Appears in 3 contracts

Samples: Lease Agreement (Interval Leisure Group, Inc.), Lease Agreement (Interval Leisure Group, Inc.), Lease Agreement (Interval Leisure Group, Inc.)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall be damaged or~~ Building is totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30180) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, either Landlord ~~shall so notify~~ or Tenant ~~within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~may, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. In the ~~statement estimating~~ event the ~~repair time~~Building or the Premises are damaged by fire, tornado, or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (~~y) in the case of subsection(c)(ii), five (5~~180) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, then Landlord shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant or ~~for Tenant~~ other tenants or occupants within the ~~Project~~Building or Premises. ~~Tenant will maintain fire and extended coverage insurance on~~ Landlord shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is deemed by Landlord to be the ~~same promptly following the repair or restoration~~ result of the ~~Project after an~~ negligence or willful misconduct of Tenant or Tenant's employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow Tenant a fair diminution of Rent and Additional Rent during the time of such rebuilding or repairs. In the event any mortgagee, or the holder of ~~casualty~~any deed of trust, security agreement or mortgage on the Building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or by Tenant against loss or damage to the Premises or ~~any other part of the Project~~ its contents shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 2 contracts

Samples: Lease Agreement (Liquidmetal Technologies), Lease Agreement (Cimetrix Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all~~ event that the Building is totally destroyed by fire, tornado or ~~any part~~ other casualty, or in the event the Premises or Building is so damaged that, within Landlord’s discretion, rebuilding or repairs cannot be completed within two hundred seventy days (270) days after the date of such damage, Landlord, within sixty (60) days of the ~~Project~~ casualty, shall ~~be damaged~~ give Tenant written notice of the estimated time for completion or ~~destroyed~~ of Landlord’s intent not to repair. In such event, either Landlord or Tenant may, at its option, by written notice to the other given not more than ninety (90) days after the date of Landlord’s delivery of the Damage Notice to Tenant, such fire or other casualty, terminate this Lease. In such event, the Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date of such fire or other casualty. In the event the Building or the Premises are damaged by fire, tornado, or other casualty covered by Landlord’s insurance but only to such extent that rebuilding or repairs can be completed within two hundred seventy (270) days after the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant ~~shall promptly give notice thereof~~ elects to ~~Landlord and~~ terminate this Lease, then Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of the insurance proceeds and the receipt from Tenant of the deductible amount of such insurance, if any, (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof, or if such~~ damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of subsection(c)(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of subsection(c)(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii), the date of damage or destruction. If Tenant makes such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant or other Tenants or occupants within the Building or Premises. Landlord shall, unless such damage is deemed by Landlord to be the result of the negligence or willful misconduct of Tenant or Tenant’s ~~personal property which were placed by~~ employees, agents, principals, contractors, consultants, assigns, subtenants or ~~for~~ invitees, allow Tenant ~~within~~ a fair diminution of Rent and Additional Rent during the ~~Project~~time of such rebuilding or repairs. ~~Tenant will maintain fire~~ In the event any mortgagee, or the holder of any deed of trust, security agreement or mortgage on the Building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and ~~extended coverage insurance on such furniture, equipment, fixtures and~~ this Lease shall terminate upon notice to Tenant~~’s personal property and Tenant will restore or replace the same promptly following the repair or restoration of the Project after an event of casualty~~. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or by Tenant against loss or damage to the Premises or ~~any other part of the Project~~ its contents shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement (Metastorm Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall~~ Building should be ~~damaged or~~ totally destroyed by fire, tornado or other casualty or in the event the Premises or Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, either Landlord or Tenant may at its option, by written notice to the other given not more than thirty (30) days after the date of such fire or other casualty, ~~Tenant~~ terminate this Lease. In such event, the Rent shall ~~promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies)~~ be abated during the unexpired portion of this Lease effective with the ~~insurance proceeds and the receipt from Tenant of the deductible amount~~ date of such ~~insurance~~fire or other casualty. In the event the Building or the Premises should be damaged by fire, tornado, or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if ~~any~~the damages should be more serious but neither Landlord nor Tenant elects to terminate this lease, ~~(except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase.~~ then Landlord shall within thirty (30) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such damage commence to rebuild or repair the Building and/or the Premises and shall proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof, or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of subsection(c)(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of subsection(c)(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii), the date of damage or destruction. If Tenant makes such election, the Term shall expire on the sixtieth (60th) day following the date Landlord receives notice of termination from Tenant in accordance with the provisions of this Section. Notwithstanding anything herein to the contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years of the existing Term (taking into account any previously exercised renewal option). d. except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, ~~fixtures~~ fixtures, and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant or ~~for Tenant~~ other tenants within the ~~Project~~Building or Premises. ~~Tenant will maintain fire and extended coverage insurance on~~ Landlord shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an~~ negligence or willful misconduct of Tenant or Tenant's employees or invitees, allow Tenant a fair diminution of Rent during the time that the Premises is unfit for occupancy. In the event any mortgage, under a deed of ~~casualty~~trust, security agreement or mortgage on the Building, should require that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or Tenant against loss or damage to the Building or to the Premises ~~or any other part of the Project~~ shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement (Florida Banks Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall be damaged or~~ Building is totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30180) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, either Landlord ~~shall so notify~~ or Tenant ~~within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~may, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. In the ~~statement estimating~~ event the ~~repair time~~Building or the Premises are damaged by fire, tornado, or other casualty covered by Landlord’s insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (~~y) in the case of subsection(c)(ii), five (5~~180) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, then Landlord shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except the Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant or other tenants within the Building or Premises. Landlord shall, unless such damage is the result of the negligence or willful misconduct of Tenant or Tenant’s ~~personal property which were placed by~~ employees, agents, principals, contractors, consultants, assigns, subtenants or ~~for~~ invitees, allow Tenant ~~within~~ a fair diminution of Rent during the ~~Project~~time of such rebuilding or repairs. ~~Tenant will maintain fire~~ In the event any mortgagee, or the holder of any deed of trust, security agreement or mortgage on the Building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and ~~extended coverage insurance on such furniture, equipment, fixtures and~~ this Lease shall terminate upon notice to Tenant~~’s personal property and Tenant will restore or replace the same promptly following the repair or restoration of the Project after an event of casualty~~. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or by Tenant against loss or damage to the Premises ~~or any other part of the Project~~ shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement (Unilens Vision Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall~~ Building should be ~~damaged or~~ totally destroyed by fire, tornado or other casualty or in the event the Premises or Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, either Landlord or Tenant may at its option, by written notice to the other given not more than thirty (30) days after the date of such fire or other casualty, ~~Tenant~~ terminate this Lease. In such event, the Rent shall ~~promptly give notice thereof to Landlord and Landlord shall~~be abated during the unexpired portion of this Lease effective with the date of such fire or other casualty. In the event the Building or the Premises should be damaged by fire, at tornado, or other casualty covered by Landlord’s ~~sole cost and expense subject~~ insurance but only to ~~availability and receipt from Tenant’s insurance company(ies~~such extent that rebuilding or repairs can be completed within one hundred eighty (180) of days after the ~~insurance proceeds and the receipt from Tenant of the deductible amount~~ date of such ~~insurance~~damage, or if ~~any~~the damages should be more serious but neither Landlord nor Tenant elects to terminated this Lease, ~~(except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase.~~ then Landlord shall within thirty (30) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such damage commence to rebuild or repair the Building and/or the Premises and shall proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in which it was immediately prior to the happening of the casualty, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof, or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of subsection(c)(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of subsection(c)(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii), the date of damage or destruction. If Tenant makes such election, the Term shall expire on the sixtieth (60th) day following the date Landlord receives notice of termination from Tenant in accordance with the provisions of this Section. Notwithstanding anything herein to the contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years of the existing Term (taking into account any previously exercised renewal option). d. except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, ~~fixtures~~ fixtures, and other improvements which may have been placed by Tenant or other tenants within the Building or Premises. Landlord shall, unless such damage is the result of the negligence or willful misconduct of Tenant or Tenant’s ~~personal property which were placed by~~ employees or ~~for~~ invitees, allow Tenant ~~within~~ a fair diminution of Rent during the Project. Tenant will maintain fire and extended coverage insurance on such furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace the same promptly following the repair or restoration of the Project after an event of casualty. Any insurance, if any, which may be carried by Landlord in its discretion (at Landlord’s sole cost) against loss or damage to time that the Premises or any other part of the Project shall be for the sole benefit of Landlord and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance withunfit for

Appears in 1 contract

Samples: Lease Agreement (Accentia Biopharmaceuticals Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ (a) In the ~~Term all or any part of~~ event that the ~~Project shall~~ Building should be ~~damaged or~~ totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Premises or Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30180) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, either Landlord ~~shall so notify~~ or Tenant ~~within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~may, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. (b) In the ~~statement estimating~~ event the ~~repair time~~Building or the Premises should be damaged by fire, tornado, or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (~~y) in the case of subsection(c)(ii), five (5~~180) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, then Landlord shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant or ~~for Tenant~~ other tenants within the ~~Project~~Building or Premises. ~~Tenant will maintain fire and extended coverage insurance on~~ Landlord shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an~~ negligence or willful misconduct of Tenant or Tenant's employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow Tenant a fair diminution of Rent during the time of such rebuilding or repairs. In the event any mortgagee, or the holder of ~~casualty~~any deed of trust, security agreement or mortgage on the Building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or Tenant against loss or damage to the Building or to the Premises ~~or any other part of the Project~~ shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement (Affinity International Travel Systems Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ 2.54.1 In the ~~Term all or any part of~~ event that the ~~Project shall~~ Licensed Facilities should be ~~damaged or~~ totally destroyed by ~~fire~~ fire, hurricane, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Licensed Facilities should be so damaged that rebuilding or repairs cannot be completed within two hundred seventy (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30270) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, ~~Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~either SBBC or CBC, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ Inc. may, at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this License Agreement. In such event, the sums payable under this License Agreement shall be abated during the unexpired portion of this License Agreement effective with the date ~~Landlord delivers~~ of such fire or other casualty. 