initial Work, any Tenant Changes and Tenant’s Property within a reasonable period of time after the occurrence of the casualty and substantial completion of Landlord’s restoration obligations under this Article in accordance with the provisions of this Lease, including Article 13 hereof, subject to delays due to Force Majeure.
17.05 If more than twenty five percent (25%) of the Office Space or a substantial (i.e., more than fifty percent (50%)) portion of the Building shall be damaged by fire or other casualty during the last two (2) years of the Term of this Lease, Tenant may, upon thirty (30) days’ notice to Landlord, cancel and terminate this Lease as of the date set forth in such notice, as if such date were the then stated Expiration Date of this Lease and Landlord shall have no duty to repair and/or restore the Demised Premises.
17.06 In the event this Lease is terminated as provided in this Article 17, neither party shall have the duty to repair and/or restore the Demised Premises or any other part of the Building.
17.07 Notwithstanding anything in this Article 17 to the contrary, each Condominium Board, and not Landlord, subject to the provisions of Article 35 hereof, shall be responsible for all repairs to the Building, the Common Elements, the Unit and the Demised Premises which, pursuant to the Condominium Documents, such Condominium Board is required to repair and/or restore, but Landlord shall use reasonable efforts be obligated to effect promptly any such repairs enforce the obligations of the Condominium Board as may be undertaken by Landlord pursuant to this Leaseset forth in Article 35 hereof.
17.03. Notwithstanding 17.08 Any dispute between Landlord and Tenant arising under this Article 17 shall be resolved by arbitration conducted in accordance with the provisions of Section 17.0125.01 hereof and during the pendency of any such dispute, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee then applicable time period(s) under this Article 17 shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceedstolled.
Appears in 1 contract
Samples: Lease Agreement (Legg Mason Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents, or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereofshall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's property.
10.02. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Buildingdemised premises shall be, Landlord shall, at Tenant's option as determined partially damaged or partially destroyed by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualtycause, either (a) repair and restore any damaged portions of then the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement repaired or restored. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the rents shall xxxxx as of time for the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised promises, provided, however, that should Tenant reoccupy a portion of the Leased Property which demised promises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable, to such portion shall be payable by Tenant continues to occupy or has reoccupiedfrom the date of such occupancy.
10.03. If there the Building or the demised premises shall be any delay totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than fifty (50%) percent of the full insurable value of the Building immediately prior to the casualty, then in the process of restoration and repair due either such case Landlord may terminate, this Lease by giving Tenant notice to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on such effect within one hundred eighty (180) days after the date of the Leased Property would have otherwise been casualty. In case of any damage or destruction mentioned in this Article 10, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed but for the making of the required repairs and restored and rebuilt the Building and the demised premises within twelve (12) months from the date of such delaydamage or destruction, or within such period after such date (not exceeding three (3) month ) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercisedadjustment of insurance, labor trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control.
10.04. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, damages compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant annoyance, arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding Tenant, at no expense to Tenant, shall fully cooperate with Landlord and its insurance companies in connection with the provisions collection by Landlord of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including including, without limitation, rent insurance proceeds) applicable payable in respect of any damage or destruction to the Building or the demised premises by fire or other casualty and -shall comply with all reasonable requests of Landlord and its insurance companies in connection therewith, including, without limitation, the execution of any affidavits or proofs of loss required by any insurance companies.
10.06. Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the Leased Property demised premises by fire or other casualty, thenand Section 227 of the Real Property Law of the State of New York, without prejudice to providing for such a contingency in the absence of an express agreement, and any other remedy which may be available against Tenantlaw of like import, the abatement of rent provided for now or hereafter in said Section 17.01 force, shall not be effective to the extent of the uncollected insurance proceedshave no application in such case.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. (a) User shall give prompt notice to owner in case of fire or other damage to the Premises or the Building.
(b) If the Leased Property Premises or the Building shall be damaged by fire or other causecasualty, Tenant Owner, at Owner's expense, shall promptly notify Landlord thereofrepair such damage. However, Owner shall have no obligation to repair any damage to, or to replace, User's personal property or any other property or effects of User. If the damage is Premises shall be rendered untenantable by reason of any such damage, the License Fee only shall abatx xxx the period from the date of such an extent as damage to interfere materially with Tenant' s ability the date when such damage shall have been substantially repaired, and if only a part of the Premises shall be so rendered untenantable, the License Fee shall abatx xxx such period in the proportion which the Rentable Area of the Premises so rendered untenantable bears to conduct its operations the total Rentable Area of the Premises. However, if, prior to the date when all of such damage shall have been repaired, any part of the Premises so damaged shall be rendered tenantable and shall be used or occupied by User or other persons claiming through or under User, then the amount by which the License Fee shall abatx xxxll be equitably apportioned for the period from the date of any such use or occupancy to the date when all such damage shall have been repaired. User hereby expressly waives the provisions of Paragraph 227 of the New York Real Property Law, and of any successor law of like import then in force, and User agrees that the provisions of this Paragraph shall govern and control in lieu thereof.
(c) Notwithstanding the foregoing provisions of this Paragraph, if prior to or during the term of this License, (i) the Premises shall be totally damaged or rendered wholly untenantable by fire or other casualty, and if Owner shall decide not to restore the Premises, or (ii) the Building shall be so damaged by fire or other casualty that, in Owner's opinion, substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Demised Premises shall have been damaged or rendered untenantable), then, in any of such events, Owner at the BuildingOwner's option, Landlord shallmay give to User, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 within ninety (90) days following after such fire or other casualty, either a five (a5) repair days' written notice of termination of this License and, in the event such notice is given, this License and restore the Term shall come to an end and expire (whether or not said Term shall have commenced) upon the expiration of said five (5) days with the same effect as if the date of expiration of said five (5) days were the expiration date, and the License Fee and Additional Fees shall be apportioned as of such date and any damaged portions of the Leased Property prepaid portion for any period after such date shall be refunded by Owner to a condition suitable for Tenant's useUser.
(d) If this License shall not be terminated as provided in subparagraph (c) hereof, as promptly as reasonably practicableOwner shall, at its expense, to the extent of the net insurance recovery, repair or restore the Demised Premises with reasonable diligence and subject dispatch, substantially to receipt the condition immediately prior to the casualty except that Owner shall not be required to repair or restore any of User's leasehold improvements or betterments, furniture, furnishings, decorations or any other installations made at User's expense. All insurance proceeds from Landlord's insurer (plus an amount equal payable to User for such items shall be held in trust by User and upon the completion by Owner of repair or restoration, User shall prepare the Premises for occupancy by User in the manner obtaining immediately prior to the amount damage or destruction in accordance with plans and specifications approved by Owner.
(e) In no event shall owner be liable to User for any consequential damages to or loss of business suffered by User by reason of any applicable deductible) sufficient to pay damages or casualty, regardless of fault, and apart from the cost apportionment of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or rent required under subparagraph (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which the event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the a portion of the Leased Property which Premises is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant rendered untenantable, User's sole recourse for the ordinary conduct of its business. There any damages shall be no abatement against User's insurance company, regardless of Fixed Rent or Additional Rent for fault, and User waives on its own behalf and on behalf of any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenantinsurer, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datetherefor against Owner.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 15.1 If the Leased Property Building or the Project, or any portion of the Building or the Project (including, without limitation, the Parking Facility), is damaged or destroyed by any casualty, and Landlord’s Repair Notice given in accordance with Section 15.7 below states that (a) the damage or destruction to the Building cannot be repaired within three hundred thirty (330) days after the date of Tenant’s receipt of Landlord’s Repair Notice, or (b) the aggregate proceeds, exclusive of any deductibles, received by Landlord from insurance carried by Landlord (with respect to the Building and the Project), and delivered or assigned to Landlord by Tenant (with respect to the Leasehold Improvements), or which would have been received by Landlord had Landlord carried the insurance required thereof pursuant to Section 14.2 of this Lease, and which remain after any required payment therefrom to any mortgagee of Landlord holding a security interest in the Building or the Project, are insufficient to cover the cost of repairing such damage or destruction, Landlord shall be damaged have the right, at Landlord’s option, to terminate this Lease (provided that as a condition precedent to any such termination, Landlord shall have terminated the leases of all other tenants of the Building). Landlord shall exercise such termination right by fire giving Tenant written notice of such termination within forty-five (4) days after the date Landlord learns of the necessity for repairs as a result of such damage or other causedestruction. Notwithstanding any termination by Landlord of this Lease pursuant to Section 15.1(b) above, Tenant shall promptly notify Landlord thereof. If have the damage is of right to nullify any such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant termination by written notice to Landlord given not more than 60 delivered within thirty (30) days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to ’s receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient ’s termination notice, in which event Tenant shall be obligated to pay to Landlord, on or before the expiration of such thirty (30) day period, the positive difference, if any, between (A) the total costs required to repair such damage or destruction (or Landlord’s reasonably anticipated total cost of such repair work), less any applicable deductible amounts in the insurance policies carried by Landlord with respect to such damage or destruction, and restoration(B) the amount of insurance proceeds actually received by Landlord (or reasonably anticipated to be received by Landlord), it being agreed that including, without limitation, any insurance proceeds pertaining to the Leasehold Improvements which are delivered or assigned to Landlord by Tenant, and the amount of insurance proceeds actually received by Landlord (or reasonably anticipated to be received by Landlord's obligation ), including, without limitation, any insurance proceeds pertaining to so repair the Leasehold Improvements which are delivered or assigned to Landlord by Tenant, and, subject to Tenant’s paying the aforesaid amount(s) to Landlord, Landlord shall promptly and diligently rebuild and restore the Building and the Premises to the condition existing immediately prior to said casualty. Tenant shall, within thirty (30) days of Landlord’s presentation to Tenant of a reasonably particularized invoice, pay to Landlord the positive difference, if any, between the total actual cost to repair such damage and destruction (less any applicable deductible amounts in the insurance policies carried by Landlord with respect to such damage or destruction), and the sum of (i) the insurance proceeds actually received by Landlord (including insurance proceeds assigned to Landlord by Tenant pursuant to Section 15.8 below) and (ii) the funds previously provided by Tenant to Landlord for such repair work. Any amounts paid by Tenant to Landlord pursuant to this Section 15.1 shall, at Tenant’s sole cost and expense, be held by Landlord in an appropriate escrow account, with any interest earned thereon accruing for the benefit of Tenant, and shall be used exclusively by Landlord for the repair or restoration of the Leasehold Improvements. Landlord shall be obligated to promptly refund to Tenant any amounts paid by Tenant pursuant thereto in excess of the difference between (i) the actual cost incurred by Landlord in repairing or restoring the Leasehold Improvements (less any applicable deductible amounts in the insurance policies carried by Landlord with respect to such damage or destruction), and (ii) the amount of insurance proceeds actually received by Landlord (including insurance proceeds assigned to Landlord pursuant to Section 15.8 below) on account of the subject damage or destruction.
15.2 If the Premises (or any portion thereof), or any portion of the Building or Project (including, without limitation, the Parking Facility) necessary for the conduct of Tenant’s business, is expressly conditioned upon damaged or destroyed by any casualty, and if Landlord’s Repair Notice delivered in accordance with Section 15.7 below states that the Premises (or any portion thereof) and any such portion of the Building or Project cannot be rebuilt or made fit for Tenant’s purposes within three hundred thirty (330) days after the date of Tenant’s receipt and sufficiency of Landlord’s Repair Notice, or if the proceeds from the insurance Tenant is required to maintain pursuant to Section 14.1(a) above (or the amount of proceeds which would have been available if Tenant was carrying such insurance), excluding any deductible, are insufficient to repair such damage or destruction, then Tenant shall have the right to terminate this Lease by giving Landlord written notice of such insurance proceeds termination within sixty (plus an amount equal 60) days after Tenant’s receipt of Landlord’s Repair Notice.
15.3 In the event of partial destruction or damage to any applicable deductiblethe Building or the Premises which is not subject to Section 15.1 or 15.2, but which renders the Premises partially but not wholly untenantable or renders the Premises wholly untenantable for a short enough period of time that this Lease is not otherwise terminated in accordance with the terms of this Article 15, this Lease shall not terminate and Rent shall be abated in proportion to the area of the Premises which cannot be accessed, used or occupied by Tenant as a result of such casualty until such time as either this Lease is terminated pursuant to Section 15.1 or 15.2 above, or the Premises, the Building, and/or the Parking Facility are restored such that Tenant may access, use, and occupy the same as contemplated under this Lease. Landlord shall in such event, within a reasonable time after the date of such destruction or damage, subject to force majeure (as defined in Section 25.6) or to Tenant Delay and to the extent and availability of insurance proceeds, restore the Premises to substantially the same condition as existed prior to such partial damage or destruction. If Landlord fails to proceed with reasonable diligence to rebuild the Premises, or if the Premises are not repaired or rebuilt within two hundred ten (210) days after the date of Tenant’s receipt of Landlord’s Repair Notice, for a reason other than force majeure or Tenant Delays, then Tenant may, at Tenant’s sole option, elect to terminate this Lease upon thirty (30) days written notice to Landlord, unless Landlord cures the failure within such thirty (30) day period of time, in which case Tenant’s termination notice shall be of no effect. In no event shall Rent xxxxx (except to the extent Landlord recovers insurance proceeds therefor) nor shall any termination by Tenant occur if damage to or destruction of the Premises is the result of the negligence or willful act of Tenant, or Tenant’s agents, employees, representatives, contractors, successors, assigns, licensees or invitees.
15.4 If any material portion of the Premises is destroyed by fire or other causes at any time during the last twelve (12) months of the Term, such that the Premises or a material portion thereof cannot be occupied for in excess of thirty (30) days as a result thereof, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving written notice to the other within fifteen (15) days after the date of such destruction; provided, however that Tenant shall have the right to nullify Landlord’s termination notice by exercising, within live (5) days of Landlord’s termination notice, any Extension Option (if any is available) pursuant to and subject to, Section 3.6 hereof.
15.5 Landlord shall have no liability to Tenant for inconvenience, loss of business, or annoyance arising from any repair of any portion of the Premises or the Building. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the thing hired and Sections 1941 and 1942, providing for repairs to and of the Premises.
15.6 In the event of termination of this Lease pursuant to Sections 15.1, 15.2, 15.3 or 15.4, all Rent shall be apportioned and paid to the date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the Premises according to such notice of termination; provided, however, that those provisions of this Lease which are unavailable designated to cover matters of termination and the period thereafter shall survive the termination hereof.
15.7 Within thirty (30) days following the date Landlord learns of the necessity for repairs as a result of any damage or insufficientdestruction, Landlord shall provide written notice (“Landlord’s Repair Notice”) to Tenant notifying Tenant of Landlord’s reasonable, good faith estimate of the time required to repair such damage or rebuild the Premises, Building, or Project, as applicable, and the cost to repair and restore the same (or Landlord’s good-faith estimate of such cost) in the manner described in this Article 15. In the event that Landlord fails to provide Landlord’s Repair Notice to Tenant within said thirty (30) day period, Tenant shall be solely responsible deemed to have received the same on the last day of said thirty (30) day period for purposes of calculating the cost time periods set forth in Sections 15.1, 15.2, and 15.3 above. In the event that Tenant disagrees with the estimated time period for restoration of the Premises, the Building, or the Project as set forth in Landlord’s Repair Notice, Tenant shall notify Landlord of said objection within ten (10) Business Days of Tenant’s receipt of Landlord’s Repair Notice, and in such event said estimated time periods shall be provided by a licensed architect experienced in the design of projects similar to the Building and the Project in San Diego County (“Qualified Architect”) mutually agreeable to Landlord and Tenant (provided, however, that Landlord and Tenant hereby agree that HKS Architects, or any successor thereto, shall be deemed approved). In the event that Landlord and Tenant elect not to use HKS Architects (or the balance of the costits successors), as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice if Landlord and Tenant are unable to agree on an architect for purposes hereof within ten (10) Business Days of Landlord’s receipt of Tenant’s objection notice given hereunder, the aforesaid estimated time periods shall vacate the Leased Property be provided by a Qualified Architect chosen by mutual agreement of Qualified Architects appointed by Landlord and surrender the same to Landlord Tenant on or before the date expiration of said ten (10) Business Day agreement period. Failure of Tenant to notify Landlord of Tenant’s objection to the estimated time periods for restoration described in Landlord’s Repair Notice shall be deemed Tenant’s acceptance or such estimates.
15.8 In the event of any damage or destruction of all or any part of the Premises, Tenant shall: (a) immediately notify Landlord thereof; and (b) within thirty (30) days of such damage or destruction, deliver to Landlord all insurance proceeds received by Tenant with respect to the Leasehold Improvements and Tenant’s alterations and improvements to the Premises (excluding proceeds for Tenant’s furniture and other personal property), whether or not this Lease shall so terminateis terminated as permitted in this Article 15, and Tenant hereby assigns to Landlord all rights to receive such insurance proceeds. Fixed Rent If Tenant fails to obtain insurance for the full replacement cost of any Leasehold Improvements and Additional Rent Tenant’s alterations and improvements which Tenant is required to insure pursuant to Section 14.1.A(a) hereof, Tenant shall be abated for deemed to have self-insured the portion replacement cost of the Leased Property which is not usable by such Leasehold Improvements and Tenant’s alterations and improvements, and upon any damage or destruction thereto, Tenant in the ordinary conduct shall, within thirty (30) days of its business from the date of such damage or destruction until destruction, pay to Landlord the date on which the Leased Property become usable full replacement cost of such items, less any insurance proceeds actually received by Tenant Landlord from Landlord’s or Tenant’s insurance with respect to such items. If Landlord fails to obtain insurance for the ordinary conduct full replacement cost of its business. There any the Building and the Project as required pursuant to Section 14.2 above, Landlord shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion deemed to have self-insured the full replacement cost of the Leased Property which Tenant continues to occupy Building and the Project, and upon any damage or has reoccupieddestruction thereto. If there Landlord shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but deemed for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination purposes of this Lease in accordance with this Section 17.01, Tenant's liability for rent to have received sufficient proceeds to repair and restore the same. Landlord and Tenant shall cease, subject, however, each be deemed to have self-insured any claim deductibles under the insurance required to be carried by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord each pursuant to this LeaseArticle 14 above.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Sublease (Celladon Corp)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 17.1 If the Leased Property Demised Premises shall be partially damaged by fire or other causecause without the default or neglect of Tenant, Tenant Tenant’s servants, employees, agents, visitors or licensees, the damages shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following and until such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for completed the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for apportioned according to the portion part of the Leased Property Demised Premises which is not usable by Tenant in Tenant. But if partial damage is due to the ordinary conduct fault or gross negligence of its business from Tenant, Tenant’s servants, employees, agents, visitors or licensees, without prejudice to any other rights and remedies of Landlord and without prejudice to the date rights of such damage or destruction until subrogation of Landlord’s insurer, the date on which the Leased Property become usable damages shall be repaired by Tenant for the ordinary conduct of its business. There Landlord but there shall be no apportionment or abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedrent. No penalty or damage shall accrue for delays reasonable delay which may arise by reason of adjustment of insurance on the part of the Landlord, or for delays reasonable delay on account of Force Majeure“labor troubles,” or for Acts of God, or any other cause beyond Landlord’s control, or any combination thereof. If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially untenantable by fire or other cause, then the rent shall be proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the Demised Premises shall have been repaired and restored by Landlord, subject to Landlord’s right to elect not to restore the same as hereinafter provided. If the Demised Premises are rendered wholly unusable or (whether or not the Demised Premises are damaged in whole or in part) if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it or to substantially renovate it, then or in any of such events Landlord may, within ninety (90) days after such fire or other cause, give Tenant a notice in writing of such decision, which notice shall be given as in Article 24 hereof provided, and thereupon the term of this Lease shall expire by lapse of time upon the third day after such notice is given, and Tenant shall vacate the Demised Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in accordance with this Section 17.01the sentence immediately preceding, Tenant's ’s liability for rent shall ceasecease as of the day following the casualty (except for any pre-existing rent obligations). Tenant hereby expressly waives the provision of Section 227 of the Real Property Law and agrees that the foregoing provision of this Article shall govern and control in lieu thereof, subjectthis Article being an express agreement. If the damage or destruction be due to the fault or neglect of Tenant the debris shall be removed by, howeverand at the expense of, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateTenant.
17.02. 17.2 No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use its reasonable efforts (which reasonable efforts shall in no event obligate Landlord to pay overtime pay or other premium rates) to effect promptly any such repairs promptly and in such a manner as may not unreasonably to interfere with Tenant’s occupancy.
17.3 In the event that either Tenant or Landlord sustains a loss by fire or other casualty and such loss is caused in whole, or in part, by acts or omissions of the other party, the other party’s agents, employees, or servants, then the party sustaining the loss agrees, to the extent that the party sustaining such loss is compensated for such loss by insurance, that it shall waive all rights of recovery against the other party, or the agents, employees, or servants of the other party; and no third party shall have any right of recovery, by way of subrogation or assignment or otherwise. The parties hereto shall each procure and maintain in force and effect an appropriate clause in, or endorsement on, any fire or extended coverage insurance covering the Demised Premises and the Building and the personal property, fixtures and equipment located therein or thereon, pursuant to which, the insurance companies waive subrogation, provided such waiver is procurable without additional premium, and having obtained such clause or endorsement of waiver of subrogation, each party hereby agrees that it will not make any claims against or seek to recover from the other for any loss or damage to its property or the property of the other, covered by such fire and extended coverage insurance; provided, however, that the release, discharge, exoneration and covenant not to xxx herein contained shall be undertaken limited by the terms and provisions of the waiver of subrogation clause and/or endorsements and shall be co-extensive therewith. If such waiver of subrogation shall be procurable only by payment of an additional premium therefor, notice of such requirements shall be furnished to the other party, and if such other party fails to pay such additional premium, or if such waiver of subrogation shall no longer be obtainable, then the provisions hereof shall not be applicable to such other party. Notwithstanding anything in this Lease to the contrary, Tenant acknowledges that Landlord is not required to carry insurance on any alterations or improvements installed in the Demised Premises by or for Tenant and/or paid for or purchased by Tenant or on Tenant’s removable appurtenances, such as furniture, equipment, furnishings and other Tenant appurtenances removable by Tenant, and Tenant agrees that Landlord will not be obligated to repair any damage thereto or to replace the same. Tenant agrees to carry and maintain insurance on all of its alterations, improvements and property equal to one hundred percent (100%) of the full insurable value thereof.
17.4 In the event the Demised Premises are damaged by fire or other casualty and Landlord does not (or does not have the right to) cancel this Lease, then within ninety (90) days thereafter, Landlord shall deliver to Tenant a statement (hereinafter referred to as the “Damage Statement”) prepared by a reputable architect or contractor reasonably selected by Landlord pursuant setting forth such architect’s or contractor’s reasonable estimate as to the time required to repair such damage (to the extent required under Section 17.1). If the estimated time period exceeds twelve (12) months from the date of the Damage Statement estimate, Tenant may elect to terminate this Lease.
17.03Lease by notice to Landlord sent not later than fifteen (15) days following Tenant’s receipt of the Damage Statement. Notwithstanding In the provisions of Section 17.01, if, by reason of some action or inaction on event that the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee Demised Premises shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property damaged by fire or other casualty, thenthen in such event if Landlord’s work under Section 17.1 is not substantially completed by Landlord within twelve (12) months after the date of the Damage Statement, without prejudice Tenant may elect, as its sole remedy, to any terminate this Lease by notice to Landlord not later than fifteen (15) days following the expiration of said period provided, however, that no right of Tenant to terminate this Lease on fifteen (15) days’ notice, shall accrue for delay caused by reasons of force majeure.
17.5 If more than fifteen percent (15%) of the Demised Premises or a substantial portion of the Building shall be damaged by fire or other remedy which may be available against Tenantcasualty during the last two (2) years of the terms of this Lease, the abatement of rent provided for in said Section 17.01 shall not be effective Landlord or Tenant may, upon ninety (90) days written notice to the extent other, cancel and terminate this Lease as of the uncollected insurance proceedsdate set forth in such notice, as if such date were the stated Expiration Date of this Lease and Landlord shall have no duty to repair and/or restore the Demised Premises.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If 15.1 Except as otherwise expressly provided in this Article 15, if the Leased Property shall be Buildings (or any portion thereof) or the Premises is damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If destroyed during the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the BuildingTerm, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire shall diligently repair or other casualty, either restore the Buildings or the Premises (a) repair and restore any damaged portions exclusive of the Leased Premises Improvements, Tenant’s Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the costAlternations), as the case may be) , as soon as reasonably possible to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, substantially the condition in which event the Term shall expire upon Buildings or the thirtieth day following such notice and Tenant shall vacate Premises, as the Leased Property and surrender the same case may be, existed immediately prior to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion (exclusive of the Leased Premises Improvements, Tenant’s Property which and Alterations). Except as otherwise expressly provided in this Article 15, if the Premises (or any portion thereof) is damaged or destroyed during the Term, Tenant continues to occupy shall diligently repair or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenantrestore, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with the provisions governing Alterations as set forth in Section 10, the Premises Improvements, the Tenant’s Property and the Alterations in the Premises as soon as reasonably possible to substantially the condition in which such items existed immediately prior to such damage or destruction.