2.54.2 In the ~~statement estimating~~ event the ~~repair time~~Licensed Facilities should be damaged by fire, hurricane, tornado, or other casualty covered by SBBC’s insurance but only to such extent that rebuilding or repairs can be completed within two hundred seventy (~~y) in the case of subsection(c)(ii), five (5~~270) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither SBBC nor CBC, Inc. elects to terminate this License Agreement, then SBBC shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Licensed Facilities and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Licensed Facilities to substantially the ~~date Landlord receives notice of termination from Tenant~~ same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which they were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d. Landlord~~ casualty, except that SBBC shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by ~~or for Tenant~~ CBC, Inc. within the ~~Project~~Licensed Facilities. ~~Tenant will maintain fire and extended coverage insurance on~~ CBC, Inc. shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an event~~ negligence or willful misconduct of ~~casualty~~CBC, Inc. or CBC, Inc.’s employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow CBC, Inc. a fair diminution of any sums payable to SBBC under this License Agreement during the time of such rebuilding or repairs. SBBC shall have no obligation to utilize insurance proceeds to rebuild the Licensed Facilities and this License Agreement shall terminate upon notice to CBC, Inc. Any ~~insurance, if any,~~ insurance which may be carried by ~~Landlord in its discretion (at Landlord’s sole cost)~~ SBBC or CBC, Inc. against loss or damage to the ~~Premises or any other part of the Project~~ Licensed Facilities shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: License Agreement

DAMAGE BY FIRE OR THE ELEMENTS. a. If during the Term all or any part of the Project shall be damaged or destroyed by fire or other casualty, Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of the insurance proceeds and the receipt from Tenant of the deductible amount of such insurance, if ~~any,~~ any (except as provided in Section ~~15(b)~~15.b), repair, restore or replace the ~~applicable Phase~~ Premises as nearly as possible to its value, condition and character as of the Commencement ~~Date of the applicable Phase~~Date. Landlord shall within thirty (30) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to ~~require~~require (or within sixty (60) days of the date of the casualty if the casualty is an area-wide casualty such as a hurricane). b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from the date of such casualty, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section ~~15(a)~~ 15.a hereof, or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of ~~subsection(c)(i~~subsection c(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of ~~subsection(c)(ii~~subsection c(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of ~~subsection(c)(iii~~subsection c(iii), the date of damage or destruction. If Tenant makes such election, the Term shall expire on the sixtieth (60th) day following the date Landlord receives notice of termination from Tenant in accordance with the provisions of this Section. Notwithstanding anything herein to the contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years of the existing Term (taking into account any previously exercised renewal option). d. Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and Tenant’s personal property which were placed by or for Tenant within the Project. Tenant will maintain ~~fire and extended coverage~~ property insurance on such furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace the same promptly following the repair or restoration of the Project after an event of casualty. Any insurance, if any, which may be carried by Landlord in its discretion (at Landlord’s sole cost) against loss or damage to the Premises or any other part of the Project shall be for the sole benefit of Landlord and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made ~~Substantially Completed~~substantially completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of ~~a casualty loss for which the proceeds are less than~~ $~~375,000.00, in which case the proceeds are not required to be placed in an escrow account~~ 375,000.00 (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance ~~with~~with Section 15.d, above), less the actual costs, fees and expenses, if any, incurred in connection with adjustment of the loss, shall be retained in escrow in such bank or title company as shall be selected by Landlord and approved by Tenant, which approval shall not be unreasonably withheld or delayed. Such proceeds shall be for the purpose of reimbursing Landlord for expenditures made to repair, restore or replace any part of the Project so damaged or destroyed (which expenditures shall include expenditures made for temporary repairs for the protection of property pending the completion of permanent repairs, restorations or replacements to the Project, or to prevent interference with the business operated thereon, and repairs, restorations or replacements thereto then in process insofar as actually made or constructed) or to pay contractors, subcontractors, material suppliers, engineers, architects or other persons who have rendered services or furnished materials for said repairs, restorations or replacements (herein called “Restoration”). Such proceeds shall be withdrawn from the escrow account as hereinafter provided from time to time as the Restoration progresses upon the written request of Landlord to the escrow agent (with a copy to Tenant), which shall be accompanied by the following: (i) A certificate of the architect or engineer in charge of the Restoration (who shall be selected by Landlord and be reasonably satisfactory to Tenant) dated not more than thirty (30) days prior to such request, stating in effect that the work done through the date of such request has been substantially completed; and (ii) An affidavit from the general contractor for any partial or final payment in the form prescribed by Chapter 713, Florida Statutes. Upon compliance with the foregoing provisions of this Section, the escrow agent shall be deemed to be authorized, without further instrument, to pay or cause to be paid to Landlord or to the persons, named in the contractor affidavit the respective amounts stated therein to have been paid by Landlord or to be due to them, as the case may be.

Appears in 1 contract

Samples: Lease Agreement (Interval Leisure Group, Inc.)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ 2.56.1 In the ~~Term all or any part of~~ event that the ~~Project shall~~ Leased Facilities should be ~~damaged or~~ totally destroyed by fire, hurricane, tornado or other casualty, or in the event the Leased Facilities should be so damaged that rebuilding or repairs cannot be completed within two hundred seventy (270) calendar days after the date of such damage, either SBBC or ELC may, at its option, by written notice to the other given not more than thirty (30) calendar days after the date of such fire or other casualty, ~~Tenant~~ terminate this Lease Agreement. In such event, the sums payable under this Lease Agreement shall ~~promptly give notice thereof~~ be abated during the unexpired portion of this Lease Agreement effective with the date of such fire or other casualty. 2.56.2 In the event the Leased Facilities should be damaged by fire, hurricane, tornado, or other casualty covered by SBBC’s insurance but only to ~~Landlord and Landlord~~ such extent that rebuilding or repairs can be completed within two hundred seventy (270) calendar days after the date of such damage, or if the damage should be more serious but neither SBBC nor ELC elects to terminate this Lease Agreement, then SBBC shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of the insurance proceeds and the receipt from Tenant of the deductible amount of such insurance, if any, (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30) calendar days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof, or if such~~ damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of subsection(c)(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of subsection(c)(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii), the date of damage or destruction. If Tenant makes such election, commence to rebuild or repair the ~~Term~~ Leased Facilities and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Leased Facilities to substantially the ~~date Landlord receives notice of termination from Tenant~~ same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which they were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d. Landlord~~ casualty, except that SBBC shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by ~~or for Tenant~~ ELC within the ~~Project~~Leased Facilities. ~~Tenant will maintain fire and extended coverage insurance on~~ ELC shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an event~~ negligence or willful misconduct of ~~casualty~~ELC or ELC’s employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow ELC a fair diminution of any sums payable to SBBC under this Lease Agreement during the time of such rebuilding or repairs. SBBC shall have no obligation to utilize insurance proceeds to rebuild the Leased Facilities and this Lease Agreement shall terminate upon notice to ELC. Any ~~insurance, if any,~~ insurance which may be carried by ~~Landlord in its discretion (at Landlord’s sole cost)~~ SBBC or ELC against loss or damage to the ~~Premises or any other part of the Project~~ Leased Facilities shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall~~ Premises should be ~~damaged or~~ totally destroyed by fire or other casualty, or in the event the Premises should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, either Landlord or Tenant ~~shall promptly give notice thereof to Landlord and Landlord shall~~may, at ~~Landlord’s sole cost and expense subject~~ its option, by written notice to ~~availability and receipt from Tenant’s insurance company(ies) of~~ the insurance proceeds and the receipt from Tenant of the deductible amount of such insurance, if any, (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within other given not more than thirty (30) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~destruction or damage, terminate this Lease. In such event, the Rent shall be abated during the unexpired Term effective with the date of such destruction or damage. In the event the Premises should be damaged by fire or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (180) days after the date of such damage, or if the damage should be more serious but neither Landlord ~~shall so notify~~ nor Tenant elects to terminate this Lease, then Landlord shall, within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof, or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of subsection(c)(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of subsection(c)(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii), the date of ~~damage~~ such damage, commence to rebuild or ~~destruction. If Tenant makes such election,~~ repair the ~~Term~~ Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Premises to substantially the ~~date Landlord receives notice of termination from Tenant~~ same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which they were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant on the Premises. Tenant's obligation for the payment of Rent and Additional Rent shall remain in effect, without abatement or ~~for Tenant within~~ reduction, during the ~~Project~~time of such rebuilding or repairs. ~~Tenant will maintain fire~~ In the event any mortgagee, or the holder of any deed of trust, security agreement or mortgage on the Premises, should require that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and ~~extended coverage insurance on such furniture, equipment, fixtures and~~ this Lease shall terminate upon notice to Tenant~~’s personal property and Tenant will restore or replace the same promptly following the repair or restoration of the Project after an event of casualty~~. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or Tenant against loss or damage to the Premises ~~or any other part of the Project~~ shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease (Eckler Industries Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall~~ Building should be ~~damaged or~~ totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Premises or Building should be so damaged that rebuilding or repairs cannot be completed within ninety (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (3090) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, either Landlord ~~shall so notify~~ or Tenant ~~within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~may, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. In the ~~statement estimating~~ event the ~~repair time~~Building or Premises should be damaged by fire, tornado, or other casualty covered by landlord's insurance but only to such extent that rebuilding or repairs can be completed within ninety (~~y) in the case of subsection(c)(ii), five (5~~90) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, then Landlord shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant or ~~for Tenant~~ other tenants within the ~~Project~~Building or premises. ~~Tenant will maintain fire and extended coverage insurance on~~ Landlord shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an~~ negligence or willful misconduct of Tenant or Tenant's employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow Tenant a fair diminution of Rent during the time of such rebuilding or repairs. In the event any mortgagee, or the holder of ~~casualty~~any deed of trust, security agreement or mortgage on the building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or Tenant against loss or damage to the Building or to the Premises ~~or any other part of the Project~~ shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Sublease (Brite Voice Systems Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ 2.56.1 In the ~~Term all or any part of~~ event that the ~~Project shall~~ Leased Facilities should be ~~damaged or~~ totally destroyed by fire, hurricane, tornado or other casualty, or in the event the Leased Facilities should be so damaged that rebuilding or repairs cannot be completed within two hundred seventy (270) calendar days after the date of such damage, either SBBC or Hispanic Unity may, at its option, by written notice to the other given not more than thirty (30) calendar days after the date of such fire or other casualty, ~~Tenant~~ terminate this Lease Agreement. In such event, the sums payable under this Lease Agreement shall ~~promptly give notice thereof~~ be abated during the unexpired portion of this Lease Agreement effective with the date of such fire or other casualty. 2.56.2 In the event the Leased Facilities should be damaged by fire, hurricane, tornado, or other casualty covered by SBBC's insurance but only to ~~Landlord and Landlord~~ such extent that rebuilding or repairs can be completed within two hundred seventy (270) calendar days after the date of such damage, or if the damage should be more serious but neither SBBC nor Hispanic Unity elects to terminate this Lease Agreement, then SBBC shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of the insurance proceeds and the receipt from Tenant of the deductible amount of such insurance, if any, (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30) calendar days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof, or if such~~ damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of subsection(c)(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of subsection(c)(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii), the date of damage or destruction. If Tenant makes such election, commence to rebuild or repair the ~~Term~~ Leased Facilities and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Leased Facilities to substantially the ~~date Landlord receives notice of termination from Tenant~~ same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which they were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d. Landlord~~ casualty, except that SBBC shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by ~~or for Tenant~~ Hispanic Unity within the ~~Project~~Leased Facilities. ~~Tenant will maintain fire and extended coverage insurance on~~ Hispanic Unity shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an event~~ negligence or willful misconduct of ~~casualty~~Hispanic Unity or Hispanic Unity's employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow Hispanic Unity a fair diminution of any sums payable to SBBC under this Lease Agreement during the time of such rebuilding or repairs. SBBC shall have no obligation to utilize insurance proceeds to rebuild the Leased Facilities and this Lease Agreement shall terminate upon notice to Hispanic Unity. Any ~~insurance, if any,~~ insurance which may be carried by ~~Landlord in its discretion (at Landlord’s sole cost)~~ SBBC or Hispanic Unity against loss or damage to the ~~Premises or any other part of the Project~~ Leased Facilities shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall be damaged or~~ Building is totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall~~or in the event the Premises or Building is so damaged that, at within Landlord’s ~~sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of the insurance proceeds and the receipt from Tenant of the deductible amount of such insurance~~discretion, ~~if any,~~ rebuilding or repairs cannot be completed within one hundred eighty (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30180) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, ~~Landlord shall so notify Tenant~~ Landlord, within sixty (60) days ~~after~~ of the casualty, shall give Tenant written notice of the estimated time for completion or of Landlord’s ~~receipt of the notice required pursuant~~ intent not to ~~Section 15(a) hereof~~repair. In such event, either Landlord or ~~if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ Tenant may, at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. In the ~~statement estimating~~ event the ~~repair time~~Building or the Premises are damaged by fire, tornado, or other casualty covered by Landlord’s insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (~~y) in the case of subsection(c)(ii), five (5~~180) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, then Landlord shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and other improvements which may have been placed by Tenant or other Tenants or occupants within the Building or Premises. Landlord shall, unless such damage is deemed by Landlord to be the result of the negligence or willful misconduct of Tenant or Tenant’s ~~personal property which were placed by~~ employees, agents, principals, contractors, consultants, assigns, subtenants or ~~for~~ invitees, allow Tenant ~~within~~ a fair diminution of Rent and Additional Rent during the ~~Project~~time of such rebuilding or repairs. ~~Tenant will maintain fire~~ In the event any mortgagee, or the holder of any deed of trust, security agreement or mortgage on the Building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and ~~extended coverage insurance on such furniture, equipment, fixtures and~~ this Lease shall terminate upon notice to Tenant~~’s personal property and Tenant will restore or replace the same promptly following the repair or restoration of the Project after an event of casualty~~. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or by Tenant against loss or damage to the Premises or ~~any other part of the Project~~ its contents shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement (Cross Country Healthcare Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall be damaged or~~ Building is ------------------------------- totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Premises or Building is so damaged that rebuilding or repairs cannot be completed within one hundred eighty (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30180) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, either Landlord ~~shall so notify~~ or Tenant ~~within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~may, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. In the ~~statement estimating~~ event the ~~repair time~~Building or the Premises are damaged by fire, tornado, or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (~~y) in the case of subsection(c)(ii), five (5~~180) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, then Landlord shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant or ~~for Tenant~~ other tenants within the ~~Project~~Building or Premises. ~~Tenant will maintain fire and extended coverage insurance on~~ Landlord shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an~~ negligence or willful misconduct of Tenant or Tenant's employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow Tenant a fair diminution of Rent during the time of such rebuilding or repairs. In the event any mortgagee, or the holder of ~~casualty~~any deed of trust, security agreement or mortgage on the Building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or by Tenant against loss or damage to the Premises ~~or any other part of the Project~~ shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease (Virtual Mortgage Network Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall~~ Building should be ~~damaged or~~ totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Premises or Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30180) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, Landlord ~~shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~may, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination~~to Tenant, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. In the ~~statement estimating~~ event the ~~repair time~~Building or the Premises should be damaged by fire, tornado, or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (~~y) in the case of subsection(c)(ii), five (5~~180) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage ~~or destruction. If Tenant makes such election~~should be more serious but Landlord does not elect to terminate this Lease then Landlord shall, ~~the Term shall expire on the sixtieth~~ within (~~60th~~30) ~~day following~~ days after the date ~~Landlord receives notice~~ of ~~termination from Tenant~~ such damage, commence to rebuild or repair the Building and/or the Premises and shall proceed with reasonable diligence to restore the Building and/or the Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it was immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant or ~~for Tenant~~ other tenants within the ~~Project~~Building or Premises. Landlord shall, unless such damage is the result the negligence or willful misconduct of Tenant, its officers, agents employees and invitees, allow Tenant ~~will maintain fire~~ a fair diminution of Rent during the time that the Premises are unfit for occupancy. In the event any mortgagee, under a deed of trust, security agreement or mortgage on the Building, should require that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and ~~extended coverage insurance on such furniture, equipment, fixtures and~~ this Lease shall terminate upon notice to Tenant~~’s personal property and Tenant will restore or replace the same promptly following the repair or restoration of the Project after an event of casualty~~. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or Tenant against loss or damage to the Building or to the Premises ~~or any other part of the Project~~ shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance withsole

Appears in 1 contract

Samples: Lease (Bf Enterprises Inc)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ 2.55.1 In the ~~Term all or any part of~~ event that the ~~Project shall~~ Leased Facilities should be ~~damaged or~~ totally destroyed by ~~fire~~ fire, hurricane, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of~~ or in the ~~insurance proceeds and~~ event the ~~receipt from Tenant of the deductible amount of such insurance, if any,~~ Leased Facilities should be so damaged that rebuilding or repairs cannot be completed within two hundred seventy (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30270) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, ~~Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof~~either SBBC or SOFIA may, ~~or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal~~ at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease Agreement. In such event, the sums payable under this Lease Agreement shall be abated during the unexpired portion of this Lease Agreement effective with the date ~~Landlord delivers~~ of such fire or other casualty. 