15.2 Except as provided in this Section 17.0115.2, Tenant's Landlord shall have no liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord Tenant for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair restoration. If the Premises (or restoration of any portion thereof) is not usable for Tenant’s business purposes pending and during reconstruction as provided in Section 15.1, and in fact Tenant Ceases to Use the Premises (or the affected portion thereof), Rent due and payable hereunder shall equitably axxxx for the portion of the Leased Property or Premises which is unusable and which Tenant has Ceased to Use for the period commencing with the date of such casualty until the earlier of the Building but date (i) that reconstruction of the Premises is substantially completed by Landlord to the extent required to be completed by Landlord as provided in Section 15.1 plus a reasonable time to restore the Leasehold Improvements not to exceed one hundred eighty (180) days or (ii) that Tenant resumes the conduct of its business from such portion of the Premises.
15.3 If there is damage or destruction to the Project (whether or not such damage affects the Premises) or to the Premises, to the extent that Landlord reasonably determines that the Project or the Premises (exclusive of the Premises Improvements, Tenant’s Property and Alterations), as the case may be, cannot be fully repaired or restored within (i) three hundred sixty five (365) days from the date of the casualty and occurs at any time during the Term or (ii) three (3) months from the date of the casualty and occurs during the last Lease Year of the Term, as the same may have been extended pursuant to Article 22 hereof, then, Landlord and (solely in the event that the Premises is damaged or destroyed) Tenant shall have the option, upon written notice delivered to the other party within fifteen (15) days of Tenant’s receipt of Landlord’s written notice of the length of such restoration (such notice to be provided within sixty (60) days of such casualty), to terminate this Lease. If the restoration to the Project is prohibited by any Requirements or the insurance proceeds, including deductible amounts (subject to reimbursement pursuant to the terms of Operating Costs), are insufficient or otherwise not available, then Landlord may elect to terminate this Lease upon giving written notice of such election to Tenant within sixty (60) days after such casualty. In the event that Landlord declines to repair the Premises as a result of a shortage of insurance proceeds, Tenant may request from Landlord an estimate of the shortage of insurance proceeds. Within thirty (30) days of receipt of Landlord’s estimate, Tenant may deposit with Landlord the funds set forth in such estimate, in which case, Landlord’s termination of the Lease shall be voided and Landlord shall use reasonable efforts to effect promptly proceed with such restoration as if there were no such shortage. After completion if the actual costs exceed such estimate, Tenant shall pay Landlord such excess costs. In the event the restoration costs less than such estimate, Landlord shall refund any such repairs as may be undertaken excess funds deposited by Landlord Tenant.
15.4 In the event of termination of this Lease pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01Article 15, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee then (1) all Rent shall be unable apportioned and paid to collect all the later of the date on which possession is relinquished or the date of such damage (subject to abatement as set forth in Section 15.2), (2) Tenant shall immediately vacate the Premises as required herein and (3) Tenant shall pay to Landlord that amount of Tenant’s insurance proceeds (including rent or the amount which would have been received by Tenant if Tenant was carrying the insurance proceedsrequired by this Lease) applicable which insures damage to damage or the Premises Improvements and Alterations, provided that Tenant make keep the unamortized value (amortized on a straight line basis over the Term) of Premises Improvement and Alterations constructed and paid for by Tenant. Tenant’s obligations under this Section 15.4 shall survive the termination of this Lease. If neither Landlord nor Tenant timely elects to terminate this Lease, this Lease shall remain in full force and effect and the Project and Premises shall be diligently repaired and restored in accordance with Section 15.1.
15.5 Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the Leased Property by fire or other casualtything hired and Sections 1941 and 1942, then, without prejudice providing for repairs to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent and of the uncollected insurance proceedsPremises.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the Demised Premises shall be partially or totally damaged or destroyed by fire or other cause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Tenant shall, with reasonable dispatch after the damage or destruction, or, if under good construction practice such Tenant repairs should take place only after the commencement or completion of Landlord repairs if any, then at such time as good construction practice would dictate, (i) repair the damage and restore and rebuild the interior of the Demised Premises, other than interior portions comprised of load-bearing structural walls or columns, such restoration to include Landlords Work and Tenant's betterments and improvements, and (ii) repair the damage to and restore and repair Tenant's furniture, fixtures and other personal property as set forth in clause (y) of Section 9.09 hereof. Such work by Tenant shall be subject to all the provisions of this Lease, including, without limitation, Article 6.
10.02. If the Building or the Demised Premises shall be damaged or destroyed by fire or other cause, Tenant then the rents payable hereunder shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable Demised Premises shall have been rendered untenantable or insufficient, Tenant shall be solely responsible inaccessible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no substantially repaired or restored; provided, however, that if in Landlord's reasonable judgment such repairs would have been substantially completed at an earlier date but for Tenant's delay in effecting (or failure to effect) with reasonable dispatch those repairs required to be made by Tenant, then the Demised Premises shall be deemed to have been repaired substantially on such earlier date and any reduction or abatement of Fixed Rent or Additional Rent for any period of time for shall cease; and provided further, however, that should Tenant reoccupy a portion of the Leased Property which Tenant continues Demised Premises during the period the restoration work is taking place and prior to occupy or has reoccupied. If there shall be any delay in the process date that the whole of restoration said Demised Premises are made tenantable and repair due to any act or omission on the part of Tenantaccessible, Fixed Rent and Additional Rent additional rents allocable to such portion shall commence on be payable by Tenant from the date of such occupancy.
10.03. If the Leased Property would have otherwise been Building shall be so damaged or destroyed by fire or other cause (whether or not the Demised Premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of more than thirty percent (30%) of the full insurable value of the Building immediately prior to the casualty, then Landlord may terminate this Lease by giving Tenant notice to such effect within ninety (90) days after the date of the casualty. In the event of damage or destruction to the demised premises following which Landlord does not so terminate this Lease, Landlord shall proceed to repair and restore the demised premises. In case of any damage or destruction to the Demised Premises mentioned in this Article 10 which Landlord is required to repair and restore, Tenant may terminate this Lease by notice to Landlord if Landlord has not substantially completed but for the making of such delayrequired repairs and restorations (including restored access) within twelve (12) months after the date of such damage or destruction or impairment of access, or within such period after such date (not exceeding six (6) months) as shall equal the aggregate period Landlord may have been delayed in doing so by Force Majeure Causes (as defined in Article 34). If material damage to or destruction of the Demised Premises occurs during the last year of the Term (including any extended Term, if exercised), then Landlord or Tenant may terminate this Lease by giving the other notice of such termination within sixty (60) days after the date of the casualty. If this Lease is terminated by either Landlord or Tenant as provided in this Section 10.03, such termination shall be determined deemed effective as of the date of such damage or destruction, and all rents and other charges paid by Tenant for any period after such effective date of termination shall be promptly refunded to Tenant after deducting therefor any other amounts owed by Tenant to Landlord in its judgment reasonably exercised. No penalty or damage (and such Landlord obligation to make such refund shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon survive such termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateLease).
17.0210.04. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Demised Premises or the Building by fire or other casualtycause, by reason of some wrongful action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not exceed the amount of insurance proceeds which go uncollected to the extent caused by such wrongful action or inaction by Tenant or such other parties.
10.06. Landlord shall not be effective required to carry separate insurance of any kind on Landlord's Work, Tenant's betterments and improvements or Tenant's property (including, without limitation, any property of Tenant which shall become the extent property of Landlord as provided in Article 6), and, except as provided by law, Landlord shall not be obligated to repair any damage thereto or replace or clean the uncollected same, or any other decorations, installations, equipment or fixtures installed by or for Tenant at Tenant's expense. Tenant shall maintain such fire and casualty insurance proceeds.as it deems advisable but not less than the limits provided in clause (y) of Section 9.09
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Samples: Assignment and Assumption of Lease and License Agreement (Integrated Information Systems Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed or if access thereto is denied by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents, or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereofshall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's property.
10.02. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Building, Landlord shall, at Tenant's option as determined demised premises shall be partially damaged or partially destroyed by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualtycause or if access is denied for any reason, either (a) repair and restore any damaged portions of then the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable demised premises shall have been rendered untenantable or insufficient, Tenant shall be solely responsible inaccessible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction or inaccessibility to the date the damage shall be repaired or restored or access restored. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, or inaccessibility for any reason, the rents shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises, provided, however, that should Tenant reoccupy a portion of the demised premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy.
10.03. If the Building or the demised premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than forty (40%) per cent of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty. If Landlord is required to or elects to repair and restore the demised premises pursuant to any provision of this Article 10 and (i) the damage involved a substantial part of the demised premises or (ii) there is damage to the Building which materially impairs Tenant's access or ability to conduct its business in the demised premises, Landlord shall, within one hundred twenty (120) days after the event giving rise thereto, provide Tenant with a written notice of the estimated date on which the Leased Property become usable restoration of the demised premises or the access thereto or the Building shall be substantially completed based upon the information available to Landlord at the time in question. If such estimated date is more than nine (9) months after the date of such damage or destruction then Tenant may terminate this Lease by notice to Landlord, which notice shall be given within thirty (30) days after the date Landlord provides the notice required by the preceding sentence, and such termination shall be effective upon the giving of Tenant's notice. Failure by Tenant for the ordinary conduct of its business. There to provide such notice within such thirty (30) day period shall be no abatement of Fixed Rent deemed an election by Tenant not to terminate this Lease. If Tenant elects not to terminate this Lease or Additional Rent for any period of time for that portion is deemed to have so elected, and if Landlord has not substantially completed the making of the Leased Property which required repairs, restored and rebuilt the Building and the demised premises, or the means of access thereto and redelivered the demised premises to Tenant continues within the later of: (i) nine (9) months from the date of such damage or destruction or (ii) the period originally estimated by Landlord or within such period after either such date (not exceeding three (3) months) as shall equal the aggregate period Landlord may have been delayed in doing so by adjustment of insurance, labor trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control, then Tenant shall have the further right to occupy or has reoccupied. If there elect to terminate this Lease upon written notice to Landlord and such election shall be any delay in effective upon the process expiration of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on thirty (30) days after the date the Leased Property would have otherwise been completed but for of such delaynotice, as shall be determined by unless Landlord in its judgment reasonably exercisedsubstantially completes such restoration within such thirty (30) day period.
10.04. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06. Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
10.08. Landlord agrees to maintain throughout the term of this Lease insurance against usual perils with respect to the Building and Landlord's property therein in amounts or with limits sufficient so as to prevent Landlord from being considered a "co-insurer."
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 10.01 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents, or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereof. shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any betterments and improvements in the demised premises or any of Tenant’s property.
10.02 If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Buildingdemised premises shall be partially damaged or partially destroyed by fire or other cause, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following then unless such fire or other casualtydamage shall have resulted from the negligence of Tenant, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement of Fixed Rent repaired or Additional Rent for any restored, including a reasonable period of time for Tenant to restore any betterments and improvements. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other cause, the rents shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises, provided, however, that should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place and prior to occupy or has reoccupied. If there the date that the same are made completely tenantable, rents allocable to such portion shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on payable by Tenant from the date of such occupancy.
10.03 If the Leased Property would have otherwise been Building or the demised premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than forty (40%) per cent of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty. In case of any damage or destruction mentioned in this Article 10, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed but for the making of the required repairs and restored and rebuilt the Building and the demised premises within twelve (12) months from the date of such delaydamage or destruction, or within such period after such date (not exceeding six (6) months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part insurance, labor trouble, governmental controls, act of LandlordGod, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateother cause beyond Landlord’s reasonable control.
17.02. 10.04 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.03. 10.05 Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant’s rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06 Landlord will not carry separate insurance of any kind on Tenant’s property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant’s property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07 The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises, including, without limitation, access to the Demised Premises and any part of the Building that provides essential services to the Demised Premises shall be damaged by fire or other causecasualty in whole or in part, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, minimum rent and additional rent pursuant to the extent provisions of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of Article 22 until such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues apportioned according to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of the Demised Premises which is usable by Tenant. Landlord shall have no responsibility to repair any damage to Tenant's work (as referred to in Section 5.01), Fixed Rent and Additional Rent shall commence on the date same being the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedresponsibility of Tenant. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or for delays on account any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of Force Majeurefire or other damage to the Demised Premises. Upon termination If the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), Landlord at its election may terminate this Lease by written notice to Tenant, within sixty (60) days after such fire or other casualty, and thereupon the term of this Lease in accordance with shall expire by lapse of time upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. However, if more than twenty-five (25%) percent of the rentable square feet of the Demised Premises shall be damaged during the last two (2) years of the term hereof, either Landlord or Tenant, at its election, may terminate this Lease by written notice to the other within sixty (60) days after such fire or other casualty, and thereupon this Lease shall end upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. Notwithstanding the foregoing provisions of this Section 17.0110.01, within sixty (60) days after such casualty, Landlord shall provide Tenant with an estimate as to the time reasonably required to repair such damage. If such period exceeds nine (9) months from the date of such casualty, Tenant may elect to terminate this Lease by notice to Landlord not later than ten (10) days following Tenant's liability for rent receipt of such estimate, and thereupon the term of this Lease shall ceaseexpire on the thirtieth (30th) day after Tenant's notice is given, subjectand Tenant shall vacate and surrender the Demised Premises to Landlord. If the time period set forth in said estimate exceeds nine (9) months and Tenant has not terminated this Lease and if Landlord does not substantially complete such repairs within the time period set forth in such estimate, howeverthen Tenant may elect to terminate this Lease by notice to Landlord within ten (10) days following the expiration of such time period, and thereupon the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to any claim by Landlord, unless within such thirty (30) day period, Landlord for Fixed Rent and/or Additional Rent accruing on substantially completes such restoration or before such daterebuilding in which event this Lease shall remain in full force and effect. Tenant hereby waives the provisions of Section 227 of the Real Property Law, and the provisions of this Article shall govern and control in lieu thereof. If Landlord exercises its option to cancel, Landlord must also cancel all other similarly affected tenant leases in the Building, where Landlord has the right to do so.
17.02Section 10.02. No damage, damages or compensation or claims shall be payable by Landlord nor shall Tenant make any claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable its best efforts to commence and effect promptly any such repairs promptly and diligently, and in such manner as may be undertaken by Landlord pursuant not to this Leaseunreasonably interfere with Tenant's occupancy so as to restore the damaged property to substantially the same condition as existed before the casualty or damage.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Lease (Escala Group Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, except for Tenant's Work, all other leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, at its expense with reasonable dispatch after notice to it of the damage or destruction and the collection of the insurance proceeds attributable to such damage.
10.02. If the Building or the demised premises shall be damaged or destroyed by fire or other cause, Tenant then the rents payable hereunder shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no repaired or restored, such abatement of Fixed Rent or Additional Rent for any period of time for that to be granted on a pro rata basis if only a portion of the Leased Property demised premises is rendered untenantable; provided, however, that if(a) greater than 50% of the demised premises is rendered untenantable, (b) Tenant reasonably determines that it is unable to use any portion of the demised premises for the conduct of any portion of its business and does not, in fact, use any portion of the demised premises and (c) Landlord actually collects rent insurance proceeds covering all rents payable hereunder, then the entire rent payable hereunder for the period of such untenantability shall be abated as provided herein. Landlord and Tenant acknowledge that it is their intent that the condition in clause (c) above will not be used by Landlord's insurer to avoid paying rent insurance proceeds to Landlord that would otherwise be payable to Landlord if this Lease expressly stated that the entire rent payable hereunder would xxxxx for the applicable period if conditions (a) and (b) above were satisfied. If, at any time thereafter Tenant reoccupies a portion of the demised premises as to which the abatement is in effect during the period the restoration work is taking place and prior to the date that the whole of said demised premises are made tenantable, basic annual rent and additional rent allocable to such portion shall be payable by Tenant continues to occupy or has reoccupiedfrom the date of such occupancy.
10.03. If there the Building shall be any delay so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of more than twenty percent (20%) of the full insurable value of the Building immediately prior to the casualty (or ten percent (10%) if such casualty occurs during the last 18 months of the Term) then Landlord may terminate this Lease by giving Tenant notice to such effect within one hundred twenty (120) days after the date of the casualty and this Lease and the estate hereby granted, whether or not the Term shall have theretofore commenced, shall terminate on the earlier of one
(1) year after the giving of such notice or the date Tenant vacates the demised premises (Tenant agreeing to use commercially reasonable efforts to vacate as soon as possible) as if that date were the Expiration Date. Notwithstanding the foregoing, in no event shall Landlord have the right to terminate this Lease as a result of a casualty unless Landlord terminates the leases for space covering at least 70% of the rentable office space in the process Building (it being understood that the rentable area of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as demised premises shall be determined by Landlord in its judgment reasonably exercisedincluded for purposes of such 70% test).
10.04. No penalty In the event that the demised premises shall be rendered untenantable as a result of a fire or damage shall accrue for delays which may arise casualty during the Term, including by reason of adjustment loss of insurance reasonable access thereto, then within ninety (90) days following the date of such casualty, Landlord shall cause a contractor selected by Landlord to deliver to Tenant an estimate (the "Contractor's Estimate") of the time necessary to substantially complete the repair of the damage to the demised premises (other than those items set forth in Section 10.01 above which are Tenant's responsibility to repair) in order to make the demised premises tenantable or to permit reasonable access thereto. If the Contractor's Estimate provides that the substantial completion of the repairs of the demised premises which are Landlord's responsibility will take longer than three hundred sixty-five (365) days from the date of the casualty, Tenant may elect to terminate this Lease by giving notice thereof to Landlord no later than thirty (30) days following the delivery to Tenant of the Contractor's Estimate (time being of the essence). If the demised premises shall be rendered untenantable as a result of a fire or a casualty during the Term and Tenant shall not have exercised its right to terminate this Lease as provided in this Section 10.04, and if Landlord fails to substantially complete the repair of the damage to the demised premises that Landlord is obligated to repair pursuant to the provisions of this Lease to the extent necessary to render the demised premises tenantable by the date (the "Outside Casualty Date") which is the later of (i) the date specified in the Contractor's Estimate and (ii) three hundred sixty-five (365) days after the date of such casualty, as either such date may be extended for a period not to exceed 90 days for Force Majeure Causes (as defined in Article 34), Tenant may elect to terminate this Lease by notice to Landlord at any time prior to the earlier of(x) the substantial completion of the work to be performed by Landlord to repair the demised premises to tenantable condition or (y) sixty (60) days following the Outside Casualty Date. Upon the delivery of such notice, this Lease shall terminate and be of no further force or effect on the part thirtieth (30th) day after the delivery of Landlordsuch notice; provided that if Landlord substantially completes the repairs to the demised premises prior to the expiration of such thirty (30) day period, or for delays on account of Force MajeureTenant's termination shall be null and void and this Lease shall continue in full force and effect. Upon termination of Notwithstanding the foregoing, it shall be a condition precedent to Tenant's right to terminate this Lease in accordance with this Section 17.0110.04 that Tenant shall pay to Landlord, Tenant's liability for rent shall ceasetogether with its termination notice, subjectan amount equal to the then-unamortized portion of the Initial Premises Allowance, howeverany Expansion Premises Allowance and any Offer Space Allowance (such allowances being amortized on a straight-line basis from the Commencement Date (in the case of the Initial Premises Allowance), to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datethe ES Inclusion Date (in the case of the Expansion Premises Allowance) and the Offer Space Inclusion Date (in the case of the Offer Space Allowance) through the last day of the Term).
17.0210.05. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but or of the Complex arising from damage or destruction caused by fire or other casualty and Landlord shall use reasonable efforts not be required to effect promptly do any such repairs as may be undertaken repair or restoration except on Business Days from 9 00 A.M. to 5 00 P.M., unless requested by Tenant, in which event Landlord pursuant shall, at Tenant's expense, perform such repair or restoration work on an overtime basis and Tenant shall pay to this LeaseLandlord, within 30 days after demand, the additional cost of performing such work on an overtime basis.
17.0310.06. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased demised premises or the Property by fire or other casualtycause by reason of some action or inaction on the part of Tenant or any of its officers, partners, directors, employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the abatement of rent provided for in said Section 17.01 Tenant shall not be effective permitted any abatement of Tenant's rent to the extent that such insurance proceeds are reduced, however, the total amount of such rent not abated (which would otherwise have been abated) shall not exceed the amount of uncollected insurance proceeds.
10.07. Landlord will not carry separate insurance of any kind on Tenant's property (including, without limitation, any property of Tenant's which shall become the property of Landlord as provided in Article 6), and, except as provided by law, shall not be obligated to repair any damage thereto or replace or clean the same, or any decorations, installations, equipment or fixtures installed by or for Tenant at Tenant's expense.
10.08. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty and any law providing for such a contingency now or hereinafter erected shall have no application in such case.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 13.1 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, within forty-five (45) days after Landlord acquires knowledge of such damage, Landlord shall deliver to Tenant shall promptly notify an estimate prepared by a reputable contractor selected by Landlord thereofsetting forth such contractor's estimate as to the reasonable time required to repair such damage. If the demised premises are damaged or destroyed or if they are not but the building is damaged, which damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at adversely affects Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, access to the extent of demised premises, and subject to receipt of insurance proceeds from Landlord's insurer the time period set forth in such estimate exceeds three hundred and sixty (plus an amount equal to the amount of any applicable deductible360) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficientdays, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) elect to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent Landlord not later than 60 fifteen (15) days following the delivery of such fire or other casualtyestimate to Tenant. If Tenant makes such election, in which event the Term shall expire upon the thirtieth twentieth (20th) day following after notice of such notice election is given by Tenant and Tenant shall vacate the Leased Property demised premises and 38 surrender the same to Landlord. Upon such termination, Tenant's liability for fixed annual rent and additional rent shall cease as of the day following such damage and any prepaid portion thereof for any period after such date shall be refunded by Landlord on to Tenant. If (x) the estimate does not exceed three hundred and sixty (360) days, or before (y) Tenant fails to make its election as set forth hereinabove in this paragraph, and if Landlord does not make the date election under Section 13.3 (if applicable), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease Lease); provided, however, that Landlord shall so terminate. Fixed Rent not be required to repair or replace any of Tenant's property, improvements, betterments or Alterations.
13.2 If the Building or the demised premises shall be partially damaged or partially destroyed by fire or other cause, the fixed annual rent and Additional Rent additional rent payable hereunder shall be abated to the extent that the demised premises shall have been rendered untenantable for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement substantially repaired or restored. If the demised premises shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the fixed annual rent and additional rent shall abatx xx of time for that the date of the damage or destruction and until Landlord shall substantially repair, restore and rebuild the Building and the demised premises. Should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place with respect to occupy any damage or has reoccupied. If there destruction referred to in this Section 13.2 and prior to the date that the same are made tenantable, rents allocable to such portion shall be any delay in payable by Tenant from the process date of such occupancy. Furthermore, if Tenant delays the performance of the restoration and repair due work, such work shall be deemed to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence be substantially completed on the date the Leased Property that it would have otherwise been completed but for such delay, as .
13.3 If the Building or the demised premises shall be determined totally (which shall be deemed to include substantially totally) damaged or destroyed by Landlord in its judgment reasonably exercised. No penalty fire or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlordother cause, or for delays on account if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of Force Majeure. Upon termination more than forty percent (40%) of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, by giving Tenant notice to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateeffect within one hundred twenty (120) days after the date of the casualty.
17.02. 13.4 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or 39 annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 13.
17.03. 13.5 Notwithstanding any of the foregoing provisions of Section 17.01this Article 13, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
13.6 Landlord will not carry separate insurance of any kind on Tenant's property, improvements, betterments or Alterations and, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, improvements, betterments or Alterations and Tenant shall be obligated to repair any damage thereto and replace the same.
13.7 The provisions of this Article 13 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and no statute, rule, law or regulation of the State of New York or any of its political subdivisions now or hereafter in force and providing for such a contingency in the absence of an express agreement (including without limitation Section 227 of the Real Property Law), shall have application in such case.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 13.1 If the Leased Property A/B Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, within forty-five (45) days after Landlord has had knowledge of such damage, Landlord shall deliver to Tenant shall promptly notify an estimate prepared by a reputable contractor selected by Landlord thereofsetting forth such contractor's estimate as to the reasonable time required to repair such damage. If the damage is of time period set forth in such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either estimate exceeds one hundred eighty (a180) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficientdays, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) elect to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent Landlord not later than 60 fifteen (15) days following the delivery of such fire or other casualtyestimate to Tenant. If Tenant makes such election, in which event the Term shall expire upon the thirtieth twentieth (20th) day following after notice of such notice election is given by Tenant and Tenant shall vacate the Leased Property demised premises and surrender the same to Landlord. Upon such termination, Tenant's liability for fixed annual rent and additional rent shall cease as of the day following such damage and any prepaid portion thereof for any period after such date shall be refunded by Landlord on to Tenant. If (x) the estimate does not exceed one hundred eighty (180) days, or before (y) Tenant fails to make its election as set forth hereinabove in this paragraph, and if Landlord does not make the date election under Section 13.3 (if applicable), Landlord shall repair the damage and restore and rebuild the A/B Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease Lease); provided, however, that Landlord shall so terminatenot be required to repair or replace any of Tenant's property. Fixed Rent The provisions of Article 34 shall not apply to the provisions of this Article 13.