2.55.2 In the ~~statement estimating~~ event the ~~repair time~~Leased Facilities should be damaged by fire, hurricane, tornado, or other casualty covered by SBBC’s insurance but only to such extent that rebuilding or repairs can be completed within two hundred seventy (~~y) in the case of subsection(c)(ii), five (5~~270) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither SBBC nor SOFIA elects to terminate this Lease Agreement, then SBBC shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Leased Facilities and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Leased Facilities to substantially the ~~date Landlord receives notice of termination from Tenant~~ same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which they were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d. Landlord~~ casualty, except that SBBC shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by ~~or for Tenant~~ SOFIA within the ~~Project~~Leased Facilities. ~~Tenant will maintain fire and extended coverage insurance on~~ SOFIA shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an event~~ negligence or willful misconduct of ~~casualty~~SOFIA or SOFIA’s employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow SOFIA a fair diminution of any sums payable to SBBC under this Lease Agreement during the time of such rebuilding or repairs. SBBC shall have no obligation to utilize insurance proceeds to rebuild the Leased Facilities and this Lease Agreement shall terminate upon notice to SOFIA. Any ~~insurance, if any,~~ insurance which may be carried by ~~Landlord in its discretion (at Landlord’s sole cost)~~ SBBC or SOFIA against loss or damage to the ~~Premises or any other part of the Project~~ Leased Facilities shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all or any part of~~ event that the ~~Project shall be damaged or~~ Building is ------------------------------- totally destroyed by ~~fire~~ fire, tornado or other casualty, ~~Tenant shall promptly give notice thereof to Landlord and Landlord shall~~or in the event the Premises or Building is so damaged that, at within Landlord~~’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies) of the insurance proceeds and the receipt from Tenant of the deductible amount of such insurance~~'s discretion, ~~if any,~~ rebuilding or repairs cannot be completed within one hundred eighty (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord shall within thirty (30180) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such ~~casualty~~damage, ~~Landlord shall so notify Tenant~~ Landlord, within sixty (60) days ~~after Landlord’s receipt~~ of the casualty, shall give Tenant written notice ~~required pursuant to Section 15(a) hereof, or if such damage or destruction occurs during the last three (3) years~~ of the ~~Term (taking into account any previously exercised renewal~~ estimated time for completion or of Landlord's intent not to repair. In such event, either Landlord or Tenant may, at its option), ~~then Landlord may~~ by written notice ~~terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on~~ to the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does other given not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later more than thirty (30) days after ~~(x) in~~ the ~~case~~ date of ~~subsection(c)(i)~~such fire or other casualty, terminate this Lease. In such event, the Rent and Additional Rent shall be abated during the unexpired portion of this Lease effective with the date ~~Landlord delivers~~ of such fire or other casualty. In the ~~statement estimating~~ event the ~~repair time~~Building or the Premises are damaged by fire, tornado, or other casualty covered by Landlord's insurance but only to such extent that rebuilding or repairs can be completed within one hundred eighty (~~y) in the case of subsection(c)(ii), five (5~~180) days after ~~Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii),~~ the date of such damage, or if the damage should be more serious but neither Landlord nor Tenant elects to terminate this Lease, then Landlord shall, within thirty (30) days after the date of such damage or ~~destruction. If Tenant makes~~ such election, commence to rebuild or repair the ~~Term~~ Building and/or the Premises and shall ~~expire on~~ proceed with reasonable diligence to restore the ~~sixtieth (60th) day following~~ Building and/or the ~~date Landlord receives notice of termination from Tenant~~ Premises to substantially the same condition in ~~accordance with the provisions of this Section. Notwithstanding anything herein~~ which it/they was/were immediately prior to the ~~contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years~~ happening of the ~~existing Term (taking into account any previously exercised renewal option). d.~~ casualty, except that Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment, fixtures and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Tenant or ~~for Tenant~~ other Tenants or occupants within the ~~Project~~Building or Premises. ~~Tenant will maintain fire and extended coverage insurance on~~ Landlord shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is deemed by Landlord to be the ~~same promptly following the repair or restoration~~ result of the ~~Project after an~~ negligence or willful misconduct of Tenant or Tenant's employees, agents, principals, contractors, consultants, assigns, subtenants or invitees, allow Tenant a fair diminution of Rent and Additional Rent during the time of such rebuilding or repairs. In the event any mortgagee, or the holder of ~~casualty~~any deed of trust, security agreement or mortgage on the Building, requires that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Any ~~insurance, if any,~~ insurance which may be carried by Landlord ~~in its discretion (at Landlord’s sole cost)~~ or by Tenant against loss or damage to the Premises or ~~any other part of the Project~~ its contents shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement (Anything Internet Corp)