13.2 If the A/B Building or the demised premises shall be partially damaged or partially destroyed by fire or other cause, the fixed annual rent and Additional Rent additional rent payable hereunder shall be abated to the extent that the demised premises shall have been rendered untenantable for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement repaired or restored. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the fixed annual rent and additional rent shall abatx xx of time for the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises; provided, however, that should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place and prior to occupy or has reoccupied. If there the date that the same are made completely tenantable, rents allocable to such portion shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on payable by Tenant from the date of such occupancy.
13.3 If the Leased Property would have otherwise been completed but for such delay, as Building or the demised premises shall be determined totally damaged or destroyed by Landlord in its judgment reasonably exercised. No penalty fire or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlordother cause, or for delays on account if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of Force Majeure. Upon termination more than forty percent (40%) of the full replacement value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, by giving Tenant notice to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateeffect within forty-five (45) days after the date of the casualty.
17.02. 13.4 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 13. Landlord shall exercise reasonable diligence in the making of any repairs, alterations, additions or improvements so as to minimize any interference with Tenant's business operations, but shall not be required to perform the same on an overtime or premium pay basis.
17.03. 13.5 Notwithstanding any of the foregoing provisions of Section 17.01this Article 13, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
13.6 Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property and Landlord shall not be obligated to repair any damage thereto or replace the same.
13.7 The provisions of this Article 13 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and no statute, rule, law or regulation of the State of New York or any of its political subdivisions now or hereafter in force and providing for such a contingency in the absence of an express agreement (including without limitation Section 227 of the Real Property Law), shall have application in such case.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.1. If the Leased Property Premises or any part thereof shall be damaged by fire or other cause, casualty Tenant shall promptly notify give immediate notice thereof to Landlord thereof. and this Lease shall continue in full force and effect except as hereinafter set forth.
(a) If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined Premises are partially damaged or rendered partially untenantable by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) the damage thereto shall be repaired by and at the expense of Landlord and the fixed annual rent and the additional rent payable under Articles 3 and 4 until such repair shall be substantially completed and restore any damaged portions Tenant is able to conduct its business in the Premises shall be apportioned from the day following the casualty according to the part of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed Premises that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or tenantable.
(b) If the Premises are totally or substantially damaged or are rendered wholly or substantially untenantable by fire or other casualty, then the fixed annual rent and the additional rent payable under Articles 3 and 4 shall be paid up proportionately to the time of the casualty and thenceforth shall cease until the date when the Premises shall have been repaired and restored by Landlord, subject to Landlord's right to elect not to restore the same as hereinafter provided.
(c) If the Main Premises are totally or substantially damaged or are rendered wholly or substantially untenantable (whether or not the Premises are damaged) or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it, or if at least 50% of the floor area of the Premises is damaged or destroyed during the last 18 months of the then current Term of this Lease, then, in any of such events, Landlord may elect to terminate this Lease by written notice to Tenant sent Tenant. Such notice shall be given by Landlord within 90 days after such fire or casualty specifying a date for the expiration of the Lease, which date shall not later be more than 60 days following after the giving of such fire or other casualtynotice, and upon the expiration date specified in which event such notice the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date of this Lease shall so terminate. Fixed Rent expire as fully and Additional Rent shall be abated completely as if such date were the date set forth above for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease and Tenant shall forthwith quit, surrender and vacate the Premises without prejudice however to Landlord's rights and remedies against Tenant under the Lease provisions in accordance effect prior to such termination. Any rent owing shall be paid up to the date of the fire or other casualty (subject to abatement as provided in subparagraph 10.2(b) above) and any payments of rent made by Tenant that were on account of any period subsequent to such date shall be returned to Tenant within thirty (30) days thereafter. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall make the repairs and restorations under the conditions of (a) and (b) hereof, with this Section 17.01all reasonable expedition during Business Days and Business Hours, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Landlord's control. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the Premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture and other property. Tenant's liability for rent shall ceaseresume five days after written notice from Landlord that the Premises are substantially ready for Tenant's occupancy. If the restoration of the Premises has not been completed within nine (9) months following the date of such casualty, subjectsubject to force majeure events beyond the reasonable control of Landlord, howeverthen Tenant shall have the right to terminate this Lease upon notice to Landlord given by Tenant within fifteen (15) days after the expiration of such ninety (90) day period. For the purpose of this Lease, the phrase "subject to force majeure events beyond the reasonable control of Landlord" shall mean if Landlord is delayed in making any claim repairs, additions, alterations, improvements or decorations or is unable to supply or is delayed in supplying any equipment or fixtures, or if Landlord is prevented or delayed from so doing by Landlord for Fixed Rent and/or Additional Rent accruing on reason of strikes or before such datelabor troubles or by accident, adjustment of insurance or by any cause whatsoever beyond Landlord's reasonable control in the ordinary course of Landlord's business, including but not limited to, laws or governmental preemption in connection with a national emergency, or by reason of any Requirements of any Governmental Authority or the conditions of supply and demand which have been or are affected by war or other emergency (collectively, "Unavoidable Delays").
17.0210.3. Nothing contained in this Article 10 shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty caused by Tenant.
10.4. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.5. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Premises or the Building by fire or other casualtycause, caused by some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy which remedies that may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (that otherwise would have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.6. Landlord will not carry separate insurance of any kind on Tenant's property or leasehold improvements, alterations, installations or additions made to the Premises, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant may maintain insurance on Tenant's property, leasehold improvements, alterations, installations and additions and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.7. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the Premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. Section 9.01 If the Leased Property Demised Premises shall be partially damaged by fire or other causecause without the fault or neglect of Tenant, Tenant Tenant's servants, employees, agents, visitors or licensees, such damages shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations be repaired by and at the Buildingexpense of Landlord and the Rent, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following until such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for according to the portion part of the Leased Property Demised Premises which is not usable by Tenant in Tenant. However, if such partial damage is due to the ordinary conduct fault or neglect of its business from Tenant, Tenant's servants, employees, agents, visitors or licensees, without prejudice to any other rights and remedies of Landlord and without prejudice to the date rights of such damage or destruction until subrogation of Landlord's insurer, the date on which the Leased Property become usable damages shall be repaired by Tenant for the ordinary conduct of its business. There Landlord but there shall be no appointment or abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedrent. No penalty or damage shall accrue for delays reasonable delay which may arise by reason of adjustment of insurance on the part of Landlord, or Landlord and for delays reasonable delay on account of Force Majeure"labor troubles", or any other cause beyond Landlord's control. Upon Tenant shall give immediate notice to Landlord in case of fire in the Demised Premises. Notwithstanding the foregoing, if the Demised Premises are totally or substantially damaged or are rendered wholly or substantially untenantable by fire or other cause, and if Landlord shall decide not to restore or not to rebuild the same, or if 50% or more of the Building shall be so damaged (whether or not the Demised Premises have been damaged), or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises have been damaged), then, or in any of such events, Landlord may, within ninety (90) days after such fire or other cause, give Tenant a notice in writing of such decision (which notice shall be given as in Article 29 hereof provided), and thereupon the term of this Lease shall expire by lapse of time upon the third day after such notice is given, and Tenant shall vacate the Demised Premises and surrender the same to Landlord. If Tenant shall not be in default under this Lease, then upon the termination of this Lease under the conditions provided for in accordance with this Section 17.01the sentence immediately preceding, Tenant's liability for rent shall ceasecease as of the day following the casualty. If the damage or destruction be due to the fault or neglect of Tenant, subjectthe debris shall be removed by, howeverand at the expense of, Tenant and, if Tenant shall fail to any claim remove same, such removal may be done by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateat the expense of Tenant.
17.02. Section 9.02 No damagedamages, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable its best efforts to effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not unreasonably to this Leaseinterfere with Tenant's occupancy.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Office Lease (Demandstar Com Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 10.01 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereof. shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's property.
10.02 If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Buildingdemised premises shall be partially damaged or partially destroyed by fire or other cause, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following then unless such fire or other casualtydamage shall have resulted from the negligence of Tenant, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement repaired or restored. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the rents shall xxxxx as of time for the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises, provided, however, that should Tenant beneficially reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place and prior to occupy or has reoccupied. If there the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy.
10.03 If the Building or the demised premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than forty percent (40%) of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease by giving Tenant notice to such effect within ninety (90) days after the date of the casualty; and if Tenant is then in occupancy of the demised premises, the termination shall be effective as of the earlier of Tenant's vacating of the demised premises or ninety (90) days after Landlord's termination notice. In case of any delay damage or destruction mentioned in this Article 10, (i) Landlord, within sixty (60) days after such damage or destruction, shall deliver to Tenant an estimate (the "Estimate") of the time (the "Estimated Time") required to repair or restore the damage or destruction, prepared by an independent contractor or architect selected by Landlord, and if the Estimated Time set forth in the process Estimate exceeds twelve (12) months from the date of restoration such damage or destruction, Tenant may terminate this Lease by notice to Landlord sent by Tenant and repair due received by Landlord within thirty (30) days after Tenant's receipt of the Estimate, or (ii) Tenant may terminate this Lease by notice to any act or omission on Landlord (which shall be effective as of the part earlier of Tenant's vacating of the demised premises or ninety (90) days after such notice), Fixed Rent if Landlord has not completed the making of the required repairs and Additional Rent shall commence on restored and rebuilt the Building and the demised premises within twelve (12) months from the date the Leased Property would have otherwise been completed but for of such delaydamage or destruction, or within such period after such date (not exceeding six (6) months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part insurance, labor trouble, governmental controls, act of LandlordGod, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenantany other cause beyond Landlord's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datereasonable control.
17.02. 10.04 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.03. 10.05 Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06 Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07 The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. Section 15.1 If the Leased Property shall be Building or any portion thereof is damaged or destroyed by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Buildingany casualty, Landlord shall, at Tenant's option as determined with reasonable promptness, cause an architect or general contractor selected by Tenant by written notice Landlord to Landlord given not more estimate the time required to substantially complete repair and restoration of the changes using standard working methods (the "Completion Estimate") but in no event later than 60 ninety (90) days following such fire or other casualty, either after the occurrence. If (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from in Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost reasonable judgment repair of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable damage or insufficient, Tenant shall destruction would not be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restoreeconomically feasible, or (b) terminate this Lease by written notice pursuant to Tenant sent the Completion Estimate, the damage or destruction to the Building cannot later than 60 be repaired within one hundred eighty (180) days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from after the date of such damage or destruction until destruction, or (c) the proceeds from insurance remaining after any required payment to any mortgagee or lessor of Landlord are insufficient to repair such damage or destruction, Landlord shall have the right, at Landlord's option, to terminate this Lease by giving Tenant notice of such termination on or before the later to occur of (x) thirty (30) days following receipt of the Completion Estimate or (y) sixty (60) days after the event of destruction. Additionally, if, pursuant to the Construction Estimate, the reconstruction of any damage to the Premises (or damage which prevents or materially impairs access to the Premises) would take in excess of one hundred eighty (180) days after the date on which of such damage to repair, Tenant shall have the Leased Property become usable right to terminate this Lease, effective as of the date specified in Tenant's notice (but no later than thirty (30) days after such notice, by written notice to Landlord delivered within ten (10) days following Landlord's delivery to Tenant for of a copy of the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that Completion Estimate.
Section 15.2 If a material portion of the Leased Property which Premises or the Building is damaged such that Tenant continues is prevented from conducting its business in the Premises in a manner reasonably comparable to occupy or has reoccupiedthat conducted immediately before such damage and pursuant to the Completion Estimate, the damage caused thereby cannot be repaired within 180 days after the date of destruction, then Landlord may, at its expense, relocate Tenant to office space in the Natomas Corporate Center reasonably comparable to the Premises as to size, type and contiguity of space. If there Such relocation shall be for the entire remaining amount of the Term, Landlord give Tenant notice of such relocation within sixty (60) of the event of destruction, and shall complete any delay in such relocation within 180 days.
Section 15.3 In the process event of restoration partial destruction or damage to the Building or the Premises which is not subject to Section 15.1, but which renders the Premises partially but not wholly untenantable, this Lease shall not terminate and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on be abated in proportion to the area of the Premises which, in Landlord's reasonable opinion, cannot be used or occupied by Tenant as a result of such casualty. Landlord shall in such event, within a reasonable time after the date of such destruction or damage, subject to force majeure (as defined in Section 25.6) or to Tenant Delay and to the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment extent and availability of insurance on proceeds, restore the part Premises to as near the same condition as existed prior to such partial damage or destruction, provided that Tenant pays to Landlord Tenant's insurance proceeds as required in Section 15.5. In no event shall Rent xxxxx or shall Tenant have any right to terminate this Lease if damage to or destruction of Landlordthe Premises is the result of the Tenant's or Tenant's agents, employees, representatives, contractors, successors, assigns, licensees or invitees willful misconduct, gross negligence, active negligence, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01negligence, Tenant's liability for rent shall cease, subjectexcluding, however, negligent acts or omissions for which Tenant has no knowledge or is deemed to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datehave had imputed knowledge.
17.02. No damageSection 15.4 If the Building or the Premises or any portion thereof is destroyed by fire or other causes at any time during the last year of the Term, compensation then either Landlord or claims Tenant shall be payable have the right, at the option of either party, to terminate this Lease by giving written notice to the other within sixty (60) days after the date of such destruction.
Section 15.5 Landlord shall have no liability to Tenant for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or the Building. If Landlord is required by this Lease or by any mortgagee or lessor of Landlord to repair or if Landlord undertakes to repair, Tenant shall pay to Landlord that amount of Tenant's insurance proceeds (or the Building but amount which would have been received by Tenant if Tenant was carrying the insurance required by this Lease) which insures such damage as a contribution towards such repair, and Landlord shall use reasonable efforts to effect promptly any have such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03made promptly and in a manner which will not unnecessarily interfere with Tenant's occupancy. Notwithstanding the provisions Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or hiring upon destruction of the Leased Property by fire thing hired and Sections 1941 and 1942, providing for repairs to and of the Premises.
Section 15.6 In the event of termination of this Lease pursuant to Sections 15.1, 15.2, or other casualty15.4, then, without prejudice to any other remedy which may then all Rent shall be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective apportioned and paid to the extent date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the uncollected insurance proceedsPremises according to such notice of termination; provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other causecause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Tenant Landlord shall promptly notify Landlord thereofrepair the damage and restore and rebuild the Building and/or the demised premises, at its expense with reasonable dispatch after notice to it of the damage or destruction.
10.02. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Buildingdemised premises shall be damaged or destroyed by fire or other causes, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following then unless such fire or other casualtydamage shall have resulted from the negligence of Tenant or its officers, either (a) repair and restore any damaged portions of contractors, licensees, agents, employees, guests, invitees or visitors, the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement of Fixed Rent repaired or Additional Rent for any period of time for restored; provided, however, that should Tenant reoccupy a portion of the Leased Property which demised premises during the period the restoration work is taking place and prior to the date that the whole of said demised premises are made tenantable, fixed annual rent and additional rents allocable to such portion shall be payable by Tenant continues to occupy or has reoccupiedfrom the date of such reoccupancy.
10.03. If there the Building shall be any delay in so damaged or destroyed by fire or other cause (whether or not the process demised premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor reasonably designated by Landlord of restoration and repair due more than 50% of the full replacement value of the Building immediately prior to any act or omission on the part of Tenantcasualty, Fixed Rent and Additional Rent shall commence on then Landlord may terminate this Lease by giving Tenant notice to such effect within 120 days after the date of the Leased Property would have otherwise been casualty. In case of any damage or destruction mentioned in this Article 10 which Landlord is required to repair and restore, Tenant may terminate this Lease by notice to Landlord if Landlord has not completed but for the making of the required repairs and restorations within 15 months after the date of such delaydamage or destruction, or within such period after such date (not exceeding 6 months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercisedadjustment of insurance, labor trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control.
10.04. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the Over Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06. Landlord will not carry separate insurance of any kind on Tenant's property (including, without limitation, any property of Tenant which shall become the property of Landlord as provided in Article 6 hereof), and, except as provided by law, Landlord shall not be obligated to repair any damage thereto or replace or clear the same, or any other decorations, installations, equipment or fixtures installed by or for Tenant at Tenant's expense, or Tenant's Extra Work. Tenant shall maintain such fire and casualty insurance as it deems advisable.
10.07. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
10.08. Landlord shall maintain fire and other casualty insurance on the Building.
Appears in 1 contract
Samples: Sublease Agreement (Idealab)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0122.01. If Tenant shall give prompt notice to Landlord in case of fire or other damage to the Leased Property Demised Premises or the Building.
22.02. Subject to the further provisions of this Article XXII, if the Demised Premises or the Building shall be damaged by fire or other causecasualty, Tenant Landlord, at Landlord's expense, shall promptly notify repair such damage. However, Landlord thereofshall have no obligation to repair any damage to, or to replace, Tenant's personal property or any other property or effects of Tenant. If the damage is Demised Premises shall be rendered untenantable by reason of any such damage, the Base Rent and Additional Rent only shall xxxxx for the period from the date of such an extent damage to the date when such damage shall have been repaired, and if only a part of the Demised Premises shall be so rendered untenantable, the Base Rent and Additional Rent shall xxxxx for such period in the proportion which the Rentable Area of the Demised Premises so rendered untenantable bears to the total Rentable Area of the Demised Premises. However, if, prior to the date when all of such damage shall have been repaired, any part of the Demised Premises so damaged shall be rendered tenantable and shall be used or occupied by Tenant or other persons claiming through or under Tenant, then the amount by which the Base Rent and Additional Rent shall xxxxx shall be equitably apportioned for the period from the date of any such use or occupancy to the date when all such damage shall have been repaired. Tenant hereby expressly waives the provisions of Section 227 of the New York Real Property Law, and of any successor law of like import then in force, and Tenant agrees that the provisions of this Article shall govern and control in lieu thereof.
22.03. Notwithstanding the foregoing provisions of this Article, if prior to or during the term of this Lease, (i) the Demised Premises shall be totally damaged or rendered wholly untenantable by fire or other casualty, and if Landlord shall decide not to restore the Premises, or (ii) the Building shall be so damaged by fire or other casualty that, in the Landlord's opinion, substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Demised Premises shall have been damaged or rendered untenantable), or (iii) damage amounting to at least thirty (30%) percent of the Rentable Area of the Demised Premises occurs during the last two (2) years of the Lease (as the same may be extended pursuant to interfere materially with Tenant' s ability to conduct its operations at the BuildingArticle XV herein) term, then, in any of such events, Landlord shallat Landlord's option, at may give to Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 , within sixty (60) days following after such fire or other casualty, either a thirty (a30) repair and restore any damaged portions days' notice of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent termination of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualtyand, in which the event such notice is given, this Lease and the Term shall come to an end and expire (whether or not said Term shall have commenced) upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender expiration of said thirty (30) days with the same to Landlord on or before effect as if the date this Lease shall so terminate. Fixed of expiration of said thirty (30) days were the Expiration Date, and the Base Rent and Additional Rent shall be abated apportioned as of such date and any prepaid portion for the portion any period after such date shall be refunded by Landlord to Tenant.
22.04. If this Lease shall not be terminated as provided in Paragraph 22.03 hereof, Landlord shall, at its expense, (provided of the Leased Property which is net insurance recovery fully covers the completion of any such restoration or repair and such proceeds are released to Landlord for such restoration and repair purposes), repair or restore the Demised Premises with reasonable diligence and dispatch and as otherwise provided in Section 22.02 hereof, to the condition existing immediately prior to the casualty except that Landlord shall not usable be required to repair or restore any of Tenant's leasehold improvements or betterments, furniture, furnishings, decorations or any other installations made at Tenant's expense. All insurance proceeds payable to Tenant for such items shall be held in trust by Tenant and upon the completion by Landlord of the repair or restoration, Tenant shall prepare the Demised Premises for occupancy by Tenant in the ordinary conduct of its business from manner existing immediately prior to the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim plans and specifications approved by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateLandlord.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Greenstone Roberts Advertising Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 17.1 If the Leased Property Demised Premises shall be partially damaged by fire or other causecause without the default or neglect of Tenant, Tenant Tenant's servants, employees, agents, visitors or licensees, the damages shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following and until such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for completed the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for apportioned according to the portion part of the Leased Property Demised Premises which is not usable by Tenant in Tenant. But if partial damage is due to the ordinary conduct fault or neglect of its business from Tenant, Tenant's servants, employees, agents, visitors or licensees, without prejudice to any other rights and remedies of Landlord and without prejudice to the date rights of such damage or destruction until subrogation of Landlord's insurer, the date on which the Leased Property become usable damages shall be repaired by Tenant for the ordinary conduct of its business. There Landlord but there shall be no apportionment or abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedrent. No penalty or damage shall accrue for delays reasonable delay which may arise by reason of adjustment of insurance on the part of the Landlord, or for delays reasonable delay on account of Force Majeure"labor troubles," or for Acts of God, or any other cause beyond Landlord's control, or any combination thereof. If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially untenantable by fire or other cause, then the rent shall be proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the Demised Premises shall have been repaired and restored by Landlord, subject to Landlord's right to elect not to restore the same as hereinafter provided. If the Demised Premises are rendered substantially unusable or (whether or not the Demised Premises are damaged in whole or in part) if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it, then or in any of such events Landlord may, within ninety (90) days after such fire or other cause, give Tenant a notice in writing of such decision, which notice shall be given as in Article 24 hereof provided, and thereupon the term of this Lease shall expire by lapse of time upon the third day after such notice is given, and Tenant shall vacate the Demised Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in accordance with this Section 17.01the sentence immediately preceding, Tenant's liability for rent shall ceasecease as of the day following the casualty. Tenant hereby expressly waives the provision of Section 227 of the Real Property Law and agrees that the foregoing provision of this Article shall govern and control in lieu thereof, subjectthis Article being an express agreement. If the damage or destruction be due to the fault or neglect of Tenant the debris shall be removed by, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateand at the expense of Tenant.
17.02. 17.2 No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use its reasonable efforts (which reasonable efforts shall in no event obligate Landlord to pay overtime pay or other premium rates) to effect promptly any such repairs promptly and in such a manner as may be undertaken by Landlord not unreasonably to interfere with Tenant's occupancy.
17.3 The parties hereto shall each procure and maintain in force and effect an appropriate clause in, or endorsement on, any fire or extended coverage insurance covering the Demised Premises and the Building and the personal property, fixtures and equipment located therein or thereon, pursuant to this Leasewhich, the insurance companies waive subrogation, provided such waiver is procurable without additional premium, and having obtained such clause or endorsement of waiver of subrogation, each party hereby agrees that it will not make any claims against or seek to recover from the other for any loss or damage to its property or the property of the other, covered by such fire and extended coverage insurance; provided, however, that the release, discharge, exoneration and covenant not to xxx herein contained shall be limited by the terms and provisions of the waiver of subrogation clause and/or endorsements and shall be co-extensive therewith. If such waiver of subrogation shall be procurable only by payment of an additional premium therefor, notice of such requirements shall be furnished to the other party, and if such other party fails to pay such additional premium, or if such waiver of subrogation shall no longer be obtainable, then the provisions hereof shall not be applicable to such other party. Tenant acknowledges that Landlord will not carry insurance on Tenant's furniture, equipment, improvements, furnishings or other Tenant appurtenances removable by Tenant, and Tenant agrees that Landlord will not be obligated to repair any damage thereto or to replace the same. Tenant agrees to carry and maintain insurance on all of its property equal to 100% of the full insurable value thereof.
17.03. Notwithstanding 17.4 If more than 15% of the provisions Demised Premises or a substantial portion of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee Building shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property damaged by fire or other casualtycasualty during the last two (2) years of the terms of this Lease, thenLandlord may, without prejudice upon 90 days written notice to any other remedy which may be available against Tenant, cancel and terminate this Lease as of the abatement date set forth in such notice, as if such date were the stated Expiration Date of rent provided for in said Section 17.01 this Lease and Landlord shall have no duty to repair and/or restore the Demised Premises.
17.5 Notwithstanding anything herein to the contrary, if the Demised Premises are totally or substantially damaged, then Landlord (if it has not theretofore cancelled this Lease pursuant to the provisions of this Article) shall within ninety (90) days after such fire or casualty obtain and deliver to Tenant an estimate from a reliable contractor as to whether or not the Demised Premises can be repaired and restored under a normal working schedule within twelve (12) months from the date of such fire or casualty. If such estimate states that the Demised Premises cannot be effective so restored, Tenant may, within thirty (30) days after receipt of the estimate, upon thirty (30) days written notice to Landlord, elect to terminate this Lease as of the date set forth in such notice. If within twelve (12) months (such period to be extended to the extent of delays caused by Tenant or due to force majeure) after the uncollected insurance proceedsfire or casualty, the Demised Premises have not been substantially restored by Landlord, Tenant may, within thirty (30) days after the end of such period, upon thirty (30) days written notice to Landlord, cancel and terminate this Lease as of the date set forth in such notice. If Tenant exercises its right to terminate this Lease pursuant to this paragraph, this Lease shall terminate as of the date set forth in Tenant's notice as if such date were the stated expiration date of this Lease and Landlord shall have no further duty to repair and/or restore the Demised Premises.
Appears in 1 contract
Samples: Lease Agreement (American Home Mortgage Holdings Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If Section 16.01 Subject to Sections 16.02 and 16.03 hereof, if the Leased Property shall be Building is damaged by fire or other causecasualty so as to affect the Premises, Tenant shall promptly immediately notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the BuildingLandlord, Landlord who shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of but only if the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer ’s insurance available to Landlord (plus an amount equal i) are free from collection by Landlord’s mortgagee and (ii) are sufficient, have the damage repaired, including any damages to the amount Leasehold Improvements, with reasonable speed at the expense of any applicable deductible) sufficient Landlord, subject to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of loss under insurance on policies and to other delays beyond Landlord’s reasonable control. Provided such damage was not the part result of Landlordthe negligence or willful misconduct of Tenant, or Tenant’s employees or invitees, an abatement in the Rental hereunder shall be allowed as to that portion of the Premises rendered untenantable by such damage until such time as Landlord determines that such damaged portion of the Premises has been made tenantable for delays on account Tenant’s use.
Section 16.02 If the Premises are damaged or destroyed by any cause whatsoever, and if, in the Landlord’s reasonable opinion the Premises cannot be rebuilt or made fit for Tenant’s purposes within 150 days of Force Majeure. Upon termination the damage or destruction, or if the proceeds from insurance remaining after payment of any such proceeds to Landlord’s mortgagee are insufficient to repair or restore the damage by destruction, Landlord may, at its respective option, terminate this Lease by giving the Tenant, within 30 days after such damage or destruction, notice of termination, and thereupon Rental and any other payments for which Tenant is liable under this Lease shall be apportioned and paid to the date of such damage, and Tenant shall immediately vacate the Premises, provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Section 16.03 If either
(a) the Building is damaged or destroyed to the extent that, in accordance with Landlord’s reasonable opinion it would not be economically feasible to repair or restore such damage or destruction, or
(b) in Landlord’s reasonable judgment, the damage or destruction to the Building cannot be repaired or restored within 150 days after such damage or destruction, Landlord may, at its respective option, terminate this Section 17.01Lease by giving the Tenant, Tenant's liability for rent within 60 days after such damage, notice of such termination, thereby requiring Tenant to vacate the Premises 30 days after delivery of the notice of termination, and thereupon Rental and any other payments shall ceasebe apportioned and paid to the date on which possession is relinquished and Tenant shall immediately vacate the Premises according to such notice of termination, subjectprovided, however, that those provisions of this Lease which are designed to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datecover matters of termination and the period thereafter shall survive the termination hereof.
17.02. Section 16.04 No damage, compensation or claims damages shall be payable by Landlord for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises, or of the Building but unless caused by the sole negligence of Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its Landlord’s employees, agents, licensees representatives or contractors. Landlord shall use its best efforts to have such repairs made promptly so as not to unnecessarily interfere with Tenant’s occupancy and use of the Premises, Landlord, or any Superior Mortgagee the Building and the Property.
Section 16.05 The provisions of this Article shall be unable to collect all considered an express agreement governing any case of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Building, the Building Standard Leasehold Improvements, the Tenant’s Improvements, the alterations, or the Premises by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. (a) If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, then whether PARK AVE ARMORY/NYLPC - LEASE PT I or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any personal property installed by or on behalf of Tenant or any Specialty Alterations.
(b) Prior to the substantial completion of Landlord's repair obligations set forth in subsection 10.01(a) hereof, Landlord shall provide Tenant and Tenant's contractor, subcontractors and materialmen access to the demised premises to perform Alterations on the following terms and conditions (but not to occupy the same for the conduct of business):
(1) Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore commence work in any damaged portions portion of the Leased Property demised premises until the date specified in a notice from Landlord to a condition suitable for Tenant's use, as promptly as reasonably practicable, Tenant stating that the repairs required to be made by Landlord have been or will be completed to the extent of and subject to receipt of insurance proceeds from reasonably necessary, in Landlord's insurer (plus an amount equal reasonable discretion, to permit the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance commencement of the cost, as the case may be) Alterations then prudent to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, be performed in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for accordance with good construction practice in the portion of the Leased Property which is not usable demised premises in question without interference with, and consistent with the performance of, the repairs remaining to be performed.
(2) Such access by Tenant shall be deemed to be subject to all of the applicable provisions of this Lease.
(3) It is expressly understood that if Landlord shall be delayed in substantially completing the ordinary repairs due to any acts of Tenant, its agents, servants, employees or contractors, including, without limitation, by reason of the performance of any Alteration, by reason of Tenant's failure or refusal to comply or to cause its architects, engineers, designers and contractors to comply with any of Tenant's obligations described or referred to in this Lease, or if such repairs are not completed because under good construction scheduling practice such repairs should be performed after completion of any Alteration, then such repairs shall be deemed substantially complete on the date when the repairs would have been substantially complete but for such delay. Any additional costs to Landlord to PARK AVE ARMORY/NYLPC - LEASE PT I complete any repairs occasioned by such delay shall be paid by Tenant to Landlord within ten (10) days after demand, as additional rent.
(a) If the Building or the demised premises shall be partially damaged or partially destroyed by fire or other cause, then the fixed annual rent and additional rent payable hereunder shall be abated to the extent that the demised premises or any portion thereof shall have been rendered unusable for the conduct of its Tenant's business for the period from the date of such damage or destruction until to the date on the damage has been repaired or restored, subject to the provisions of subsection 10.02(b) hereof. If the demised premises or Tenant's access to and from the demised premises shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or if the Leased Property become usable by Tenant demised premises shall be rendered completely (which shall be deemed to include substantially completely) unusable for the ordinary conduct of Tenant's business on account of fire or other cause, the fixed annual rent and additional rent for the entire demised premises shall xxxxx as of the date of the damage or destruction and until Landlord has repaired, restored and rebuilt the Building and the demised premises and such access, provided, however, that should Tenant reoccupy a portion of the demised premises for the conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any business during the period of time for that portion of the Leased Property which Tenant continues restoration work is taking place and prior to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date that the Leased Property would have otherwise been completed but for same are made completely tenantable, rents allocable to such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims portion shall be payable by Tenant from the date of such occupancy. Landlord for inconvenience, loss shall give Tenant at least forty-five (45) days prior notice of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion Landlord's estimate of the Leased Property or date of the Building but substantial completion of such repair and restoration provided that Landlord shall use reasonable efforts have no liability to effect promptly any Tenant, and Tenant's obligations hereunder shall not be diminished or affected, if such repairs as may be undertaken repair and restoration shall not have been substantially completed by Landlord pursuant to this LeaseLandlord's estimated date.
17.03. (b) Notwithstanding anything to the provisions contrary in this Article 10, for purposes of calculating the abatements (whether partial or total) of fixed annual rent under Section 17.0110.02(a) hereof allocable to the "Permanent Rental Period", ifas hereinafter defined, by reason the partial amounts of some action or inaction on the part of Tenant or fixed annual rent hereinafter defined as the "Unabated Fixed Rent" shall not be considered and such Unabated Fixed Rent shall in no event be subject to any of its employeesthe abatements, agentswhether partial or total, licensees set forth in subsection 10.02
(a) hereof. It is understood and agreed that during any period of partial or contractors, Landlordfull abatement of fixed annual rent under subsection 10.02(b) hereof occurring during the Permanent Rental Period, or any Superior Mortgagee portion thereof, Tenant shall continue to be unable obligated to collect all make monthly payments of the insurance proceeds Unabated Fixed Rent pursuant to the terms of this Lease. For purposes of this Lease, (including rent insurance proceedsa) applicable the term "Permanent Rental Period" shall mean the period commencing on February 1, 1994 and ending January 31, 2004; (b) the term "Unabated Fixed Rent" as applied to damage or destruction any period shall mean the aggregate amount of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.monthly payments set forth PARK AVE ARMORY/NYLPC - LEASE PT I
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 10.01 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord thereof. shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's property.
10.02 If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Building, Landlord shall, at Tenant's option as determined demised premises shall be partially damaged or partially destroyed by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualtycause, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement repaired or restored. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the rents shall xxxxx as of time for the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises substantially to its condition immediately prior to the fire or other casualty, provided, however, that should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises to occupy or has reoccupied. If there conduct its business therefrom during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on payable by Tenant from the date of such occupancy.
10.03 If the Leased Property would have otherwise been Building or the demised premises shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than forty percent (40%) of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease by giving Tenant notice to such effect within ninety (90) days after the date of the fire or other cause. In case of any damage or destruction mentioned in this Article 10, Tenant may terminate this Lease by notice to Landlord, if Landlord has not completed but for the making of the required repairs and restored and rebuilt the Building and the demised premises within twelve (12) months from the date of such delaydamage or destruction, or within such period after such date (not exceeding six (6) months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part insurance, labor trouble, governmental controls, act of LandlordGod, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenantany other cause beyond Landlord's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datereasonable control.
17.02. 10.04 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.03. 10.05 Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06 Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.07 Landlord and Tenant shall each look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty.
10.08 The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
10.09 If during the final two (2) years of this Lease the Building or the demised premises shall be damaged or destroyed to the extent set forth in Section 10.03, either party shall have the right to terminate this Lease upon written notice to the other party given within thirty (30) days following such casualty in accordance with the notice requirements set forth herein.
Appears in 1 contract
Samples: Lease Agreement (THCG Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 13.1 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, within forty-five (45) days after Landlord acquires knowledge of such damage, Landlord shall deliver to Tenant shall promptly notify an estimate prepared by a reputable contractor selected by Landlord thereofsetting forth such contractor's estimate as to the reasonable time required to repair such damage. If the demised premises are damaged or destroyed or if they are not but the building is damaged, which damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at adversely affects Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, access to the extent of demised premises, and subject to receipt of insurance proceeds from Landlord's insurer the time period set forth in 38 such estimate exceeds three hundred and sixty (plus an amount equal to the amount of any applicable deductible360) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficientdays, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) elect to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent Landlord not later than 60 fifteen (15) days following the delivery of such fire or other casualtyestimate to Tenant. If Tenant makes such election, in which event the Term shall expire upon the thirtieth twentieth (20th) day following after notice of such notice election is given by Tenant and Tenant shall vacate the Leased Property demised premises and surrender the same to Landlord. Upon such termination, Tenant's liability for fixed annual rent and additional rent shall cease as of the day following such damage and any prepaid portion thereof for any period after such date shall be refunded by Landlord on to Tenant. If (x) the estimate does not exceed three hundred and sixty (360) days, or before (y) Tenant fails to make its election as set forth hereinabove in this paragraph, and if Landlord does not make the date election under Section 13.3 (if applicable), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease Lease); provided, however, that Landlord shall so terminate. Fixed Rent not be required to repair or replace any of Tenant's property, improvements, betterments or Alterations.
13.2 If the Building or the demised premises shall be partially damaged or partially destroyed by fire or other cause, the fixed annual rent and Additional Rent additional rent payable hereunder shall be abated to the extent that the demised premises shall have been rendered untenantable for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement substantially repaired or restored. If the demised premises shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the fixed annual rent and additional rent shall abatx xx of time for that the date of the damage or destruction and until Landlord shall substantially repair, restore and rebuild the Building and the demised premises. Should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place with respect to occupy any damage or has reoccupied. If there destruction referred to in this Section 13.2 and prior to the date that the same are made tenantable, rents allocable to such portion shall be any delay in payable by Tenant from the process date of such occupancy. Furthermore, if Tenant delays the performance of the restoration and repair due work, such work shall be deemed to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence be substantially completed on the date the Leased Property that it would have otherwise been completed but for such delay, as .
13.3 If the Building or the demised premises shall be determined totally (which shall be deemed to include substantially totally) damaged or destroyed by Landlord in its judgment reasonably exercised. No penalty fire or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlordother cause, or for delays on account if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of Force Majeure. Upon termination more than forty percent (40%) of the full insurable value of the Building immediately prior to the casualty, then in either such case 39 Landlord may terminate this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, by giving Tenant notice to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateeffect within one hundred twenty (120) days after the date of the casualty.
17.02. 13.4 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 13.
17.03. 13.5 Notwithstanding any of the foregoing provisions of Section 17.01this Article 13, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
13.6 Landlord will not carry separate insurance of any kind on Tenant's property, improvements, betterments or Alterations and, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, improvements, betterments or Alterations and Tenant shall be obligated to repair any damage thereto and replace the same.
13.7 The provisions of this Article 13 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and no statute, rule, law or regulation of the State of New York or any of its political subdivisions now or hereafter in force and providing for such a contingency in the absence of an express agreement (including without limitation Section 227 of the Real Property Law), shall have application in such case.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant casualty (and if this Lease shall promptly notify Landlord thereof. If the damage is of such an extent not have been terminated as to interfere materially with Tenant' s ability to conduct its operations at the Buildingin this Article 10 hereinafter provided), Landlord shall, at Tenant's option as determined by Tenant by written with reasonable dispatch after notice to Landlord given not more than 60 days following such it of the damage or destruction repair the damage and restore and rebuild the Building and/or the demised premises.
10.02. If the Building or the demised premises shall be damaged or destroyed by fire or other casualty, either (a) repair and restore any damaged portions of then the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent that the demised premises shall have been rendered untenantable (which shall be deemed to include lack of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal reasonable access to the amount of any applicable deductibledemised premises) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement of Fixed Rent substantially repaired or Additional Rent restored; provided, however, that if in Landlord's reasonable judgment such repairs would have been substantially completed at an earlier date but for any Tenant's having failed to reasonably cooperate with Landlord in effecting such repair (and Landlord shall have given notice to such effect to Tenant within a reasonable period of time for after Landlord shall have obtained knowledge of such situation), then the demised premises shall be deemed to have been repaired substantially on such earlier date and any reduction or abatement shall cease; and provided further, however, that should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place and prior to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date that the Leased Property would have otherwise been completed but for whole of said demised premises are made tenantable, fixed annual rent and additional rents allocable to such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims portion shall be payable by Landlord Tenant from the date of such occupancy; provided further, however, that Tenant shall not be deemed to be occupying the demised premises if Tenant occupies the demised premises for inconveniencethe purpose of installing and/or testing its equipment, loss of business including, without limitation, its telephone, telecommunications systems, computers and supplemental HVAC units.
(a) If the Building shall be so damaged or annoyance to Tenant arising from any damage destroyed by fire or other casualty (whether or from any repair not the demised premises are damaged or restoration destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of any portion more than thirty-five percent (35%) of the Leased Property or full insurable value of the Building but immediately prior to the casualty, then Landlord may terminate this Lease by giving Tenant notice to such effect within ninety (90) days after the date of the casualty; provided, however, that Landlord cancels no less than seventy-five percent (75%) of the other leases then in effect for office space in the Building. Any determination as to the estimated value of any expenditure necessary to repair the Building or any portion thereof damaged by fire or other casualty shall be made by a duly qualified and licensed engineer or architect selected by Landlord, and such determination shall be subject to arbitration as provided in Article 37 hereof. In case of any damage or destruction to the demised premises mentioned in this Article 10 which Landlord is required to repair and restore, Tenant may terminate this Lease by notice to Landlord if Landlord has not substantially completed the making of such required repairs and restorations within twelve (12) months after the date of such damage or destruction, or within such period after such date (not exceeding three (3) months) as shall equal the aggregate period Landlord may have been delayed in doing so by Force Majeure Causes (as defined in Article 34 hereof). If, in the last two years of the term of the Lease, there is material damage and destruction so that more than thirty-five (35%) percent of the demised premises is destroyed, and Landlord shall use reasonable efforts not have substantially completed the repair and restoration of same within sixty (60) days after the date of such fire or casualty, then either party shall have the right to effect promptly any terminate this Lease by notice to the other given within fifteen (15) days after the expiration of such repairs as may be undertaken sixty (60) day period, provided, however that if Landlord shall have given to Tenant a notice that in the judgment of a reputable contractor or architect designated by Landlord pursuant the damage or destruction to the demised premises cannot reasonably be repaired within such sixty (60) day period, then Tenant may terminate this LeaseLease by giving notice to Landlord within thirty (30) days after receipt of such notice from Landlord (if such thirty (30) day period shall expire earlier than the foregoing fifteen (15) day period). If in the last two years of the term of this Lease there is material damage and destruction so that more than thirty-five (35%) percent of the Building is destroyed and Landlord shall not have substantially completed the repair and restoration of same within one hundred twenty (120) days after the date of such fire or casualty and such destruction shall continue for an unreasonable period of time to have a material adverse effect on Tenant's use of the demised premises, then Tenant shall have the right to terminate this Lease by notice to Landlord given within fifteen (15) days after the expiration of such 120-day period.
17.03. Notwithstanding (b) Within sixty (60) days after the provisions occurrence of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire demised premises or other casualtyaccess thereto, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 Landlord shall not be effective to the extent give Tenant notice of the uncollected insurance proceeds.date that, in the judgment of a reputable contractor or architect designated by Landlord, it estimates Landlord shall be able to substantially complete the required repairs and restorations (the "Anticipated Completion Date") subject to delays for Force
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other causecause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Tenant Landlord shall promptly notify Landlord thereofrepair the damage and restore and rebuild the Building and/or the demised premises, at its expense with reasonable dispatch after notice to it of the damage or destruction.
10.02. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Building, Landlord shall, at Tenant's option as determined demised premises shall be damaged or destroyed by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualtycauses, either (a) repair and restore any damaged portions of then the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement of Fixed Rent repaired or Additional Rent for any period of time for restored; provided, however, that should Tenant reoccupy a portion of the Leased Property which demised premises during the period the restoration work is taking place and prior to the date that the whole of said demised premises are made tenantable, fixed annual rent and additional rents allocable to such portion shall be payable by Tenant continues to occupy or has reoccupiedfrom the date of such reoccupancy.
10.03. If there the Building shall be any delay in so damaged or destroyed by fire or other cause (whether or not the process demised premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of restoration and repair due more than 25% of the full insurable value of the Building immediately prior to any act or omission on the part of Tenantcasualty, Fixed Rent and Additional Rent shall commence on then Landlord may terminate this Lease by giving Tenant notice to such effect within 120 days after the date of the Leased Property would have otherwise been casualty. In case of any damage or destruction mentioned in this Article 10 which Landlord is required to repair and restore, Tenant may terminate this Lease by notice to Landlord if Landlord has not completed but for the making of the required repairs and restorations within 15 months after the date of such delaydamage or destruction, or within such period after such date (not exceeding 3 months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercisedadjustment of insurance, labor trouble, governmental controls, act of God, or any other cause beyond Landlord's reasonable control.
10.04. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06. Landlord will not carry separate insurance of any kind on Tenant's property and, except as provided by law, Landlord shall not be obligated to repair any damage thereto or replace or clear the same. Tenant shall maintain such fire and casualty insurance as it deems advisable.
10.07. The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
Samples: Lease Agreement (Viant Corp)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 9.1 If the Leased Property Premises or any part thereof shall be damaged by fire or other cause, casualty Tenant shall promptly notify give immediate notice thereof to Landlord thereof. and this Lease shall continue in full force and effect except as hereinafter set forth.
(a) If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined Premises are partially damaged or rendered partially untenantable by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) the damage thereto shall be repaired by and at the expense of Landlord and the Fixed annual rent and the additional rent payable under Articles 3 and 4 until such repair and restore any damaged portions shall be substantially completed shall be apportioned from the day following the casualty according to the part of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed Premises that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or tenantable.
(b) If the Premises are totally or substantially damaged or are rendered wholly or substantially untenantable by fire or other casualty, then the fixed annual rent and the additional rent payable under Articles 3 and 4 shall be paid up to the time of the casualty and thenceforth shall cease until the date when the Premises shall have been repaired and restored by Landlord, subject to Landlord's right to elect not to restore the same as hereinafter provided.
(c) If the Premises are totally or substantially damaged or are rendered wholly or substantially untenantable (whether or not the Premises are damaged) or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it, or if at least 50% of the floor area of the Premises is damaged or destroyed during the last 18 months of the Term of this Lease, then, in any of such events, Landlord may elect to terminate this Lease by written notice to Tenant sent Tenant. Such notice shall be given by Landlord within 90 days after such fire or casualty specifying a date for the expiration of the Lease, which date shall not later be more than 60 days following after the giving of such fire or other casualtynotice, and upon the expiration date specified in which event such notice the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date of this Lease shall so terminate. Fixed Rent expire as fully and Additional Rent shall be abated completely as if such date were the date set forth above for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease and Tenant shall forthwith quit, surrender and vacate the Premises without prejudice however to Landlord's rights and remedies against Tenant under the Lease provisions in accordance effect prior to such termination. Any rent owing shall be paid up to such date (subject to abatement as provided in subparagraph 9.2) and any payments of rent made by Tenant that were on account of any period subsequent to such date shall be returned to Tenant within thirty (30) days of the Expiration Date. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall make the repairs and restorations under the conditions of (a) and (b) hereof, with this Section 17.01all reasonable expedition during Business Days and Business Hours, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Landlord's control. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the Premises as promptly as reasonably possible, all of Tenant's salvageable inventory and movable equipment, furniture and other property. Tenant's liability for rent shall cease, subject, however, resume five days after written notice from Landlord that the Premises are substantially ready for Tenant's occupancy and Landlord has sent written notice thereof to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateTenant.
17.02. 9.3 Nothing contained in this Article 9 shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty.
9.4 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or of the Building but pursuant to this Article 9. However, with respect to any repair or restoration to be performed by Landlord under this Article, Landlord shall use make reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant minimize disruption to this LeaseTenant's business.
17.03. 9.5 Notwithstanding any of the foregoing provisions of Section 17.01this Article 9, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy which remedies that may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (that otherwise would have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
9.6 Landlord will not carry separate insurance of any kind on Tenant's property or leasehold improvements, alterations, installations or additions made to the Premises, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, leasehold improvements, alterations, installations and additions and Landlord shall not be obligated to repair any damage thereto or replace the same.
9.7 The provisions of this Article 9 shall be considered an express agreement governing any cause of damage or destruction of the Premises by fire or other casualty, and Section 227-a the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), (a) Landlord shall, with reasonable dispatch after notice to it of the damage or destruction and the collection of the insurance proceeds attributable to such damage, repair the damage and restore and rebuild the Building and/or the demised premises, such restoration of the demised premises to include Tenant's improvements and betterments (but excluding Tenant's personal property) and (b) Tenant shall repair the damage to and restore and repair Tenant's furniture, fixtures and other personal property as set forth in clause (y) of Section 9.09 hereof with reasonable dispatch after such damage or destruction. Such work by Tenant shall be subject to all the provisions of this lease. The proceeds of policies providing coverage for Tenant's improvements and betterments (which Tenant is required to maintain pursuant to Section 9.09 hereof) shall be paid to Landlord, and concurrently with the collection of any insurance proceeds attributable to the damage of Tenant's improvements and betterments, Tenant shall pay to Landlord (i) the amount of any deductible under the policy insuring Tenant's improvements and betterments and (ii) the amount, if any, by which the cost of repairing and restoring Tenant's improvements and betterments as estimated by a reputable contractor designated by Landlord exceeds the available insurance proceeds therefor. The amounts due in accordance with clauses (i) and (ii) of the preceding sentence shall be additional rent under this lease and payable by Tenant to Landlord upon demand.
10.02. If the Building or the demised premises shall be damaged or destroyed by fire or other cause, Tenant then the rents payable hereunder shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement of Fixed Rent substantially repaired or Additional Rent for any period of time for restored; provided, however, that should Tenant reoccupy a portion of the Leased Property which demised premises during the period the restoration work is taking place and prior to the date that the whole of said demised premises are made tenantable, fixed annual rent and additional rents allocable to such portion shall be payable by Tenant continues to occupy or has reoccupiedfrom the date of such occupancy.
10.03. If there the Building shall be any delay in so damaged or destroyed by fire or other cause (whether or not the process demised premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of restoration and repair due more than 30% of the full insurable value of the Building immediately prior to any act or omission on the part of Tenantcasualty, Fixed Rent and Additional Rent shall commence on then Landlord may terminate this Lease by giving Tenant notice to such effect within 90 days after the date of the Leased Property would have otherwise been completed but for such delaycasualty. In case of any damage or destruction to the demised premises mentioned in this Article 10 which Landlord is required to repair and restore, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which Tenant may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of terminate this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, by notice to any claim by Landlord for Fixed Rent and/or Additional Rent accruing if Landlord has not substantially completed the making of such required repairs and restorations within (a) nine (9) months after the date of such damage or destruction if the damage or destruction takes place on or before the first (1st) anniversary of the Commencement Date, or within such dateperiod after the date nine (9) months after the date of such damage or destruction (not exceeding 6 months) as shall equal the aggregate period Landlord may have been delayed in doing so by Force Majeure Causes (as defined in Article 34 hereof); (b) four (4) months after the date of such damage or destruction if the damage or destruction takes place after the first (1st) anniversary of the Commencement Date, or within such period after the date four (4) months after the date of such damage or destruction (not exceeding 6 months) as shall equal the aggregate period Landlord may have been delayed in doing so by Force Majeure Causes; or (c) two (2) months after the date of such damage or destruction if the damage or destruction took place after the second (2nd) anniversary of the Commencement Date, or within such period after the date two (2) months after the date of such damage or destruction (not exceeding 6 months) as shall equal the aggregate period Landlord may have been delayed in doing so by Force Majeure Causes.