DAMAGE BY FIRE OR THE ELEMENTS. ~~a. If during~~ In the ~~Term all~~ event that the Building should be totally destroyed by fire, tornado or ~~any part~~ other casualty or in the event the Office Space or Building should be so damaged that, in the opinion of the ~~Project shall~~ Lessor, rebuilding or repairs cannot be ~~damaged~~ completed within ninety (90) days after the date of such damage, either Lessor or ~~destroyed~~ Lessee may at its option, by written notice to the other given not more that thirty (30) days after the date of such fire or other casualty, ~~Tenant shall promptly give notice thereof~~ terminate this lease. In the event the Building or the Office Space should be damaged by fire, tornado, or other casualty covered by Lessor's insurance but only to ~~Landlord and Landlord shall, at Landlord’s sole cost and expense subject to availability and receipt from Tenant’s insurance company(ies~~such extent that rebuilding or repairs can be completed within ninety (90) of days after the ~~insurance proceeds and the receipt from Tenant of the deductible amount~~ date of such ~~insurance~~damage, or if ~~any~~the damage should be more serious but neither Lessor nor Lessee needs to terminate this Lease, (except as provided in Section 15(b)), repair, restore or replace the applicable Phase as nearly as possible to its value, condition and character as of the Commencement Date of the applicable Phase. Landlord then Lessor shall within thirty (30) days following such notice from Tenant of the casualty advise Tenant the amount of time such repairs are reasonably estimated to require. b. If during the Term the Project shall be substantially damaged or destroyed in any single casualty in such a manner that such damage cannot, in Landlord’s reasonable judgment, be repaired within nine (9) months from after the date of such damage commence to rebuild or repair the Building and/or the Office Space and shall proceed with reasonable diligence to restore the Building and/or the Office Space to substantially the same condition in which it was immediately prior to the happening of the casualty, Landlord shall so notify Tenant within sixty (60) days after Landlord’s receipt of the notice required pursuant to Section 15(a) hereof, or if such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Landlord may by written notice terminate this Lease. If Landlord shall give such notice of termination, this Lease shall terminate on the sixtieth (60th) day following the date Tenant receives notice of termination from Landlord in accordance with the provisions of this Section. c. If during the Term the Project shall be damaged or destroyed in any single casualty and Landlord (if permitted to do so) does not give notice of its intention to terminate this Lease, as provided above, this Lease shall continue in force and effect, and Landlord shall repair, restore or replace the same as provided above; provided, however, if (i) the estimated time period for repair exceeds nine (9) months, or (ii) such statement estimating the repair time is not timely delivered (and Tenant notified Landlord of its failure to timely deliver the statement and Landlord fails to respond to Tenant within five (5) days after Tenant’s notice), or (iii) such damage or destruction occurs during the last three (3) years of the Term (taking into account any previously exercised renewal option), then Tenant may elect to terminate this Lease by notice to Landlord delivered not later than thirty (30) days after (x) in the case of subsection(c)(i), the date Landlord delivers the statement estimating the repair time, or (y) in the case of subsection(c)(ii), five (5) days after Tenant’s notice of Landlord’s failure to deliver the statement or the date Landlord delivers the statement, if Landlord so delivers or (z) in the case of subsection(c)(iii), the date of damage or destruction. If Tenant makes such election, the Term shall expire on the sixtieth (60th) day following the date Landlord receives notice of termination from Tenant in accordance with the provisions of this Section. Notwithstanding anything herein to the contrary, Landlord shall not be required to proceed with repairs or restoration if the repair estimate exceeds nine (9) months and the casualty occurs within the last three (3) years of the existing Term (taking into account any previously exercised renewal option). d. Landlord except that Lessor shall not be required to rebuild, repair or replace any part of the furniture, equipment, ~~fixtures~~ fixtures, and ~~Tenant’s personal property~~ other improvements which ~~were~~ may have been placed by Lessee or ~~for Tenant~~ other tenants within the ~~Project~~Building or Office Space. ~~Tenant will maintain fire and extended coverage insurance on~~ Lessor shall, unless such ~~furniture, equipment, fixtures and Tenant’s personal property and Tenant will restore or replace~~ damage is the ~~same promptly following the repair or restoration~~ result of the ~~Project after an~~ negligence or willful misconduct of Lessee or Lessee's employees or invitees, shall xxxxx Lessee's rent obligation in its entirety of Rent during the time that the Office Space is unfit for occupancy. In the event any mortgagee, under a deed of ~~casualty~~trust, security agreement or mortgage on the Building, should require that the insurance proceeds be used to retire the mortgage debt, Lessor shall have no obligation to rebuild and this Lease shall terminate upon notice to Lessee. Any ~~insurance, if any,~~ insurance which may be carried by ~~Landlord in its discretion (at Landlord’s sole cost)~~ Lessor or Lessee against loss or damage to the ~~Premises~~ Building or ~~any other part of~~ to the ~~Project~~ Office Space shall be for the sole benefit of ~~Landlord~~ the party carrying such insurance and under its sole control. e. If the Project shall be partially damaged or partially destroyed by a casualty, the Base Rent and Additional Rent payable hereunder shall be equitably abated to the extent that the Project shall have been rendered untenantable for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Project or a major part thereof shall be damaged or destroyed that it is rendered untenantable on account of a casualty, the Base Rent and Additional Rent shall xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Project; provided, however, that if Tenant reoccupies for the conduct of its business a portion of the Project during the period the restoration work is taking place and prior to the date that the same are made Substantially Completed, Base Rent and Additional Rent allocable to such portion shall be payable by Tenant from the date of such occupancy. f. All property insurance proceeds received by Landlord or Tenant on account of such damage or destruction to the Buildings in excess of a casualty loss for which the proceeds are less than $375,000.00, in which case the proceeds are not required to be placed in an escrow account (excluding proceeds relating to Tenant’s personal property, which proceeds shall be used in accordance with

Appears in 1 contract

Samples: Lease Agreement (National Medical Health Card Systems Inc)

Common use of DAMAGE BY FIRE OR THE ELEMENTS Clause in Contracts