17.0210.04. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding Landlord will not carry separate insurance of any kind on Tenant's property (including, without limitation, any property of the provisions Tenant which shall become the property of Section 17.01Landlord as provided in Article 6 hereof), ifand, except as provided by reason of some action law, Landlord shall not be obligated to repair any damage thereto or inaction on replace or clean the part of Tenant or any of its employees, agents, licensees or contractors, Landlordsame, or any Superior Mortgagee other decorations, installations, equipment or fixtures installed by or for Tenant at Tenant's expense. Tenant shall be unable to collect all maintain such fire and casualty insurance as it deems advisable, but not less than the limits provided in clause (y) of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.9.09
Appears in 1 contract
Samples: Lease Agreement (2bridge)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0113.1. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, Tenant then whether or not the damage or destruction shall promptly notify have resulted from the fault or neglect of Tenant, or its employees, agents or visitors (and if this Lease shall not have been terminated as in this Article 13 hereinafter provided), Landlord thereofshall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease), with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any of Tenant's property.
13.2. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Building, Landlord shall, at Tenant's option as determined demised premises shall be partially damaged or partially destroyed by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualtycause, either (a) repair the fixed annual rent and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, additional rent payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date the damage shall be repaired or restored. If fifty (50%) percent or more of the area of the demised premises shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on which account of fire or other cause, the Leased Property become usable fixed annual rent and additional rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the demised premises, provided, however, that should Tenant reoccupy a portion of the demised premises during the period the restoration work is taking place and prior to the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy.
(a) If the Building shall be totally damaged or destroyed by fire or other cause, or if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than forty (40%) percent of the full insurable value of the Building immediately prior to the casualty, then, in either such case, Landlord may terminate this Lease by giving Tenant notice to such effect within sixty (60) days after the date of the casualty. In case of any damage or destruction mentioned in this Article 13 and Landlord shall decide to restore the Building, Landlord shall give Tenant a notice of Landlord's estimate of the reasonable expected date of restoration (as evidenced by a certificate of Landlord's architect) within sixty (60) days after the date of the casualty. If such estimated restoration date shall be later than 18 months after the date of such damage or destruction, then Tenant may terminate this Lease by giving Landlord notice to such effect within ten (10) days after the date of Landlord's notice. Thereafter, Tenant may terminate this Lease upon ten (10) days notice to Landlord, if Landlord has not substantially completed the making of the required repairs and restored and rebuilt the Building within Landlord's estimated restoration period or within such period thereafter (not to exceed one (l) month) as shall equal the aggregate period Landlord may have been delayed in doing so by adjustment of insurance, labor trouble, governmental controls, act of god, or any other cause beyond Landlord's reasonable control.
(b) If any damage or destruction described in this Section 13.03 shall occur at any time during the last two (2) years of the term of this Lease, Tenant may terminate this Lease by notice given to Landlord within twenty (20) days after the date of such casualty, if the demised premises cannot reasonably (as evidenced by a certificate from Landlord's architect) be restored within three (3) months from the date of such damage or destruction or if Landlord has not substantially completed the making of the required repairs and restored and rebuilt the Building and the demised premises within three (3) months from the date of such damage or destruction.
(c) In the event of any damage by fire or other casualty to the Building or the demised premises which results in a termination of this Lease by Landlord, Tenant shall be permitted to remain in occupancy after the casualty of any portion of the demised premises which shall not have been rendered untenantable by such casualty for a period following the casualty not to exceed six (6) months upon all the terms and conditions of this Lease, provided such continued occupancy shall not (i) be prohibited by Legal Requirements, (ii) in Landlord's reasonable judgment be hazardous or create a hazardous condition, (iii) interfere with Landlord's restoration of the Building or the demised premises, or (iv) prevent Landlord from demolishing the Building or any portion thereof pursuant to a Legal Requirement, and if Tenant shall so continue in occupancy, Tenant shall remain responsible for a pro rata portion of the fixed annual rent and additional rent payable by Tenant hereunder, based upon the portion of the demised premises occupied by Tenant during such period.
(d) In the event Landlord shall restore the demised premises or the Building as described in this Section 13.03, Tenant's obligations to pay fixed annual rent and additional rent hereunder shall resume upon the earlier to occur of (i) the date Tenant shall occupy the demised premises for the ordinary conduct of its business. There business or (ii) the later of (x) the date provided by Landlord in its notice as the expected date of restoration or (y) such date as the repair and restoration of the demised premises shall have been substantially completed.
(e) The repair and restoration provided in this Section 13.03 shall be no abatement deemed substantially complete (i) notwithstanding the fact that minor or insubstantial details of Fixed Rent construction, mechanical adjustment, or Additional Rent for any period decoration remain to be performed, the non completion of time for that portion which do not materially interfere with Tenant's use of the Leased Property demised premises and (ii) if such repair and restoration has been substantially completed except for portions thereof which Tenant continues to occupy or has reoccupied. under good construction scheduling practice should be done after still incompleted Tenant's finish work.
(f) If there the occurrence of the conditions set forth in subsection (e) hereof and thereby the substantial completion of the repair and restoration shall be any delay in the process of restoration and repair delayed due to any act or omission on of Tenant or any of its employees, agents or contractors or any failure to plan or to execute Tenant's finish work diligently and expeditiously, the part of Tenant, Fixed Rent repair and Additional Rent restoration shall commence be deemed substantially complete on the date the Leased Property when they would have otherwise been completed substantially complete but for such delay, as shall be determined by Landlord in its judgment reasonably exercised.
13.4. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 13.
17.0313.5. Notwithstanding any of the foregoing provisions of Section 17.01this Article 13, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of Tenant's failure or refusal to cooperate with Landlord in making a claim for such proceeds, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
13.6. Landlord will not carry separate insurance of any kind on Tenant's property, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, and Landlord shall not be obligated to repair any damage thereto or replace the same.
13.7. The provisions of this Article 13 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and, to the extent permitted under applicable law, no statute, rule, law or regulation of the State of Connecticut or any of its political subdivisions now or hereafter in force and providing for such a contingency in the absence of an express agreement, shall have application in such case.
Appears in 1 contract
Samples: Lease Agreement (Priceline Com Inc)
DAMAGE BY FIRE OR OTHER CAUSE. Section 17.01. Tenant shall give prompt notice to Landlord in case of fire or other damage to the Demised Premises or the Building.
Section 17.02. If the Leased Property Demised Premises or the Building shall be damaged by fire or other causecasualty, Tenant Landlord, at Landlord’s expense, shall promptly notify repair such damage. However, Landlord thereofshall have no obligation to repair any damage to, or to replace, Xxxxxx’s personal property or any other property or effects of Tenant. If the damage is Demised Premises shall be rendered untenantable by reason of any such damage, the Base Rent and Additional Rent shall xxxxx for the period from the date of such damage to the date when such damage shall have been substantially repaired, and if only a part of the Demised Premises shall be so rendered untenantable, the Base Rent and Additional Rent shall xxxxx for such period in the proportion which the rentable area of the Demised Premises so rendered untenantable bears to the total rentable area of the Demised Premises. However, if, prior to the date when all of such damage shall have been repaired, any part of the Demised Premises so damaged shall be rendered tenantable and shall be used or occupied by Tenant or other persons claiming through or under Tenant, then the amount by which the Base Rent and Additional Rent shall xxxxx shall be equitably apportioned for the period from the date of any such use or occupancy to the date when all such damage shall have been repaired. Tenant hereby waives and releases its right to make repairs at Landlord’s expense under Sections 1932(2), 1933(4), 1941 and 1942 of the California Civil Code or under any similar laws, statutes, or ordinances now or hereafter in effect. The provisions of this Lease, including Article 14 above and this Article 17, constitute an extent as express agreement between Landlord and Tenant with respect to interfere materially any and all damage to, or destruction of, all or any part of the Premises, the Building or any other portion of the Project, and any statute or regulation of the State of California, including, without limitation, Sections 1932(2) and 1933(4) of the California Civil Code, with Tenant' s ability respect to conduct its operations at any rights or obligations concerning damage or destruction in the Buildingabsence of an express agreement between the parties, and any other statute or regulation, now or hereafter in effect, shall have no application to this Lease or any damage or destruction to all or any part of the Premises, the Building or any other portion of the Project.
Section 17.03. Notwithstanding the foregoing provisions of this Article, if prior to or during the term of this Lease, the Building shall be so damaged by fire or other casualty that, in Landlord’s opinion, substantial alteration, demolition, or reconstruction of the Building shall be required, then, in such event, Landlord shallat Landlord’s option, at may give to Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 , within sixty (60) days following after such fire or other casualty, either a thirty (30) days’ written notice of termination of this Lease and, in the event such notice is given, this Lease and the Term shall come to an end and expire (whether or not said Term shall have commenced) upon the expiration of said thirty (30) days with the same effect as if the date of expiration of said thirty (30) days were the Expiration Date, and the Base Rent and Additional Rent shall be apportioned as of such date and any prepaid portion for any period after such date shall be refunded by Xxxxxxxx to Tenant.
Section 17.04. If this Lease shall not be terminated as provided in Section 17.03 hereof, Landlord shall, at its expense, repair or restore the Demised Premises with reasonable diligence and dispatch, substantially to the condition immediately prior to the casualty, except that Landlord shall not be required to repair or restore any of Tenant’s leasehold improvements or betterments (except to the extent installed as part of Landlord’s Work hereunder), furniture, furnishings, decorations or any other installations made at Tenant’s expense. All insurance proceeds payable to Tenant for such items shall be held in trust by Xxxxxx and upon the completion by Landlord of repair or restoration, Tenant shall prepare the Demised Premises for occupancy by Tenant in the manner obtaining immediately prior to the damage or destruction in accordance with plans and specifications approved by Landlord.
Section 17.05. If the Demised Premises, or any portion thereof, shall be damaged or rendered untenantable by fire or other casualty, and Landlord has not exercised its option to terminate this Lease (as set forth in 17.03 above), then Landlord shall, as soon as reasonably practicable following the occurrence of the subject fire or other casualty, deliver to Tenant written notice of Landlord’s estimated time for restoration of the Demised Premises. If (1) more than ten (10%) of the Demised Premises was damaged or rendered untenantable by fire or other casualty, and (2) the estimated date of completion of such restoration work (a) repair and restore any damaged portions falls within the last twelve (12) months of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restoreTerm, or (b) is more than six (6) months following the date of occurrence of the subject fire or other casualty, then in any such instance Tenant shall have the right to terminate this Lease by written notice delivered to Landlord within ten (10) days following receipt of such written notice by Xxxxxxxx. In the case of proper exercise of any termination right afforded to Tenant sent not later than 60 days following such fire or other casualtyunder this Section 17.05, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminateterminate as of the date of delivery of such written notice by Xxxxxx, and neither party shall have any further obligation or liability to the other hereunder (except for obligations or liabilities previously accrued which remain unsatisfied).
Section 00.00. Fixed Rent Xx no event shall Landlord be liable to Tenant for any consequential damages to or loss of business suffered by Tenant by reason of any damages or casualty, regardless of fault, and Additional Rent shall be abated for apart from the apportionment of rent required under Section 17.02 in the event a portion of the Leased Property which Demised Premises is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant rendered untenantable, Tenant’s sole recourse for the ordinary conduct of its business. There any damages shall be no abatement against Tenant’s insurance company, regardless of Fixed Rent or Additional Rent for fault, and Tenant waives on its own behalf and on behalf of any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenantinsurer, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datetherefor against Landlord.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Highland Transcend Partners I Corp.)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If Section 14.1 Except as otherwise expressly provided in this Article 14, if the Leased Property shall be Building (or any portion thereof) or the Premises is damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If destroyed during the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the BuildingTerm, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) shall diligently repair and restore any damaged portions the Building and, if applicable, the Premises (exclusive of the Leased Property to a condition suitable for Premises Improvements and Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost’s Property), as the case may be) , as soon as reasonably possible to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, substantially the condition in which event the Term shall expire upon Building and, if applicable, the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same Premises, existed immediately prior to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion (exclusive of the Leased Premises Improvements and Tenant’s Property). Except as otherwise expressly provided in this Article 14, if the Premises Improvements and Tenant’s Property which (or any portion thereof) are damaged or destroyed during the Term, Tenant continues to occupy shall diligently repair or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenantrestore, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with the provisions governing Alterations as set forth in Section 9, the Premises Improvements and Tenant’s Property in the Premises as soon as reasonably possible to substantially the condition in which such items existed immediately prior to such damage or destruction.
Section 14.2 Except as provided in this Section 17.0114.2, Tenant's Landlord shall have no liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord Tenant for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair restoration. If the Premises (or any portion thereof) is not tenantable pending reconstruction as provided in Section 14.1, and in fact is not occupied by Tenant, Rent due and payable hereunder shall equitably axxxx for the portion of the Premises which is untenantable and not so occupied for the period commencing with the date of such casualty until the earlier of the date (i) that reconstruction of the Building and, if applicable, the Premises is substantially completed by Landlord to the extent required to be completed by Landlord as provided in Section 14.1 and the restoration of the Premises Improvements in the Premises has been substantially completed by Tenant (provided, however, in no event shall Tenant be entitled to more than six (6) months from the date Landlord substantially completes the repairs to the Premises to complete the restoration of the Premises Improvements) or (ii) that Tenant resumes the conduct of its business from such portion of the Premises.
Section 14.3 If there is damage or destruction to the Building (whether or not such damage affects the Premises) or to the Premises, to the extent that Landlord reasonably determines that the Building or the Premises (exclusive of the Premises Improvements and Tenant’s Property), as the case may be, cannot be fully repaired or restored within (i) one hundred eighty (180) days from the date of the casualty and occurs at any time during the Term or (ii) if the casualty occurs during the last Lease Year of the Term, then, Landlord and (solely in the event that a material portion of the Premises is damaged or access to the Premises is materially damaged or destroyed and Landlord has not provided substitute access to the Premises which is reasonably acceptable to Tenant) Tenant shall have the option, upon written notice delivered to the other party within fifteen (15) days of Tenant’s receipt of Landlord’s written notice of the length of such restoration (such notice to be provided within sixty (60) days of such casualty), to terminate this Lease. It shall be deemed to be a casualty of a “material portion of the Premises” if (i) any portion of the Leased Property Secured Area is destroyed or damaged and, as a result thereof, Tenant is unable to operate the functions performed in the Secured Area from the Secured Area or elsewhere in the Premises and Tenant is unable to perform such functions from a remote location at no material additional cost to Tenant; or (ii) a material portion of the Building but parking provided to Tenant hereunder is destroyed and Landlord has not provided reasonable substitute parking to Tenant at no additional actual out-of-pocket cost to Tenant. If the restoration to the Project is prohibited by any Requirements or prohibited by any future or existing mortgage or deed to secure debt made for the benefit of a third party institutional lender or other matter of record which is made for the benefit of a third party (hereafter, “Encumbrances”) then, Tenant or Landlord may elect to terminate this Lease upon giving written notice of such election to the other within sixty (60) days after the date of such casualty. If the insurance proceeds are insufficient or otherwise not available (unless such insufficiency or unavailability is due to Landlord’s failure to maintain the insurance required hereunder), then Landlord may elect to terminate this Lease upon giving written notice of such election to Tenant within sixty (60) days after such casualty. In addition to the foregoing, if the insurance proceeds are insufficient or otherwise not available, then Tenant may elect to terminate this Lease upon giving written notice of such election to Landlord within sixty (60) days after such casualty; provided, however, if, upon thirty (30) days after receipt of Tenant’s termination notice, Landlord informs Tenant in writing that Landlord will use other funds for the restoration of the Project, then Tenant’s termination of the Lease shall be of no force and effect. Landlord and Tenant hereby agree that Landlord shall use be deemed to have delivered “reasonable efforts substitute parking” to effect promptly any Tenant (as such repairs as may be undertaken by Landlord phrase is used throughout this Lease) if such parking is located within the following boundaries: Oakton Avenue on the north to Lxxxxxxx Avenue on the south and Cumberland Avenue on the east to Manheim Road on the west.
Section 14.4 In the event of termination of this Lease pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01Article 14, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee then (1) all Rent shall be unable apportioned and paid to collect all the later of the date on which possession is relinquished or the date of such damage, (2) Tenant shall immediately vacate the Premises as required herein and (3) Tenant shall pay to Landlord that amount of Tenant’s insurance proceeds that Tenant receives (or the amount which would have been received by Tenant if Tenant was carrying the insurance required by this Lease) that is attributable to the Premises Improvements. Tenant shall be permitted to any portion of the insurance proceeds (including rent insurance proceeds) applicable received by Tenant which covers Tenant’s Property. Landlord acknowledges that the award received by Tenant may be limited to damage or destruction the cash value of the Leased Property Premises Improvements as of the date of the casualty; provided, however, if the award received by Tenant covers the replacement value of the such items, Landlord shall be entitled to same. Tenant’s obligations under this Section 14.4 shall survive the termination of this Lease. If neither Landlord nor Tenant timely elects to terminate this Lease, this Lease shall remain in full force and effect and the Building and Premises shall be diligently repaired and restored in accordance with Section 14.1. Notwithstanding the foregoing to the contrary, if the Building and, if applicable, the Premises are not repaired and restored within the number of days equal to one hundred twenty five percent (125%) of the number of days specified in the notice for completion of the repair and restoration of the Building given by Landlord to Tenant, then either party (but as to Landlord, only if Landlord has diligently commenced and pursued such repair and restoration) may terminate this Lease, effective as of the date of such fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective by written notice to the extent other party delivered not later than thirty (30) days after the expiration of said period; provided, however, if Landlord completes the restoration and repair within said thirty (30) day period, then Tenant’s termination of the uncollected insurance proceedsLease shall be of no force and effect.
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DAMAGE BY FIRE OR OTHER CAUSE. 17.01If the Leased Premises or the Building in which they are located are damaged, in whole or in part, by fire or other casualty without the fault or neglect of Tenant or Tenant's servants, employees, agent or licensees, the Landlord, unless it shall otherwise elect as hereinafter provided, shall repair the same after written notice from Tenant to Landlord of the damage. If the Leased Property shall be Premises, or any part thereof, are damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of casualty to such an extent as to interfere materially be rendered untenantable but are, nevertheless, repaired by the Landlord, then the rent shall be abated to an extent corresponding with Tenant' s ability the time during which and the extent to conduct its operations at which the Buildingsaid Leased Premises may have been untenantable. Unless Landlord shall otherwise elect as hereinafter provided, Landlord shallshall make repairs and restorations provided for in this Article with all reasonable expedition subject to delays due to adjustment of insurance claims, at labor troubles and causes beyond Landlord's control. Notwithstanding the foregoing, if the fire or damage to the Leased Premises be caused by carelessness or negligence or improper conduct on the part of the Tenant, or the servants, employees, agents or licensees of the Tenant, without prejudice to any rights and remedies of Landlord and without prejudice to the rights or subrogation of Landlord's option insurer, the Tenant shall be liable for the rent during the unexpired portion of the demised term, without abatement, unless the Landlord elects to terminate this Lease as determined hereinafter provided. If the Landlord, in its sole discretion, shall decide, within a reasonable time after the occurrence of any such fire, or other casualty (even though the Leased Premises may not have been affected by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty), either (a) repair and not to restore any damaged portions or not to rebuild the Building and/or the Leased Premises, then, upon written notice given by the Landlord to the Tenant, this Lease shall terminate on a date to be specified in such notice as if that date had been originally fixed as the expiration date of the Leased Property to a condition suitable for Tenant's useTerm herein demised, and the rent shall be adjusted as promptly as reasonably practicable, to of the extent time of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount occurrence of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event . If the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair is due to any act the fault or omission on the part neglect of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as debris shall be determined removed by and at the expense of Tenant. Tenant shall give immediate notice to Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason case of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty in the event of accidents to or from defects in any repair fixtures or restoration of any portion equipment of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseBuilding.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
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DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 10.01 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, except for Tenant’s Initial Work, all other leasehold improvements performed by or on behalf of Tenant and all of the furniture, trade fixtures and other personal property of Tenant located at the Property, at its expense with reasonable dispatch after notice to it of the damage or destruction and the collection of the insurance proceeds attributable to such damage.
10.02 If the Building or the demised premises shall be damaged or destroyed by fire or other cause, Tenant then the rents payable hereunder shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable demised premises shall have been rendered untenantable or insufficient, Tenant shall be solely responsible inaccessible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date the damage shall be repaired or restored, such abatement to be granted on which a pro rata basis if only a portion of the Leased Property become usable by demised premises is rendered untenantable; provided, however, that should Tenant reoccupy a portion of the demised premises for the ordinary conduct of its business. There business as to which the abatement is in effect during the period the restoration work is taking place and prior to the date that the whole of said demised premises are made tenantable and accessible, basic annual rent and additional rent allocable to such portion shall be no abatement payable by Tenant from the date of Fixed Rent such occupancy.
10.03 If the Building shall be so damaged or Additional Rent for destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of more than twenty percent (20%) of the full insurable value of the Building immediately prior to the casualty (or ten percent (10%) if such casualty occurs during the last two years of the Term) then, so long as Landlord terminates all other leases in the Building as to which Landlord has such right of termination, Landlord may terminate this Lease by giving Tenant notice to such effect within one hundred eighty (180) days after the date of the casualty and upon such notice this Lease and the estate hereby granted, whether or not the Term shall have theretofore commenced, shall terminate as if that date was the Expiration Date. In case of any period damage or destruction mentioned in this Article 10 with respect to the Building which Landlord is required to repair and restore, within 90 days after the date of such damage, Landlord shall cause an independent contractor or engineer to deliver its written estimate of the time for that portion such repair and restoration. Landlord shall send Tenant a copy of such written estimate. Tenant may terminate this Lease by notice to Landlord if (a) such estimated time shall exceed twelve (12) months after the date of such damage or (b) Landlord has not completed the making of the Leased Property which Tenant continues required repairs and restorations within twelve (12) months after the date of such damage or destruction, or within such period after such date (not exceeding three (3) months) as shall equal the aggregate period Landlord may have been delayed in doing so by Force Majeure Causes (as defined in Article 34). Tenant’s right to occupy or has reoccupied. If there terminate this Lease pursuant to clause (a) shall be any delay in conditioned upon Tenant exercising such right of termination within fifteen (15) Business Days after receipt of the process of restoration and repair due estimate (as to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the which date the Leased Property would have otherwise been completed but for such delay, as time shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateessence).
17.02. 10.04 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but or of the Complex arising from damage or destruction caused by fire or other casualty and Landlord shall use reasonable efforts not be required to effect promptly do any such repairs as may be undertaken by Landlord pursuant repair or restoration except on Business Days from 9:00 A.M. to this Lease.5:00 P.M.
17.03. 10.05 Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased demised premises or the Property by fire or other casualtycause by reason of some subsequent action or inaction on the part of Tenant or any of its officers, partners, directors, employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of Tenant’s rent, but the total amount of such rent provided for in said Section 17.01 not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06 Landlord will not carry separate insurance of any kind on Tenant’s property (including, without limitation, any property of Tenant’s which shall become the property of Landlord as provided in Article 6), and, except as provided by law, shall not be obligated to repair any damage thereto or replace or clean the same, or any decorations, installations, equipment or fixtures installed by or for Tenant at Tenant’s expense.
10.07 The provisions of this Article l0 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty and any law providing for such a contingency now or hereinafter erected shall have no application in such case.
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DAMAGE BY FIRE OR OTHER CAUSE. 17.0115.1 Within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of a casualty, Landlord shall notify Tenant ("Damage Repair Estimate") of Landlord's estimated assessment of the period of time in which the repairs will be completed, which assessment shall be based upon the opinion of a contractor reasonably selected by Landlord and experienced in comparable repairs of comparable buildings. If the Leased Property shall be Premises or the Building or any portion thereof (exclusive of the Premises) is damaged or destroyed by fire or other causeany casualty to the extent that, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Buildingin Landlord's reasonable judgment, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable damage or insufficient, Tenant shall destruction would not be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restoreeconomically feasible, or (b) the damage or destruction to the Building and/or the Premises cannot be repaired within one hundred eighty (180) days after the date Landlord learns (if the necessity for repairs as a result of such damage or destruction, or if the proceeds from insurance remaining after any required payment to any mortgagee or lessor of Landlord are insufficient to repair such damage or destruction, Landlord shall have the right, at Landlord's option, to terminate this Lease (provided Landlord terminates, with respect to a damage or destruction to the Building only, the leases of all of the other tenants of the Building similarly situated) by giving Tenant notice of such termination, within sixty (60) days after the date Landlord learns of the necessity for repairs as a result of such damage or destruction.
15.2 If Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided above, and the Damage Repair Estimate indicates that repairs cannot be completed within one hundred eighty (180) days after being commenced, Tenant may elect, not later than thirty (30) days after Tenant's receipt of the Damage Repair Estimate, to terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before effective as of the date specified in Tenant's notice.
15.3 In the event of partial destruction or damage to the Building or the Premises which is not subject to Section 15.1 or 15.2, but which renders the Premises partially but not wholly untenantable, this Lease shall so terminate. Fixed Rent not terminate and Additional Rent shall be abated for in proportion to the portion area of the Leased Property Premises which is cannot usable be used or occupied by Tenant as a result of such casualty. Landlord shall in the ordinary conduct of its business from such event, within a reasonable time after the date of such destruction or damage, subject to force majeure (as defined in Section 25.6) or to Tenant Delay and to the extent and availability of insurance proceeds, restore the Premises to as near the same condition as existed prior to such partial damage or destruction until destruction. If Landlord fails to proceed with reasonable diligence to rebuild the date on Premises, or if the Premises are not repaired or rebuilt within one hundred eighty (180) days, for a reason other than force majeure or Tenant Delays, then Tenant may, at Tenant's sole option, elect to terminate this Lease upon thirty (30) days written notice to Landlord, unless Landlord cures the failure within such thirty (30) day period of time, in which case Tenant's termination notice shall be of no effect. In no event shall Rent abate (except to the Leased Property become usable extent Landlord recovers insurance therefor) or xxxxx any termination by Tenant for occur if damage to or destruction of the ordinary conduct Premises is the result of its business. There shall be no abatement the negligence or willful act of Fixed Rent Tenant, or Additional Rent for Tenant's agents, employees, representatives, contractors, successors, assigns, licensees or invitees.
15.4 If any period of time for that material portion of the Leased Property which Premises is destroyed by fire or other causes at any time during the last year of the Term, such that the Premises or a material portion thereof cannot be occupied for in excess of thirty (30) days as a result thereof, then either Landlord or Tenant continues shall have the right, at the option of either party, to occupy or has reoccupied. If there shall be any delay in terminate this Lease by giving written notice to the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on other within fifteen (15) days after the date the Leased Property would have otherwise been completed but for of such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datedestruction.
17.02. No damage, compensation or claims 15.5 Landlord shall be payable by Landlord have no liability to Tenant for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or of the Building but Building, provided that Landlord shall use reasonable good faith efforts to effect promptly any minimize such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03inconvenience, loss or annoyance. Notwithstanding the provisions Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or hiring upon destruction of the Leased Property by fire thing hired and Sections 1941 and 1942, providing for repairs to and of the Premises.
15.6 In the event of termination of this Lease pursuant to Sections 15.1, 15.2 or other casualty15.4, then, without prejudice to any other remedy which may all Rent shall be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective apportioned and paid to the extent date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the uncollected insurance proceedsPremises according to such notice of termination: provided, however, that those provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination hereof.
Appears in 1 contract
Samples: Assignment and Assumption Agreement (BofI Holding, Inc.)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If the Leased Property Demised Premises shall be partially damaged by fire or other causecasualty, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Buildingexpense of Lessor as soon as reasonably possible, Landlord shalland (i) if such damage shall not have been caused by the fault or neglect of Lessee, at Tenant's option as determined its servants, employees, agents, or licensees, the rent and any additional rent until such repairs shall by Tenant by written notice made, shall be apportioned according to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions the part of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, Demised Premises which is usable by Lessee; or (ii) if such damage shall be due to the extent fault or neglect of and subject to receipt of insurance proceeds from Landlord's insurer Lessee, its servants, employees, agents, or licensees (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal without prejudice to any applicable deductible) other rights and to the extent such insurance proceeds are unavailable or insufficientremedies of Lessor), Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There there shall be no abatement or apportionment of Fixed Rent or Additional Rent for any period rent. Lessor shall incur no liability on account of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process completion of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays repairs which may arise by reason of adjustment of insurance insurance, labor difficulties or any other cause beyond Lessor's control. If all or substantially all of the Demised Premises or the building are wholly destroyed or become unfit for occupancy as a result of fire or other cause or casualty, either party may elect, by written notice to the other within ninety (90) days after the casualty date (a) to terminate this Lease as of the date when the Demised Premises or building became unfit for occupancy; or (b) the Lessor shall elect to repair, restore or rehabilitate the building or Demised Premises (at the expense of Lessor) commencing within ninety (90) days after Lessor is able to take possession of the damaged Premises and undertake reconstruction or repairs and thereafter to prosecute the work with reasonable diligence, in which latter event the lease shall not terminate, but rent shall be abated on a per diem basis while the part Premises are unfit for occupancy. If Lessor elects to repair, restore and rehabilitate the building and the Demised Premises, and the same shall not have been repaired and restored to substantially their former condition within six (6) months after the date of Landlordthe casualty (delays caused by adjustment of insurance, labor difficulties or for delays on account other causes beyond Lessor's control to be excluded from such computation), either party shall have the right to terminate this Lease as of Force Majeurethe casualty date by written notice to the other within ten (10) days after the expiration of said six (6) month period. Upon In the event of such termination of this Lease in accordance with this Section 17.01Lease, TenantLessee's liability for rent shall cease, subject, however, to any claim by Landlord cease as of the date the Premises or the building were made unfit for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02occupancy. No damage, compensation or claims If the Lease shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord terminated pursuant to this Lease.
17.03Article, Lessee shall promptly vacate the Premises and surrender the same to lessor. Notwithstanding If the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction be due to the fault or neglect of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against TenantLessee, the abatement debris shall be removed at the expense of rent provided Lessee. If the Demised Premises are repaired and restored, the term of this Lease shall be extended for in said Section 17.01 shall not be effective to such period of time as the extent of the uncollected insurance proceedsDemised Premises was uninhabitable by Tenant.
Appears in 1 contract
Samples: Lease Agreement (Osl Holdings Inc.)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 10.01 If the Leased Property Building or the demised premises shall be damaged or destroyed by fire or other cause, Landlord, within sixty (60) days after such damage or destruction, shall deliver to Tenant shall promptly notify an estimate of the time (hereinafter referred to as the "Estimated Time") required to repair or restore the damage or destruction, prepared by an independent contractor or architect selected by Landlord thereofwithin twenty (20) days after such damage or destruction, and reasonably approved by Tenant within ten (10) business days after written notice from Landlord identifying such independent contractor or architect (such estimate being hereinafter referred to as the "Estimate"). If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Building or the Building, Landlord shall, at Tenant's option as determined demised premises shall be partially damaged or partially destroyed by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualtycause, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of that the demised premises shall have been rendered untenantable or inaccessible and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for damage to the ordinary conduct of its business. There Building and the demised premises shall be no abatement repaired and restored so as to render the demised premises tenantable and accessible. If the demised premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable or inaccessible on account of Fixed Rent fire or Additional Rent for any period other cause, all of time for the rents shall abate as ox xxx date of the damage or destruction and until all of the damage and destruction to the Building and the demised premises shall be repaired and restored so as to render the demised premises tenantable and accessible, provided, however, that should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place and prior to occupy or has reoccupied. If there the date that the same are made completely tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy.
10.02 If the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of more than 40% of the full insurable value of the Building immediately prior to the casualty, Landlord may terminate this lease by giving Tenant notice to such effect within ninety (90) days after the date of the casualty. In case of any delay damage or destruction to the Building or the demised premises mentioned in this Section 10.02 Tenant may terminate this lease, (a) by notice to Landlord sent within sixty (60) days after receipt of the process Estimate if the Estimated Time exceeds twelve (12) months or, (b) if Landlord has not completed the making of restoration the required repairs and repair due to any act or omission on restored and rebuilt the part of Building and the demised premises in such time as will enable Tenant, Fixed Rent commencing upon the completion of the repair and Additional Rent shall commence on restoration required to be performed by Landlord and prosecuting same with reasonable diligence, to complete the restoration of the demised premises (including Tenant's Work) within twelve {12) months from the date the Leased Property would have otherwise been completed but for of such delaydamage or destruction, or within such period after such date (not exceeding three (3) months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason labor trouble, governmental controls, act of adjustment of insurance on the part of LandlordGod, or for delays on account any other cause beyond Landlord's reasonable control, by notice to Landlord sent within thirty (30) days after such twelve (12) month period (as same may be extended pursuant to the provisions of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date10.02(b)).
17.02. 10.03 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.03. Notwithstanding 10.04 Tenant shall cooperate with the provisions efforts of Section 17.01, if, by reason Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable superior mortgage to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other cause.
10.05 Landlord will not carry separate insurance of any kind on Tenant's property and improvements, and, except as provided by law or by reason of its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property and improvements, and Landlord shall not be obligated to repair any damage thereto or replace the same.
10.06 Landlord and Tenant shall each look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty.
10.07 The provisions of this Article 10 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, thenand Section 227 of the Real Property Law of the State of New York, without prejudice to providing for such a contingency in the absence of an express agreement, and any other remedy which may law of like import, now or hereafter in force, shall have no application in such case.
10.08 If during the final two (2) years of this Lease the Building or the demised premises shall be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective damaged or destroyed to the extent of set forth in Section 10.02, either party shall have the uncollected insurance proceedsright to terminate this Lease upon written notice to the other party given within thirty (30) days following such casualty in accordance with the notice requirements set forth herein.
Appears in 1 contract
Samples: Lease Agreement (Innovo Group Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following and the minimum rent until such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues apportioned according to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of the Demised Premises which is usable by Tenant. Landlord shall have no responsibility to repair any damage to Landlord's work performed pursuant to Schedule B or Tenant's work (as referred to in Section 5.01), Fixed Rent and Additional Rent shall commence on the date same being the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedresponsibility of Tenant. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or for delays on account any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of Force Majeurefire or other damage to the Demised Premises. Upon termination If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially unusable by fire or any such other casualty, or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), Landlord at its election may terminate this Lease by written notice to Tenant, within ninety (90) days after such fire or other casualty, and thereupon the term of this Lease shall expire by lapse of time upon the tenth (10th) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. Tenant hereby waives the provisions of Section 227 of the Real Property Law, and the provisions of this Article shall govern and control in accordance with this Section 17.01lieu thereof. If the damage is due to the fault or neglect of Tenant, the debris shall be removed by, and at the expense of, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02Section 10.02. No damage, damages of compensation or claims shall be payable by Landlord nor shall Tenant make any claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable its best efforts to commence and effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not to this Leaseunreasonably interfere with Tenant's occupancy.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. SECTION 18.01 If the Leased Property shall Premises or the Building should be partially or totally damaged or destroyed by fire or other cause, Tenant then (if this Lease shall promptly notify Landlord thereofnot have been cancelled as provided in this Section or Section 18.02) to the extent Lessor recovers insurance proceeds, Lessor shall repair the damage, and restore, replace, and rebuild the Building and Premises, to the condition originally provided as Lessor's Work, with reasonable dispatch after notice to it of the damage or destruction. Due allowance shall be made for any delay resulting from labor strikes, acts of God or any other cause beyond Lessor's reasonable control. Lessor shall not be required to repair or replace any property which Lessee may be entitled to remove or which Lessor may be entitled to require Lessee to remove from the Premises. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at Premises shall be partially damaged or partially destroyed, the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, Rent payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlordthat the Premises shall have been rendered untenantable or unfit for Lessee's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible use for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which that the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement repaired or restored. If the Premises or a major part thereof shall be totally, or substantially totally, damaged or destroyed or rendered completely or substantially untenantable because of Fixed fire or other cause, the Rent shall abate as of the date of the damage or Additional Rent for any period of time for destruction and until Lessor shxxx xepair, restore, replace and rebuild the Premises, provided, however, that should Lessee reoccupy a portion of the Leased Property which Tenant continues Premises while the restoration work is taking place and prior to occupy or has reoccupied. If there the date the Premises are made completely tenantable, Rent shall be any delay apportioned and payable by lessee in the process of restoration and repair due proportion to any act or omission on the part of Tenantthe Premises occupied by it. Nevertheless, Fixed Rent in case of such total or substantial damage to or destruction of, or complete, or substantial untenantability of the Premises, Lessee may, at its option, cancel this Lease by written notice to Lessor, if Lessor has not completed the making of the required repairs and Additional Rent shall commence on restored, replaced and rebuilt the Premises within eight (8) months from the date of such damage or destruction. In the Leased Property would have otherwise been completed but for such delayevent the damage to the Premises or the Building should be so extensive that Lessor shall decide not to repair or rebuild the Premises or the Building, as this Lease shall be determined terminated as of the date of such damage or destruction by Landlord in its judgment reasonably exercised. No penalty written notice from Lessor to Lessee, given within one hundred twenty (120) days of such damage or damage destruction and Lessee shall accrue for delays which may arise thereupon promptly vacate the Premises.
SECTION 18.02 In case the Building or the Premises shall be substantially destroyed by reason fire or other causes at any time during the last one (1) year of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination Term of this Lease in accordance with either Lessor or Lessee may terminate this Section 17.01, Tenant's liability for rent shall cease, subject, however, Lease upon written notice to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before the other party hereto given within sixty (60) days of the date of such datedestruction.
17.02SECTION 18.03 Unless this Lease is terminated as provided in this Article, Lessee shall at its cost and expense repair, restore, replace and rebuild the portion of the Premises constructed as Lessee's Work in a manner and to at least a condition equal to that existing prior to such damage or destruction. The proceeds of all insurance carried by Lessee with respect to such portion of the Premises shall be delivered to Lessor and held in trust by Lessor for the completion of Lessee's Work. All Lessee's work shall be performed by Lessor or contractors selected by Lessor.
SECTION 18.04 No damagedamages, compensation or claims claim shall be payable by Landlord Lessor for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or of the Building but Landlord Building. Lessor shall use reasonable its best efforts to effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not unreasonably to interfere with lessee's occupancy.
SECTION 18.05 Lessor will not carry insurance of any kind on any Lessee's Work or Lessee's furniture or furnishing or on any fixtures, equipment, improvements or appurtenances of Lessee under this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Office Lease (Nomos Corp)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 14.1 If (a) either or both of the Leased Property shall be Building and the Demised Premises are partially or totally damaged or destroyed by fire or other causecause (a "Casualty"), Tenant shall promptly notify Landlord thereof. If whether or not the damage is or destruction (either or both, the "Damage") resulted from the fault or neglect of such an extent as to interfere materially with Tenant' s ability to conduct , or its operations at the Buildingemployees, Landlord shallagents, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire invitees or other casualtycontractors, either and (ab) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) the proceeds of insurance that is made available to Landlord for the purpose of repairing the Damage is sufficient to pay the entire cost of such repairing the Damage, then (if this Lease has not been terminated as is provided in this Article 14) Landlord shall repair and restoration, it being agreed that the Damage at Landlord's obligation expense (without limiting Landlord's rights under any other provision of this Lease), provided that Landlord shall not be required to so repair or replace any of Tenant's Personal Property or Fixtures.
(a) If either or both of the Building and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and Demised Premises or access thereto are partially damaged or partially destroyed by a Casualty, then the Total Rents shall be abated to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for that the cost (or Demised Premises have been rendered and remain untenantable during the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until the Damage to the date on which the Leased Property become usable by Tenant Damage is repaired.
(b) If the Demised Premises or a major part thereof are totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely untenantable on account of a Casualty, then the Total Rents shall xxxxx for the ordinary conduct period commencing on the date of its business. There the Damage and shall be no abatement of Fixed Rent or Additional Rent for any period of time for end on the date on which Landlord has repaired the Damage, except that if Tenant occupies a portion of the Leased Property Demised Premises during that period and before the date on which the Demised Premises are made completely tenantable, then Total Rents allocable to that portion shall be payable form the date of that occupancy.
(c) If either or both of the Building and the Demised Premises are totally damaged or destroyed by a Casualty or if the building in which the Demised Premises are located is so damaged or destroyed by Casualty (whether or not the Demised Premises are damaged or destroyed) so as to require a reasonably estimated expenditure for repair or the Damage of more than 40 percent of the full insurable value of such building immediately prior to the Casualty, then in either such case Landlord may terminate this Lease by giving notice to Tenant to that effect within ninety (90) days after the date of the Casualty. In such event, this Lease shall terminate on the tenth day after the giving of the notice and the Total Rents shall be apportioned as of the effective date of that Termination with respect to the undamaged portion of the Demised Premises and as of the date of the Damage with respect to the damaged portion of the Demised Premises (except as to those portions which were reoccupied by Tenant). Landlord shall cause its architects or engineers to estimate, after reasonable investigation, in their reasonable opinion, within thirty (30) days after the date of the Casualty, whether the Demised Premises will be untenantable following the date of the Casualty for a period of fifteen (15) months; Landlord shall provide a copy of that estimate to Tenant promptly upon its receipt by Landlord, and Tenant may, if the estimate is for more than fifteen (15) months, terminate this Lease by notice to Landlord within 30 days from the date on which Tenant continues to occupy or has reoccupied. If there shall be any delay in receives the process copy of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateestimate.
17.02. No damage14.3 Landlord shall not be obligated to pay any damages, compensation or claims shall be payable by Landlord claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or that arises from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, Article 16 or for any delay in completing repairs or restoration which arises by reason of some action adjustment of insurance, labor troubles or inaction on the part of Tenant or other causes beyond Landlord's reasonable control.
14.4 Notwithstanding any of its employeesthe foregoing provisions of this Article 14, agents, licensees if Landlord or contractors, Landlord, the lessor of any superior lease or the holder of any Superior Mortgagee shall be superior mortgage is unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable under policies of insurance covering Damage by a Casualty because of an illegal act by Tenant or a violation of insurance policy requirements by Tenant or by any of its employees, agents or contractors, or by reason of Tenant's failure fully to damage cooperate with Landlord, the superior lessor or destruction the superior mortgagee in applying for the insurance proceeds, then in the case of the Leased Property by fire or other casualty, then, that inability to collect and without prejudice to any other remedy remedies which may be available to Landlord against Tenant, the abatement Tenant shall pay to Landlord, upon receipt of rent provided for in said Section 17.01 shall not be effective Landlord's invoice therefor, an amount that is equal to the extent amount of the those uncollected insurance proceeds, and there shall be no abatement of Total Rents until that amount is fully paid by Tenant.
Appears in 1 contract
Samples: Lease (Mercator Software Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following and the minimum rent until such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues apportioned according to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of the Demised Premises which is usable or accessible by Tenant. Landlord shall have no responsibility to repair any damage to Tenant's work (as referred to in Section 5.01), Fixed Rent and Additional Rent shall commence on the date same being the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedresponsibility of Tenant. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or for delays on account any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of Force Majeurefire or other damage to the Demised Premises. Upon termination If the Demised Premises and at least 50% of the other rentable space in the Building are totally or substantially damaged or are rendered wholly or substantially unusable by fire or any such other casualty, or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), Landlord at its election may terminate this Lease by written notice to Tenant, within ninety (90) days after such fire or other casualty, and thereupon the term of this Lease shall expire by lapse of time upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. Tenant hereby waives the provisions of Section 227 of the Real Property Law, and the provisions of this Article shall govern and control in accordance with lieu thereof. If the damage is due to the fault or neglect of Tenant, the debris shall be removed by, and at the expense of, Tenant. Notwithstanding the foregoing provisions of this Section 17.0110.01, within sixty (60) days after such casualty, Landlord shall provide Tenant with an estimate as to the time reasonable required to repair such damage. If such period exceeds six (6) months from the date of such casualty, Tenant may elect to terminate this Lease by notice to Landlord not later than ten (10) days following Tenant's liability for rent receipt of such estimate, and thereupon the term of this Lease shall ceaseexpire on the thirtieth (30th) day after Tenant's notice is given, subjectand Tenant shall vacate and surrender the Demised Premises to Landlord. If the time period set forth in said estimate exceeds six (6) months and Tenant has not terminated this Lease and if Landlord does not substantially complete such repairs within the time period set forth in such estimate, howeverthen Tenant may elect to terminate this Lease by notice to Landlord within ten (10) days following the expiration of such time period, and thereupon the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to any claim by Landlord, unless within such thirty (30) day period, Landlord for Fixed Rent and/or Additional Rent accruing on substantially completes such restoration or before such daterebuilding in which event this Lease shall remain in full force and effect.
17.02Section 10.02. No damage, damages of compensation or claims shall be payable by Landlord nor shall Tenant make any claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable efforts to commence and effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all minimize interference with Tenant's use and occupancy of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualtyDemised Premises and any access thereto, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 Landlord shall not be effective obligated to the extent of the uncollected insurance proceedsemploy overtime or premium labor.
Appears in 1 contract
Samples: Lease (Constellation 3d Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0113.01. If the Leased Property Premises or any part thereof shall be damaged by fire or other causecasualty, Tenant shall promptly notify give immediate notice thereof to Landlord thereofand this Agreement shall continue in full force and effect except as hereinafter set forth.
13.02. If the damage is Leased Premises are partially damaged or rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at the expense of Landlord and the Rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the respective usable and unusable areas of the Leased Premises.
13.03. If the Leased Premises are totally damaged or rendered wholly unusable by fire or other casualty, then the Rent shall be proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the Leased Premises shall have been substantially repaired and restored by Landlord (subject to Landlord’s right to elect not to restore the same as hereinafter provided).
13.04. If the Leased Premises are rendered wholly unusable (whether or not the Leased Premises are damaged in whole or in part) or if the school building shall be so damaged that Landlord shall decide to demolish it or to rebuild it, then, in any of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Buildingevents, Landlord shallmay elect to terminate this Agreement by notice to Tenant given within ninety (90) days after such casualty specifying a date for the expiration of this Agreement, at Tenant's option which date shall not be more than sixty (60) days after the giving of such notice, and upon the date specified in such notice the Term shall expire as determined fully and completely as provided for in the event of an Early Termination. Tenant shall forthwith quit, surrender and vacate the Leased Premises (without prejudice, however, to any of Landlord’s rights and remedies against Tenant under this Agreement prior to such termination), and any Rent owing shall be paid by Tenant by written notice up to Landlord given not more than 60 days following and including the date of such fire or other casualty.
13.05. Unless Landlord shall serve a termination notice as provided in Section 13.04 hereof, either (a) repair Landlord shall make the repairs and restore any damaged portions restorations under the conditions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, Sections 13.02 and 13.03 hereof to the extent of and subject to receipt of insurance proceeds from Landlord's insurer received by it (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration), it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall ceaseall reasonable expedition, subject, however, to delays due to adjustment of insurance claims, labor troubles and other unavoidable delays. After any claim such casualty, Tenant shall cooperate with Landlord by removing from the Leased Premises, as promptly as possible, all of Tenant’s salvageable inventory and movable equipment, furniture and other property. Tenant’s full liability for Rent shall resume five (5) days after notice from Landlord that the Leased Premises are substantially ready for Fixed Rent and/or Additional Rent accruing on or before such dateTenant’s occupancy.
17.0213.06. No damage, compensation or claims Nothing contained hereinabove shall be payable by Landlord for inconvenience, loss relieve Tenant from liability that may exist as a result of business or annoyance to Tenant arising damage from any damage by fire or other casualty or from casualty. Notwithstanding any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the foregoing provisions of Section 17.01this Article 13, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee either (i) Landlord shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of or (ii) the Leased Property by Premises or the school building shall be damaged or destroyed on account of fire or other casualty, casualty then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent Rent provided for in said Section 17.01 this Article 13 shall not be effective effective.
13.07. This Article 13 shall be considered an express agreement governing any case of damage to the extent or destruction of the uncollected insurance proceedsLeased Premises or any part thereof by fire or other casualty, and Section 227 of the Real Property Law of the State of New York (or any similar or successor provision) providing for such a contingency in the absence of such express agreement, and any other law of like import now or hereafter enacted, shall have no application in such case.
Appears in 1 contract
Samples: Lease to Purchase Agreement
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 13.1 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, within forty-five (45) days after Landlord acquires knowledge of such damage, Landlord shall deliver to Tenant shall promptly notify an estimate prepared by a reputable contractor selected by Landlord thereofsetting forth such contractor's estimate as to the reasonable time required to repair such damage. If the demised premises are damaged or destroyed or if they are not but the building is damaged, which damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at adversely affects Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, access to the extent of demised premises, and subject to receipt of insurance proceeds from Landlord's insurer the time period set forth in such estimate exceeds three hundred and sixty (plus an amount equal to the amount of any applicable deductible360) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficientdays, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) elect to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent Landlord not later than 60 fifteen (15) days following the delivery of such fire or other casualtyestimate to Tenant. If Tenant makes such election, in which event the Term shall expire upon the thirtieth twentieth (20th) day following after notice of such notice election is given by Tenant and Tenant shall vacate the Leased Property demised premises and surrender the same to Landlord. Upon such termination, Tenant's liability for fixed annual rent and additional rent shall cease as of the day following such damage and any prepaid portion thereof for any period after such date shall be refunded by Landlord on to Tenant. If (x) the estimate does not exceed three hundred and sixty (360) days, or before (y) Tenant fails to make its election as set forth hereinabove in this paragraph, and if Landlord does not make the date election under Section 13.3 (if applicable), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease Lease); provided, however, that Landlord shall so terminate. Fixed Rent not be required to repair or replace any of Tenant's property, improvements, betterments or Alterations.
13.2 If the Building or the demised premises shall be partially damaged or partially destroyed by fire or other cause, the fixed annual rent and Additional Rent additional rent payable hereunder shall be abated to the extent that the demised premises shall have been rendered untenantable for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement substantially repaired or restored. If the demised premises shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the fixed annual rent and additional rent shall xxxxx as of time for that the date of the damage or destruction and until Landlord shall substantially repair, restore and rebuild the Building and the demised premises. Should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place with respect to occupy any damage or has reoccupied. If there destruction referred to in this Section 13.2 and prior to the date that the same are made tenantable, rents allocable to such portion shall be any delay in payable by Tenant from the process date of such occupancy. Furthermore, if Tenant delays the performance of the restoration and repair due work, such work shall be deemed to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence be substantially completed on the date the Leased Property that it would have otherwise been completed but for such delay, as .
13.3 If the Building or the demised premises shall be determined totally (which shall be deemed to include substantially totally) damaged or destroyed by Landlord in its judgment reasonably exercised. No penalty fire or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlordother cause, or for delays on account if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of Force Majeure. Upon termination more than forty percent (40%) of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, by giving Tenant notice to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateeffect within one hundred twenty (120) days after the date of the casualty.
17.02. 13.4 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 13.
17.03. 13.5 Notwithstanding any of the foregoing provisions of Section 17.01this Article 13, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
13.6 Landlord will not carry separate insurance of any kind on Tenant's property, improvements, betterments or Alterations and, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, improvements, betterments or Alterations and Tenant shall be obligated to repair any damage thereto and replace the same.
13.7 The provisions of this Article 13 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and no statute, rule, law or regulation of the State of New York or any of its political subdivisions now or hereafter in force and providing for such a contingency in the absence of an express agreement (including without limitation Section 227 of the Real Property Law), shall have application in such case.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. (a) User shall give prompt notice to owner in case of fire or other damage to the Premises or the Building.
(b) If the Leased Property Premises or the Building shall be damaged by fire or other causecasualty, Tenant Owner, at Owner's expense, shall promptly notify Landlord thereofrepair such damage. However, Owner shall have no obligation to repair any damage to, or to replace, User's personal property or any other property or effects of User. If the damage is Premises shall be rendered untenantable by reason of any such damage, the License Fee only shall abatx xxx the period from the date of such an extent as damage to interfere materially with Tenant' s ability the date when such damage shall have been substantially repaired, and if only a part of the Premises shall be so rendered untenantable, the License Fee shall abatx xxx such period in the proportion which the Rentable Area of the Premises so rendered untenantable bears to conduct its operations the total Rentable Area of the Premises. However, if, prior to the date when all of such damage shall have been repaired, any part of the Premises so damaged shall be rendered tenantable and shall be used or occupied by User or other persons claiming through or under User, then the amount by which the License Fee shall abatx shall be equitably apportioned for the period from the date of any such use or occupancy to the date when all such damage shall have been repaired. User hereby expressly waives the provisions of Paragraph 227 of the New York Real Property Law, and of any successor law of like import then in force, and User agrees that the provisions of this Paragraph shall govern and control in lieu thereof.
(c) Notwithstanding the foregoing provisions of this Paragraph, if prior to or during the term of this License, (i) the Premises shall be totally damaged or rendered wholly untenantable by fire or other casualty, and if Owner shall decide not to restore the Premises, or (ii) the Building shall be so damaged by fire or other casualty that, in Owner's opinion, substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Demised Premises shall have been damaged or rendered untenantable), then, in any of such events, Owner at the BuildingOwner's option, Landlord shallmay give to User, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 within ninety (90) days following after such fire or other casualty, either a five (a5) repair days' written notice of termination of this License and, in the event such notice is given, this License and restore the Term shall come to an end and expire (whether or not said Term shall have commenced) upon the expiration of said five (5) days with the same effect as if the date of expiration of said five (5) days were the expiration date, and the License Fee and Additional Fees shall be apportioned as of such date and any damaged portions of the Leased Property prepaid portion for any period after such date shall be refunded by Owner to a condition suitable for Tenant's useUser.
(d) If this License shall not be terminated as provided in subparagraph (c) hereof, as promptly as reasonably practicableOwner shall, at its expense, to the extent of the net insurance recovery, repair or restore the Demised Premises with reasonable diligence and subject dispatch, substantially to receipt the condition immediately prior to the casualty except that Owner shall not be required to repair or restore any of User's leasehold improvements or betterments, furniture, furnishings, decorations or any other installations made at User's expense. All insurance proceeds from Landlord's insurer (plus an amount equal payable to User for such items shall be held in trust by User and upon the completion by Owner of repair or restoration, User shall prepare the Premises for occupancy by User in the manner obtaining immediately prior to the amount damage or destruction in accordance with plans and specifications approved by Owner.
(e) In no event shall owner be liable to User for any consequential damages to or loss of business suffered by User by reason of any applicable deductible) sufficient to pay damages or casualty, regardless of fault, and apart from the cost apportionment of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or rent required under subparagraph (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which the event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the a portion of the Leased Property which Premises is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant rendered untenantable, User's sole recourse for the ordinary conduct of its business. There any damages shall be no abatement against User's insurance company, regardless of Fixed Rent or Additional Rent for fault, and User waives on its own behalf and on behalf of any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenantinsurer, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datetherefor against Owner.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: License Agreement (Tender Loving Care Health Care Services Inc/ Ny)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If Notwithstanding any contrary provision of the Leased Property Lease incorporated herein by reference, Subtenant shall be damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent have no right; (1) to terminate this Sublease as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire all or other casualty, either (a) repair and restore any damaged portions part of the Leased Property to Premises by reason of a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer casualty or condemnation or (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be2) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no receive an abatement of Fixed Rent or Additional Rent for any period by reason of time for that a casualty or condemnation or another event entitling Sublandlord to an abatement of Fixed Rent or Additional Rent under the Lease with respect to the Premises, unless Sublandlord is entitled to a corresponding termination right or abatement with respect to its corresponding obligations under the Lease. In furtherance of the foregoing, if the Premises shall be damaged by fire or casualty and the damaged portion of the Leased Property which Tenant continues to occupy Premises consists of all or has reoccupied. If there shall be any delay in a material portion of the process of restoration Premises and the estimated repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on period extends beyond the date that is 12 months following the Leased Property would have otherwise been completed but for date of such delayfire or casualty, then Subtenant as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which sole remedy may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of elect to terminate this Lease Sublease in accordance with this therewith. Further, the provisions of Section 17.0117.02(C) of the Original Lease are incorporated herein by reference such that if the repair is not completed by the date that is 12 months following the date of such fire or casualty, Tenant's liability for rent Subtenant may elect to terminate the Sublease in accordance therewith. Subtenant shall cease, subject, however, to promptly notify Sublandlord of any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty affecting the Premises.
(a) Subtenant acknowledges that Sublandlord shall not carry any insurance on, or from any be obligated to repair or restoration replace, any fixtures, equipment, furnishings or other personal property, whether located in, attached to or built into the Premises, and Subtenant shall look solely to Subtenant’s insurance for recovery of any portion damage to or loss of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Leasesame.
17.03. Notwithstanding the (b) The provisions of this Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee 19 shall be unable to collect all deemed an express agreement governing any case of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property Premises by fire or other casualty, thenand Section 227 of the New York Real Property Law, without prejudice to providing for such a contingency in the absence of an express agreement, and any other remedy which may be available against Tenantlaw of like import, the abatement of rent provided for now or hereafter in said Section 17.01 force, shall not be effective to the extent of the uncollected insurance proceedshave no application in such case.
Appears in 1 contract
Samples: Sublease (Axsome Therapeutics, Inc.)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If 15.1 Except as otherwise expressly provided in this Article 15, if the Leased Property shall be Building (or any portion thereof) or the Premises is damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If destroyed during the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the BuildingTerm, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire shall diligently repair or other casualty, either restore the Building or the Premises (a) repair and restore any damaged portions exclusive of the Leased Premises Improvements, Tenant’s Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the costAlternations), as the case may be) , as soon as reasonably possible to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, substantially the condition in which event the Term shall expire upon Building or the thirtieth day following such notice and Tenant shall vacate Premises, as the Leased Property and surrender the same case may be, existed immediately prior to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion (exclusive of the Leased Premises Improvements, Tenant’s Property which and Alterations). Except as otherwise expressly provided in this Article 15, if the Premises (or any portion thereof) is damaged or destroyed during the Term, Tenant continues to occupy shall diligently repair or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenantrestore, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with the provisions governing Alterations as set forth in Section 10, the Premises Improvements, the Tenant’s Property and the Alterations in the Premises as soon as reasonably possible to substantially the condition in which such items existed immediately prior to such damage or destruction.
15.2 Except as provided in this Section 17.0115.2, Tenant's Landlord shall have no liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord Tenant for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair restoration. If the Premises (or restoration of any portion thereof) is not usable for Tenant’s business purposes pending and during reconstruction as provided in Section 15.1, and in fact Tenant Ceases to Use the Premises (or the affected portion thereof), Rent due and payable hereunder shall equitably xxxxx for the portion of the Leased Property or Premises which is unusable and which Tenant has Ceased to Use for the period commencing with the date of such casualty until the earlier of the Building but date (i) that is ninety (90) days after reconstruction of the Premises is substantially completed by Landlord to the extent required to be completed by Landlord as provided in Section 15.1 or (ii) that Tenant resumes the conduct of its business from such portion of the Premises.
15.3 If there is damage or destruction to the Project (whether or not such damage affects the Premises) or to the Premises, to the extent that Landlord reasonably determines that the Project or the Premises (exclusive of the Premises Improvements, Tenant’s Property and Alterations), as the case may be, cannot be fully repaired or restored within (i) three hundred sixty five (365) days from the date of the casualty and occurs at any time during the Term or (ii) three (3) months from the date of the casualty and occurs during the last Lease Year of the Term, as the same may have been extended pursuant to Article 22 hereof, then, Landlord (solely in the event the Premises are damaged or destroyed or if only other portions of the Project are damaged or destroyed, Landlord also terminates all other leases in the Project) and Tenant (solely in the event that the Premises is damaged or destroyed) shall have the option, upon written notice delivered to the other party within fifteen (15) days of Tenant’s receipt of Landlord’s written notice of the length of such restoration (such notice to be provided within sixty (60) days of such casualty), to terminate this Lease. If the restoration to the Project is prohibited by any Requirements or the insurance proceeds, including deductible amounts (subject to reimbursement pursuant to the terms of Operating Costs), are insufficient or otherwise not available, then Landlord may elect to terminate this Lease upon giving written notice of such election to Tenant within sixty (60) days after such casualty. In the event that Landlord declines to repair the Premises as a result of a shortage of insurance proceeds, Tenant may request from Landlord an estimate of the shortage of insurance proceeds. Within thirty (30) days of receipt of Landlord’s estimate, Tenant may deposit with Landlord the funds set forth in such estimate, in which case, Landlord’s termination of the Lease shall be voided and Landlord shall use reasonable efforts to effect promptly proceed with such restoration as if there were no such shortage. After completion if the actual costs exceed such estimate, Tenant shall pay Landlord such excess costs. In the event the restoration costs less than such estimate, Landlord shall refund any such repairs as may be undertaken excess funds deposited by Landlord Tenant.
15.4 In the event of termination of this Lease pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01Article 15, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee then (1) all Rent shall be unable apportioned and paid to collect all the later of the date on which possession is relinquished or the date of such damage (subject to abatement as set forth in Section 15.2), (2) Tenant shall immediately vacate the Premises as required herein and (3) Tenant shall pay to Landlord that amount of Tenant’s insurance proceeds (including rent or the amount which would have been received by Tenant if Tenant was carrying the insurance proceedsrequired by this Lease) applicable which insures damage to damage or the Premises Improvements and Alterations, provided that Tenant make keep the unamortized value (amortized on a straight line basis over the Term) of Premises Improvement and Alterations constructed and paid for by Tenant. Tenant’s obligations under this Section 15.4 shall survive the termination of this Lease. If neither Landlord nor Tenant timely elects to terminate this Lease, this Lease shall remain in full force and effect and the Project and Premises shall be diligently repaired and restored in accordance with Section 15.1.
15.5 Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the Leased Property by fire or other casualtything hired and Sections 1941 and 1942, then, without prejudice providing for repairs to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent and of the uncollected insurance proceedsPremises.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 17.1 If the Leased Property Demised Premises (including damage to Building systems serving the Demised Premises and to the Building affecting access to the Demised Premises) shall be partially damaged by fire or other cause, Tenant the damages shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable such repairs by Tenant for the ordinary conduct of its business. There Landlord shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of substantially completed, the Leased Property which Tenant continues to occupy or has reoccupied. If there rent shall be any delay in the process of restoration and repair due apportioned according to any act or omission on the part of the Demised Premises which is usable by Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays reasonable delay which may arise by reason of adjustment of insurance on the part of Landlord, or for delays reasonable delay on account of Force Majeure“labor troubles,” or for Acts of God, or any other cause beyond Landlord’s control, or any combination thereof. If the Demised Premises (including damage to Building systems serving the Demised Premises and to the Building affecting access to the Demised Premises) are totally or substantially damaged or are rendered wholly or substantially unusable by fire or other cause, then the rent shall be proportionately paid up to the time of the casualty and thenceforth shall cease until the date on which repairs thereto by Landlord shall be substantially completed, subject to Landlord’s and Tenant’s right to elect not to restore the same as hereinafter provided. If the Building shall be so damaged that Landlord shall decide to demolish it or to substantially renovate it, then provided that Landlord shall terminate leases of at least fifty percent (50%) of the leased office area of the Building, Landlord may, within ninety (90) days after such fire or other cause, give Tenant a notice in writing of such decision, which notice shall be given as provided in Exhibit M-11 attached hereto, and thereupon the term of this Lease shall expire by lapse of time upon the thirtieth (30th) day after such notice is given (which date shall be extended, at the election of Tenant, to the ninetieth (90th) day thereafter to the extent that the Demised Premises is not materially damaged), and Tenant shall vacate the Demised Premises and surrender the same to Landlord. Upon the termination of this Lease under the conditions provided for in accordance with this Section 17.01the sentence immediately preceding, Tenant's ’s liability for rent shall ceasecease as of the day following the casualty. Tenant hereby expressly waives the provision of Section 227 of the Real Property Law and agrees that the foregoing provision of this Article shall govern and control in lieu thereof, subjectthis Article being an express agreement. Notwithstanding anything herein to the contrary, howeverif Landlord or Tenant exercises any right to terminate this Lease following a fire or other casualty in accordance with the terms of this Article 17, to any claim insurance proceeds received by Landlord for Fixed Rent and/or Additional Rent accruing or Tenant on account of any damage to (i) Landlord’s Work (including with respect to Tenant’s Specialty Passenger Elevator and the Escalator) shall be the sole property of Landlord (except solely to the extent that any portion thereof was performed at the expense of Tenant) and (ii) the leasehold improvements constituting Tenant’s Work in excess of the amount of the unamortized Work Allowance shall be the sole property of Tenant (it being agreed that the first portion of the insurance proceeds received by Landlord or before Tenant on account of any damage to the leasehold improvements constituting Tenant’s Work in the amount of the unamortized Work Allowance shall be the sole property of, and shall be paid to, Landlord). The amount of the unamortized Work Allowance shall be equal to the then unamortized amount, computed as of the termination date of this Lease, of the amount of the Work Allowance paid by Landlord hereunder, such dateamount to be amortized over the Initial Term of this Lease commencing on the Commencement Date on a straight-line basis without interest. For purposes of the foregoing, the cost of Landlord’s Work (including with respect to Tenant’s Specialty Passenger Elevator and the Escalator) and the amount of the Work Allowance shall be adjusted pursuant to the applicable terms hereof (including Article 37 and Exhibit E attached hereto) to reflect the amounts actually incurred by Landlord and Tenant with respect thereto. The terms of the immediately preceding three (3) sentences shall take into account any sums theretofore paid by Tenant to Landlord pursuant to the terms of Article 45 hereof and shall survive the sooner termination of this Lease.
17.02. 17.2 No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use commercially reasonable efforts (subject to effect promptly any such repairs as may be undertaken delays caused by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01Tenant and/or its employees, if, agents and/or contractors or by reason of some action or inaction on force majeure) to effect such repairs promptly and in such a manner as not unreasonably to interfere with Tenant’s occupancy.
17.3 In the part of event that either Tenant or any Landlord sustains a property loss by fire or other casualty and such loss is caused in whole, or in part, by acts or omissions or negligence of its the other party, the other party’s agents, employees, or servants, then the party sustaining the loss agrees, to the extent that the party sustaining such loss is compensated for such loss by insurance (or would have been compensated had such party maintained the insurance required hereunder), that it shall waive all rights of recovery against the other party, or the agents, licensees or contractors, Landlordemployees, or servants of the other party; and no third party shall have any Superior Mortgagee right of recovery, by way of subrogation or assignment or otherwise. The parties hereto shall each procure and maintain in force and effect an appropriate clause in, or endorsement on, any property insurance covering the Demised Premises and the Building and the personal property, fixtures and equipment located therein or thereon, pursuant to which the insurance companies waive subrogation, and having obtained such clause or endorsement of waiver of subrogation, each party hereby agrees that it will not make any claims against or seek to recover from the other for any loss or damage to its property or the property of the other, covered by such fire insurance; provided, however, that the release, discharge, exoneration and covenant not to xxx herein contained shall be unable to collect all limited by the terms and provisions of the waiver of subrogation clause and/or endorsements and shall be co-extensive therewith. Notwithstanding anything herein to the contrary, Landlord is not required to carry insurance proceeds on Tenant’s Insurable Property (including rent insurance proceeds) applicable Tenant’s Specialty Passenger Elevator and the Escalator), and Tenant agrees that Landlord will not be obligated to repair any damage thereto or destruction to replace the same.
17.4 Notwithstanding anything herein to the contrary, if all or any portion of the Leased Property Demised Premises is damaged or rendered unusable or inaccessible by fire or other casualty, thenthen Landlord (if Landlord has not theretofore cancelled this Lease pursuant to the provisions of this Article 17) shall within ninety (90) days after such fire or other casualty obtain and deliver to Tenant a written estimate from a reputable independent contractor as to whether or not Landlord’s work to repair and restore the Demised Premises (and access and services thereto, without prejudice as the case may be) can be substantially completed under a normal working schedule within fifteen (15) months from the date of receipt by Landlord of such estimate. If such estimate states that the Demised Premises (and access and services thereto, as the case may be) cannot be so restored, Tenant may elect to any other remedy terminate this Lease by notice to Landlord, which notice must be given within forty-five (45) days after receipt by Tenant of such estimate and which notice must set forth an effective date for such termination, which date shall be no more than forty-five (45) days after the giving of such termination notice by Tenant. Notwithstanding the foregoing, Tenant may not elect to terminate this Lease pursuant to the terms of the preceding sentence if (a) such estimate also provides that such repair work by Landlord may be available against Tenant, substantially completed within fifteen (15) months from the abatement date of rent provided for receipt by Landlord of such estimate in said Section 17.01 accordance with a working schedule requiring the performance of all or a portion of such repair work on an overtime basis and (b) Landlord agrees to perform such repair work in accordance with such working schedule. If Tenant shall not have so terminated this Lease (or Tenant shall not be effective entitled to so terminate this Lease, as the case may be) and if within the longer of (x) fifteen (15) months from the date of receipt by Landlord of such estimate or (y) the length of the repair period set forth in such estimate (which longer period may be extended to the extent of delays caused by Tenant and up to ninety (90) days in the uncollected insurance proceedsaggregate on account of force majeure), the repairs to the Premises (and access and services thereto, as the case may be) have not been substantially completed by Landlord, Tenant may, upon not less than forty-five (45) days’ prior notice (the “Restoration Termination Notice”) to Landlord, cancel and terminate this Lease as of the date set forth in such Restoration Termination Notice (such date being the “Termination Date”). If Tenant exercises its right to terminate this Lease pursuant to this Section 17.4, this Lease shall terminate as of the Termination Date as if such date were the stated Expiration Date of this Lease and Landlord shall have no further duty to repair and/or restore the Demised Premises. Notwithstanding the foregoing, if Tenant shall properly deliver the Restoration Termination Notice, but the repairs to the Premises (and access and services thereto, as the case may be) shall be substantially completed by Landlord by the Termination Date, then such Restoration Termination Notice shall be null and void and of no force or effect and this Lease shall remain in full force and effect.
17.5 If (i) more than fifteen percent (15%) of the Demised Premises or a substantial portion of the Building shall be damaged by fire or other casualty during the last one (1) year of the term of this Lease (unless theretofore renewed by Tenant pursuant to the terms of Article 38 hereof) and the written estimate provided for in Section 17.4 hereof indicates that the estimated period to repair such damage shall exceed ninety (90) days or (ii) the written estimate provided for in Section 17.4 hereof indicates that the estimated period to repair such damage expires during the last one (1) year of the term of this Lease (unless theretofore renewed by Tenant pursuant to the terms of Article 38 hereof), Landlord or Tenant may, upon ninety (90) days’ notice to the other party, cancel and terminate this Lease as of the date set forth in such notice, as if such date were the stated Expiration Date of this Lease and Landlord shall have no duty to repair and/or restore the Demised Premises. During the final twelve (12) months of the term of this Lease (unless theretofore renewed by Tenant pursuant to the terms of Article 38 hereof), Tenant shall have the further right to terminate this Lease if any damage to the Premises is not repaired within ninety (90) days following such damage.
Appears in 1 contract
Samples: Lease Agreement (Take Two Interactive Software Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If the Leased leased Property or any portion thereof shall be damaged by fire or other causecasualty, Tenant Lessee shall promptly notify Landlord thereofgive prompt written notice thereof to Lessor.
(a) As provided below in Section 14, throughout the term of this Lease, Lessee agrees to bear the cost to insure Lessor’s buildings against loss or damage by fire and the casualties usually denominated Aextended coverage@ in an amount at least equal to the fair market value of the building in policies of insurance issued by standard and reliable companies in Lessor’s name as the named insured but as selected by Lessee. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct Lessee shall maintain its operations own insurance for its and its customers’ personal property located at the Building, Landlord shall, at Tenant's option as determined leased Property. Lessor shall pay any and all deductibles.
(b) If during the Lease term the improvements on the leased Property are damaged or destroyed by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualtycasualty for which insurance coverage is applicable, then the insurance proceeds must either (a) be paid to Lessor or put towards the repair and restore any damaged portions or replacement of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to improvements on the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of leased Property. If such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualtydamage is, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion Lessor’s reasonable opinion, in excess of the Leased Property which is not usable by Tenant in the ordinary conduct fifty percent (50%) of its business from sound value, then Lessor shall have the option as to whether to restore or rebuild the leased Property. If Lessor fails to notify Lessee of its election to restore or rebuild the improvements within thirty (30) days after the date of such damage or destruction until or within thirty (30) days of Lessee’s notice thereof, whichever is later, (or if Lessor notifies Lessee that Lessor does not intend to restore or rebuild the same), this Lease shall terminate as of the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There such damage or destruction, and both parties shall be no abatement relieved of Fixed Rent or Additional Rent for any period of time for that portion of all further obligations under this Lease, all insurance proceeds shall be paid directly to Lessor, as an additional insured, and the Leased Property which Tenant continues parties shall make all necessary adjustments to occupy or has reoccupiedthe annual lease payments described in Section 4. If there Lessor elects to restore or rebuild, then it shall be any delay proceed with reasonable promptness to restore or rebuild, and the parties shall, in writing, modify the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination terms of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, as necessary to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damage, compensation or claims shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to reflect the extent of actual use and occupancy by Lessee.
(c) However, if in Lessor’s opinion the uncollected insurance proceedsleased Property is damaged to an extent less than fifty percent (50%) of its sound value, it shall proceed with all reasonably convenient speed to rebuild or restore the Property. In such case, Lessee shall continue to perform all of its obligations under this Lease; however, the parties shall, in writing, modify the terms of this Lease as necessary, including any necessary prorata abatement of Lessee’s lease payments for the period for which Lessee is unable to use and occupy the leased Property.
Appears in 1 contract
Samples: Lease Agreement
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Building, expense of Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following and the minimum rent until such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues apportioned according to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of the Demised Premises which is usable by Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or for delays on account any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of Force Majeurefire or other damage to the Demised Premises. Upon termination If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially unusable by fire or any such other casualty, or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), Landlord at its election may terminate this Lease by written notice to Tenant, within ninety (90) days after such fire or other casualty, of such decision, and thereupon the term of this Lease shall expire by lapse of time upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. Tenant hereby waives the provisions of Section 227 of the Real Property Law, and the provisions of this Article shall govern and control in accordance with this Section 17.01lieu thereof. If the damage is due to the fault or neglect of Tenant, the debris shall be removed by, and at the expense of, Tenant's liability for rent . Notwithstanding the foregoing, if Landlord does not substantially complete such repairs within one hundred eighty (180) days following the date of such casualty, then Tenant may elect to terminate this Lease by notice to Landlord within ten (10) days following the expiration of such 180 day period, and thereupon the term of this Lease shall ceaseexpire on the thirtieth (30th) day after such notice is given, subjectand Tenant shall vacate and surrender the Demised premises to Landlord, howeverunless within such thirty (30) day period, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on substantially completes such restoration or before such daterebuilding in which event this Lease shall remain in full force and effect.
17.02Section 10.02. No damage, damages of compensation or claims shall be payable by Landlord for nor shall Tenant make any claim or inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable its best efforts to commence and effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not to this Leaseunreasonably interfere with Tenant occupancy.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Lease (Ultrafem Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. If Tenant assumes the Leased Property shall be damaged risk of any damage to the Demised Premises by fire virtue of fires, rain, hurricanes, tornados, floods, arson, accidents, unknown or other causeundetermined acts and/or acts of god or nature, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, excepting only to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to may be caused by the gross negligence or willful misconduct of Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateagents.
17.02. No damage, compensation compensation, or claims shall be payable by Landlord for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Landlord Building, or for Tenant’s inability to use the Demised Premises during any time before, during or after the casualty or other loss or damage or destruction. Further, Tenant shall use reasonable efforts not be entitled to effect promptly terminate this Lease and Tenant’s rent shall not axxxx nor shall Tenant be offered any such repairs as may be undertaken by Landlord pursuant to this Lease.
17.03. Notwithstanding discount or credits; provided, however, in the provisions event that (i) fifty percent (50%) or more of Section 17.01, if, by reason of some action or inaction the improvements on the part of Tenant Demised Premises is destroyed or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property rendered untenantable; by fire or other casualty during the last year of the Term or any renewal Term of this Lease, (based upon the cost to replace the improvements that are damaged or destroyed as compared with the market value of the improvements immediately prior to such fire or other casualty as shown by certificate of Tenant’s architect), or (ii) the improvements on the Demised Premises are destroyed or rendered untentable by the gross negligence or willful misconduct of Landlord or its agents, then Landlord or Tenant shall have right to terminate this Lease effective as of the date of the casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective by giving one to the extent other within ninety (90) days of such casualty, written notice of termination. Provided, however, Tenant shall have the right to nullify any Landlord termination by exercising an option to renew this Lease (if available). If said notice of termination is given within this 90-day period, this Lease shall terminate and Rent and all other charges shall axxxx as aforesaid from the date of such casualty, and Landlord shall promptly repay to Tenant any Rent paid in advance which has not been earned as of the uncollected insurance proceedsdate of such casualty. Unless this Lease is terminated in accordance with this Section 17.02, Tenant will be liable for all rent as it comes due and will be obligated to continue paying same, irrespective of the condition of the Demised Premises. Accordingly, Tenant is advised to obtain the appropriate insurances, which shall be at Tenant’s sole cost and expense.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. Section 15.1 If the Leased Property shall be Building or any portion thereof is damaged or destroyed by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, casualty to the extent of and subject to receipt of insurance proceeds from that, in Landlord's insurer reasonable judgment, (plus an amount equal to the amount of any applicable deductiblei) sufficient to pay the cost repair of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable damage or insufficient, Tenant shall destruction would not be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restoreeconomically feasible, or (b) terminate this Lease by written notice the damage or destruction to Tenant sent the Building cannot later than 60 be repaired within three hundred sixty (360) days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from after the date of such damage or destruction until destruction, or (ii) if the proceeds from insurance remaining after any required payment to any mortgagee or lessor of Landlord are insufficient to repair such damage or destruction, Landlord shall have the right, at Landlord's option, to terminate this Lease by giving Tenant notice of such termination, within sixty (60) days after the date on of such damage or destruction.
Section 15.2 If the Premises or any portion thereof is damaged or destroyed by any casualty against which Tenant is required to be insured under Section 14.1, and if, in Landlord's reasonable opinion, the Leased Property become usable Premises cannot be rebuilt or made fit for Tenant's purposes within one hundred eighty days (180) after the date of such damage or destruction, or if the proceeds from the insurance Tenant is required to maintain pursuant to Article 14 hereof (or the amount of proceeds which would have been available if Tenant was carrying such insurance) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at its option, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction.
Section 15.3 In the event of partial destruction or damage to the Building or the Premises which is not subject to Section 15.1 or 15.2 or which is subject to Section 15.1 or 15.2 but the applicable party (or parties) does not elect to terminate the Lease, but which renders the Premises partially but not wholly untenantable, this Lease shall not terminate and Rent shall be abated in proportion to the area of the Premises which, in Landlord's reasonable opinion, cannot be used or occupied by Tenant for as a result of such casualty. Landlord shall in such event, within a reasonable time after the ordinary conduct date of its businesssuch destruction or damage, subject to force majeure (as defined in Section 25.6) or to Tenant Delay and to the extent and availability of insurance proceeds, restore the Premises to as near the same condition as existed prior to such partial damage or destruction, provided that Tenant pays to Landlord Tenant's insurance proceeds as required in Section 15.5. There In no event shall be no abatement of Fixed Rent xxxxx or Additional Rent for shall any period of time for that portion termination occur if damage to or destruction of the Leased Property which Tenant continues to occupy Premises is the result of the negligence or has reoccupied. If there shall be any delay in the process of restoration and repair due to any willful act or omission on the part of Tenant, Fixed Rent and Additional Rent or Tenant's agents, employees, representatives, contractors, successors, assigns, licensees or invitees.
Section 15.4 If the Building or the Premises or any material portion thereof is destroyed by fire or other causes at any time during the last year of the Lease Term, then either Landlord or Tenant shall commence on have the right, at the option of either party, to terminate this Lease by giving written notice to the other within sixty (60) days after the date the Leased Property would have otherwise been completed but for of such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datedestruction.
17.02. No damage, compensation or claims Section 15.5 Landlord shall be payable by Landlord have no liability to Tenant for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or the Building. If Landlord is required by this Lease or by any mortgagee or lessor of Landlord to repair or if Landlord undertakes to repair, Tenant shall pay to Landlord that amount of Tenant's insurance proceeds (or the Building but amount which would have been received by Tenant if Tenant was carrying the insurance required by this Lease) which insures such damage as a contribution towards such repair, and Landlord shall use reasonable efforts to effect promptly any have such repairs as may be undertaken by Landlord made promptly and in a manner which will not unnecessarily interfere with Tenant's occupancy.
Section 15.6 In the event of termination of this Lease pursuant to this Lease.
17.03. Notwithstanding Sections 15.1, 15.2, or 15.4, then all Rent shall be apportioned and paid to the date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the Premises according to such notice of termination provided, however, that those, provisions of Section 17.01, if, by reason this Lease which are designated to cover matters of some action or inaction on termination and the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee period thereafter shall be unable to collect all of survive the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.termination. LANDLORD ___________ TENANT ____________
Appears in 1 contract
Samples: Lease Agreement (Teamstaff Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.0110.01. If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause (and if this Lease shall not have been terminated as in this Article 10 hereinafter provided), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense with reasonable dispatch after notice to it of the damage or destruction.
10.02. If the Building or the demised premises shall be damaged or destroyed by fire or other cause, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following then unless such fire or other casualtydamage shall have resulted from the negligence of Tenant or its officers, either (a) repair and restore any damaged portions of contractors, licensees, agents, employees, guests, invitees or visitors, the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, rents payable hereunder shall be abated to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to that the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant demised premises shall be solely responsible have been rendered untenantable for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement of Fixed Rent repaired or Additional Rent for any period of time for restored; provided, however, that should Tenant reoccupy a portion of the Leased Property which demised premises during the period the restoration work is taking place and prior to the date that the whole of said demised premises are made tenantable, fixed annual rent and additional rents allocable to such portion shall be payable by Tenant continues to occupy or has reoccupiedfrom the date of such occupancy.
10.03. If there the Building shall be any delay in so damaged or destroyed by fire or other cause (whether or not the process demised premises are damaged or destroyed) as to require a reasonably estimated expenditure made by Landlord or a reputable contractor designated by Landlord of restoration and repair due more than 30% of the full insurable value of the Building immediately prior to any act or omission on the part of Tenantcasualty, Fixed Rent and Additional Rent shall commence on then Landlord may terminate this Lease by giving Tenant notice to such effect within 120 days after the date of the Leased Property would have otherwise been casualty. In case of any damage or destruction mentioned in this Article 10 which Landlord is required to repair and restore, Tenant may terminate this Lease by notice to Landlord if Landlord has not completed but for the making of the required repairs and restorations within 12 months after the date of such delaydamage or destruction, or within such period after such date (not exceeding 6 months) as shall be determined equal the aggregate period Landlord may have been delayed in doing so by Landlord Force Majeure Causes (as defined in its judgment reasonably exercisedArticle 34 hereof).
10.04. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02. No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 10.
17.0310.05. Notwithstanding any of the foregoing provisions of Section 17.01this Article 10, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
10.06. Landlord will not carry separate insurance of any kind on Tenant's property (including, without limitation, any property of the Tenant which shall become the property of Landlord as provided in Article 6 hereof), and, except as provided by law, Landlord shall not be obligated to repair any damage thereto or replace or clean the same, or any other decorations, installations, equipment or fixtures installed by or for Tenant at Tenant's expense. Tenant shall maintain such fire and casualty insurance as it deems advisable.
10.07. The provisions of this Article 10 shall be considered an express agreement governing any case of damage or destruction of the demised premises by fire or other casualty, and Section 227 of the Real Property Law of the State of New York, providing for such a contingency in the absence of an express agreement, and any other law of like import, now or hereafter in force, shall have no application in such case.
Appears in 1 contract
Samples: Lease Agreement (Labranche & Co Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises shall be damaged by fire or other cause, Tenant shall promptly notify Landlord thereof. If casualty or the damage Demised Premises is of such an extent as rendered inaccessible due to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair the damage shall be repaired by and restore any damaged portions at the expense of Landlord and the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, minimum rent and additional rent pursuant to the extent provisions of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of Article 22 until such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant repairs shall be solely responsible for the cost (or the balance of the costmade, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues apportioned according to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of the Demised Premises which is usable by Tenant. Landlord shall have no responsibility to repair any Tenant's work (as referred to in Section 5.01), Fixed Rent and Additional Rent shall commence on the date same being the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercisedresponsibility of Tenant. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or for delays on account any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of Force Majeurefire or other damage to the Demised Premises. Upon termination If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially unusable by fire or any such other casualty, or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), or if more than twenty-five (25%) percent of the rentable square feet of the Demised Premises shall be damaged during the last year of the term hereof, Landlord at its election may terminate this Lease by written notice to Tenant, within ninety (90) days after such fire or other casualty, and thereupon the term of this Lease shall expire by lapse of time upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. Notwithstanding the foregoing provisions of this Section, within sixty (60) days after such casualty, Landlord shall provide Tenant with an estimate as to the time reasonably required to repair such damage. If such period exceeds nine (9) months from the date of such casualty, subject to unavoidable delays not to exceed ninety (90) days, Tenant may elect to terminate this Lease by notice to Landlord no later than ten (10) days following Tenant's receipt of such estimate, and thereupon the term of this Lease shall expire on the thirtieth (30th) day after Tenant's notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. If Landlord does not substantially complete such repairs within said period of nine (9) months, subject to unavoidable delays not to exceed ninety (90) days, then Tenant may elect to terminate this Lease by notice to Landlord within ten (10) days following the expiration of such time period, and thereupon the term of this Lease shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord, unless within such thirty (30) day period, Landlord substantially completes the repair of such damage, in accordance with which event this Lease shall remain in full force and effect. Tenant hereby waives the provisions of Section 17.01227 of the Real Property Law, and the provisions of this Article shall govern and control in lieu thereof. If the damage is due to the fault or neglect of Tenant, the debris shall be removed by, and at the expense of, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02Section 10.02. No damage, damages of compensation or claims shall be payable by Landlord nor shall Tenant make any claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building, provided that Landlord shall use its commercially reasonable efforts to commence and effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not to this Leaseunreasonably interfere with Tenant's occupancy.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
DAMAGE BY FIRE OR OTHER CAUSE. 17.01. 13.1 If the Leased Property Building or the demised premises shall be partially or totally damaged or destroyed by fire or other cause, within forty-five (45) days after Landlord acquires knowledge of such damage, Landlord shall deliver to Tenant shall promptly notify an estimate prepared by a reputable contractor selected by Landlord thereofsetting forth such contractor's estimate as to the reasonable time required to repair such damage. If the demised premises are damaged or destroyed or if they are not but the building is 36 damaged, which damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations at the Building, Landlord shall, at adversely affects Tenant's option as determined by Tenant by written notice to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, access to the extent of demised premises, and subject to receipt of insurance proceeds from Landlord's insurer the time period set forth in such estimate exceeds three hundred and sixty (plus an amount equal to the amount of any applicable deductible360) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficientdays, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) elect to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent Landlord not later than 60 fifteen (15) days following the delivery of such fire or other casualtyestimate to Tenant. If Tenant makes such election, in which event the Term shall expire upon the thirtieth twentieth (20th) day following after notice of such notice election is given by Tenant and Tenant shall vacate the Leased Property demised premises and surrender the same to Landlord. Upon such termination, Tenant's liability for fixed annual rent and additional rent shall cease as of the day following such damage and any prepaid portion thereof for any period after such date shall be refunded by Landlord on to Tenant. If (x) the estimate does not exceed three hundred and sixty (360) days, or before (y) Tenant fails to make its election as set forth hereinabove in this paragraph, and if Landlord does not make the date election under Section 13.3 (if applicable), Landlord shall repair the damage and restore and rebuild the Building and/or the demised premises, at its expense (without limiting the rights of Landlord under any other provisions of this Lease Lease); provided, however, that Landlord shall so terminate. Fixed Rent not be required to repair or replace any of Tenant's property, improvements, betterments or Alterations.
13.2 If the Building or the demised premises shall be partially damaged or partially destroyed by fire or other cause, the fixed annual rent and Additional Rent additional rent payable hereunder shall be abated to the extent that the demised premises shall have been rendered untenantable for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business period from the date of such damage or destruction until to the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There damage shall be no abatement substantially repaired or restored. If the demised premises shall be totally (which shall be deemed to include substantially totally) damaged or destroyed or rendered completely (which shall be deemed to include substantially completely) untenantable on account of Fixed Rent fire or Additional Rent for any period other cause, the fixed annual rent and additional rent shall abatx xx of time for that the date of the damage or destruction and until Landlord shall substantially repair, restore and rebuild the Building and the demised premises. Should Tenant reoccupy a portion of the Leased Property which Tenant continues demised premises during the period the restoration work is taking place with respect to occupy any damage or has reoccupied. If there destruction referred to in this Section 13.2 and prior to the date that the same are made tenantable, rents allocable to such portion shall be any delay in payable by Tenant from the process date of such occupancy. Furthermore, if Tenant delays the performance of the restoration and repair due work, such work shall be deemed to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence be substantially completed on the date the Leased Property that it would have otherwise been completed but for such delay, as .
13.3 If the Building or the demised premises shall be determined totally (which shall be deemed to include substantially totally) damaged or destroyed by Landlord in its judgment reasonably exercised. No penalty fire or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlordother cause, or for delays on account if the Building shall be so damaged or destroyed by fire or other cause (whether or not the demised premises are damaged or destroyed) as to require a reasonably estimated expenditure of Force Majeure. Upon termination more than forty 37 percent (40%) of the full insurable value of the Building immediately prior to the casualty, then in either such case Landlord may terminate this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, by giving Tenant notice to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such dateeffect within one hundred twenty (120) days after the date of the casualty.
17.02. 13.4 No damagedamages, compensation or claims claim shall be payable by Landlord for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property demised premises or of the Building but Landlord shall use reasonable efforts to effect promptly any such repairs as may be undertaken by Landlord pursuant to this LeaseArticle 13.
17.03. 13.5 Notwithstanding any of the foregoing provisions of Section 17.01this Article 13, if, by reason if Landlord or the lessor of some action any superior lease or inaction on the part holder of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property demised premises or the Building by fire or other casualtycause, by reason of some action or inaction on the part of Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedy remedies which may be available against Tenant, the there shall be no abatement of rent provided for in said Section 17.01 Tenant's rents, but the total amount of such rents not abated (which would otherwise have been abated) shall not be effective to exceed the extent amount of the uncollected insurance proceeds.
13.6 Landlord will not carry separate insurance of any kind on Tenant's property, improvements, betterments or Alterations and, shall not be obligated to repair any damage thereto or replace the same. Tenant shall maintain insurance on Tenant's property, improvements, betterments or Alterations and Tenant shall be obligated to repair any damage thereto and replace the same.
13.7 The provisions of this Article 13 shall be considered an express agreement governing any cause of damage or destruction of the demised premises by fire or other casualty, and no statute, rule, law or regulation of the State of New York or any of its political subdivisions now or hereafter in force and providing for such a contingency in the absence of an express agreement (including without limitation Section 227 of the Real Property Law), shall have application in such case.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 10.01. If the Leased Property Demised Premises shall be damaged by fire or other causecasualty, Tenant shall promptly notify Landlord thereof. If the damage is of such an extent as to interfere materially with Tenant' s ability to conduct its operations shall be repaired by and at the Buildingexpense of Landlord and the minimum rent and additional rent pursuant to the provisions of Article 22 until such repairs shall be made, Landlord shall, at Tenant's option as determined by Tenant by written notice shall be apportioned according to Landlord given not more than 60 days following such fire or other casualty, either (a) repair and restore any damaged portions the part of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductible) and to the extent such insurance proceeds are unavailable or insufficient, Tenant shall be solely responsible for the cost (or the balance of the cost, as the case may be) to so repair and restore, or (b) terminate this Lease by written notice to Tenant sent not later than 60 days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property Demised Premises which is not usable by Tenant in the ordinary conduct of its business from the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for its normal business purpose. Landlord shall have no responsibility to repair any damage to Landlord's work performed pursuant to Section 2.02 or Tenant's work (as referred to in Section 5.01), the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of same being the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part responsibility of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of by Landlord, unavoidable delays (as hereinafter defined), or any other cause beyond Landlord's reasonable control. Tenant shall give notice to Landlord promptly upon learning thereof in case of fire or other damage to the Demised Premises. If the Demised Premises are totally or substantially damaged or are rendered wholly or substantially unusable for delays on account of Force Majeure. Upon termination Tenant's normal business purpose by fire or any such other casualty, or if the Building shall be so damaged that Landlord shall decide to demolish it or to rebuild it (whether or not the Demised Premises shall have been damaged), Landlord at its election may terminate this Lease by written notice to Tenant, within ninety (90) days after such fire or other casualty, and thereupon the term of this Lease in accordance with shall expire by lapse of time upon the third (3rd) day after such notice is given, and Tenant shall vacate and surrender the Demised Premises to Landlord. If more than twenty-five (25%) percent of the rentable square feet of the Demised Premises shall be damaged during the last two (2) years of the term hereof, either Landlord or Tenant may terminate this Lease by written notice to the other within thirty (30) days after such fire or other casualty, and thereupon the term of this Lease shall expire upon the third (3rd) day after such notice is given and Tenant shall vacate and surrender the Demised Premises to Landlord. Notwithstanding the foregoing provisions of this Section 17.0110.01, if Landlord does not substantially complete such repairs in all of the Demised Premises or in any one or more full floor of the Demised Premises, as the case may be, within six (6) months from the date of such casualty (subject to provisions of Article 34), Tenant may elect to terminate this Lease with respect to all of the Demised Premises or any one or more full floor in which such repairs have not been substantially completed, as the case may be, by notice to Landlord within ten (10) days following the expiration of such time period, and thereupon the term of this Lease for all of the Demised Premises or one or more full floor set forth in said notice, as the case may be, shall expire on the thirtieth (30th) day after such notice is given, and Tenant shall vacate and surrender all of the Demised Premises or one or more full floor, set forth in said notice as the case may be, to Landlord, unless within such thirty (30) day period, Landlord substantially completes such restoration or rebuilding in which event this Lease for all of the Demised Premises shall remain in full force and effect. Tenant shall not be liable under this Lease for anything accruing after the date of such expiration. Tenant hereby waives the provisions of Section 227 of the Real Property Law, and the provisions of this Article shall govern and control in lieu thereof. If the damage is due to the fault or neglect of Tenant, the debris shall be removed by, and at the expense of, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such date.
17.02Section 10.02. No damage, damages of compensation or claims shall be payable by Landlord nor shall Tenant make any claim for inconvenience, loss of business or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Demised Premises or of the Building but Building. Landlord shall use reasonable its best efforts to commence and effect promptly any such repairs promptly and in such manner as may be undertaken by Landlord pursuant not to this Leaseunreasonably interfere with Tenant's occupancy.
17.03. Notwithstanding the provisions of Section 17.01, if, by reason of some action or inaction on the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (TMP Worldwide Inc)
DAMAGE BY FIRE OR OTHER CAUSE. 17.01Section 15.1 If the Premises or any portion thereof is damaged or destroyed by any casualty and such damage renders all or a substantial portion of the Premises untenantable, Landlord shall deliver to Tenant within sixty (60) days of such damage or destruction an estimate of the duration of the period in which the Premises will be untenantable, as reasonably determined by Landlord. If the Leased Property such estimated period shall be damaged by fire for more than twelve (12) months from the date of such damage, Landlord or other cause, Tenant shall promptly notify Landlord thereof. If have the damage is right, at Landlord's or Tenant's option, to terminate this Lease by giving Tenant or Landlord, as applicable, notice of such an extent as termination, within fifteen (15) days after the date of delivery to interfere materially with Tenant' s ability Tenant of Landlord's repair duration estimate.
Section 15.2 In the event of destruction or damage to conduct its operations at the BuildingPremises which is not subject to or does not result in a termination under Section 15.1, Landlord shallthis Lease shall not terminate and Rent shall be abated in proportion to the area of the Building which, at Tenantin Landlord's option as determined reasonable opinion, cannot be used or occupied by Tenant by written notice to as a result of such casualty. Landlord given not more than 60 days following shall in such fire event, within a reasonable time after the date of such destruction or other casualtydamage, either (a) repair and restore any damaged portions of the Leased Property to a condition suitable for Tenant's use, as promptly as reasonably practicable, to the extent of and subject to receipt of insurance proceeds from Landlord's insurer force majeure (plus an amount equal to the amount of any applicable deductible) sufficient to pay the cost of such repair and restoration, it being agreed that Landlord's obligation to so repair and restore is expressly conditioned upon the receipt and sufficiency of such insurance proceeds (plus an amount equal to any applicable deductibleas defined in Section 25.6) and to the extent and availability of insurance proceeds, restore the Premises to as near the same condition as existed prior to such insurance proceeds are unavailable partial damage or insufficientdestruction. In no event shall any termination occur if damage to or destruction of the Premises is the result of the negligence or willful act of Tenant, or Tenant's agents, employees, contractors, licensees or invitees.
Section 15.3 If the Premises or any material portion thereof is destroyed by fire or other causes at any time during the last year of the Term and Tenant is unable to operate its business in the Premises as a result thereof, then either Landlord or Tenant shall be solely responsible for have the cost (or right, at the balance option of the costeither party, as the case may be) to so repair and restore, or (b) terminate this Lease by giving written notice to Tenant sent not later than 60 the other within sixty (60) days following such fire or other casualty, in which event the Term shall expire upon the thirtieth day following such notice and Tenant shall vacate the Leased Property and surrender the same to Landlord on or before the date this Lease shall so terminate. Fixed Rent and Additional Rent shall be abated for the portion of the Leased Property which is not usable by Tenant in the ordinary conduct of its business from after the date of such damage or destruction until the date on which the Leased Property become usable by Tenant for the ordinary conduct of its business. There shall be no abatement of Fixed Rent or Additional Rent for any period of time for that portion of the Leased Property which Tenant continues to occupy or has reoccupied. If there shall be any delay in the process of restoration and repair due to any act or omission on the part of Tenant, Fixed Rent and Additional Rent shall commence on the date the Leased Property would have otherwise been completed but for such delay, as shall be determined by Landlord in its judgment reasonably exercised. No penalty or damage shall accrue for delays which may arise by reason of adjustment of insurance on the part of Landlord, or for delays on account of Force Majeure. Upon termination of this Lease in accordance with this Section 17.01, Tenant's liability for rent shall cease, subject, however, to any claim by Landlord for Fixed Rent and/or Additional Rent accruing on or before such datedestruction.
17.02. No damage, compensation or claims Section 15.4 Landlord shall be payable by Landlord have no liability to Tenant for inconvenience, loss of business business, or annoyance to Tenant arising from any damage by fire or other casualty or from any repair or restoration of any portion of the Leased Property Premises or the Building. If Landlord is required by this Lease or by any mortgagee or lessor of Landlord to repair or if Landlord undertakes to repair, Tenant shall pay to Landlord that amount of Tenant's insurance proceeds (or the Building but amount which would have been received by Tenant if Tenant was carrying the insurance required by this Lease) which insures such damage as a contribution towards such repair, and Landlord shall use reasonable efforts to effect promptly any have such repairs as may be undertaken by Landlord made promptly and in a manner which will not unnecessarily interfere with Tenant's occupancy.
Section 15.5 In the event of termination of this Lease pursuant to this Lease.
17.03. Notwithstanding Sections 15.1 or 15.3, then all Rent shall be apportioned and paid to the date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the Premises according to such notice of termination; provided, however, that those provisions of Section 17.01, if, by reason this Lease which are designated to cover matters of some action or inaction on termination and the part of Tenant or any of its employees, agents, licensees or contractors, Landlord, or any Superior Mortgagee period thereafter shall be unable to collect all of survive the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Leased Property by fire or other casualty, then, without prejudice to any other remedy which may be available against Tenant, the abatement of rent provided for in said Section 17.01 shall not be effective to the extent of the uncollected insurance proceedstermination hereof.
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