DAMAGE BY FIRE. 12.01 Restoration of Premises The parties hereto mutually agree that if the Premises are partially or totally destroyed or damaged by fire or other hazard, then Landlord shall repair and restore the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business. 12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after receipt of such notice from Landlord that Tenant elects to enter into a modification of this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurred.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
DAMAGE BY FIRE. 12.01 Restoration of If the Leased Premises The parties hereto mutually agree that if the Premises are partially or totally destroyed or shall be damaged by fire or other hazardcasualty prior to the Rent Commencement Date, then Landlord shall repair and agrees that it will restore the Premises as soon as is reasonably practicable said building with reasonable dispatch, at Landlord’s sole cost, to substantially the same condition they were in which the Premises were before prior to such damage; provided that if . From the insurance proceeds collected or collectible time of the Rent Commencement Date and available to Landlord to pay thereafter for the cost initial Term of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice and any extensions thereof, Tenant will restore said building and the Tenant’s upfit with said upfit to be performed by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months Tenant’s contractor under Tenant’s supervision to substantially the same condition as existed immediately prior to which the casualty (subject to modifications required by applicable law or governmental authorities). If the Leased Premises were before are rendered untenantable in whole or in part as a result of such damage, then Landlord the rent payable hereunder shall receive be equitably and proportionately abated (according to loss of use) during the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following period intervening between the expiration date of such sixty damage and the date the Leased Premises are restored; provided, however, that if such damage exceeds fifty percent (6050%) daysof the insurable value of said premises at the time such damage occurs, but in no event either Landlord or Tenant may Tenant terminate this Lease after as of the date of such repairs have been commenced damage by Landlord. In giving the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption written notice of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 intention to the contrary notwithstandingdo so, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after receipt such damage occurs. If this Lease is so terminated, then rent payable hereunder shall be abated as of the date of such notice damage, and Tenant shall remove all of its property from Landlord that Tenant elects to enter into a modification of this Lease and the Leased Premises within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification after the notice of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredtermination was given.
Appears in 1 contract
Samples: Lease Agreement (Trans1 Inc)
DAMAGE BY FIRE. 12.01 Restoration of Premises The parties hereto mutually agree that if If, during the Term hereby demised, the Premises are partially or totally shall be destroyed or damaged by fire or other hazardthe elements or by causes for which the Tenant is not responsible to repair as hereinbefore set out, the following provisions shall have effect:
(a) If the Premises shall be so badly injured as to be unfit for occupancy and to be incapable, with reasonable diligence of being repaired and rendered fit for occupation within one hundred and twenty (120) days from the happening of such injury, then Landlord shall repair and restore the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorationsTerm hereby granted, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, shall cease and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood at an end to all intents and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after receipt of such notice purposes from Landlord that Tenant elects to enter into a modification of this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by and the percentage (which Tenant shall in no event be less than 100%) found by dividing immediately surrender the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” same and yield up possession of the United States Department Premises to the Landlord and the rent hereunder shall be apportioned and paid to the date of Labor’s Bureau such termination.
(b) If the Premises shall be capable, with reasonable diligence, of Labor Statistics in effect being repaired and generally published rendered fit for occupation within one hundred and twenty (120) days from the happening of such injury as aforesaid, but if the damage is such to render the Premises wholly unfit for occupation, then the rent hereby reserved shall not run or accrue after such injury or while the process of repair is going on, and the Landlord shall repair the same calendar month in which with all reasonable speed, and the rent shall recommence immediately after such repairs shall be completed and the Premises rendered fit for occupation.
(c) If the Premises can be repaired within one hundred and twenty (120) days as aforesaid, and if the damage or destruction occurredis such that the said Premises are capable of being partially used, then until such repairs shall have been made to the extent of enabling the use of the damaged portion of the Premises, the rent shall xxxxx in the proportion that the part of the Premises rendered unfit for occupation bears to the whole of the Premises, and the amount of the abatement shall, in the event of the parties not being able to agree thereon be determined by arbitration pursuant to the Ontario Arbitration Act.
Appears in 1 contract
Samples: Lease Agreement
DAMAGE BY FIRE. 12.01 Restoration In the event of loss of, or damage to, the Premises The or the Building or the Garage by fire or other casualty, the rights and obligations of the parties hereto mutually agree that if shall be as follows:
(i) If the Premises are partially Premises, or totally destroyed or any part thereof, shall be damaged by fire or other hazardcasualty, then Landlord Tenant shall repair give prompt notice thereof to Landlord, and restore Landlord, upon receiving such notice, shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or cause to be repaired, such damage except as otherwise provided herein. With respect to portions of the Building or Lot outside of the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenantcasualty, Landlord shall proceed promptly and this Lease is not terminated as above providedwith due diligence, there shall be no abatement of rentsubject to Force Majeure Events, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial termrepair, or at to cause to be repaired, such damage after such damage occurs except as otherwise provided herein; and (ii) if the Garage, or any time during renewal term (if any) of this Leasepart thereof, the Premises shall be damaged or destroyed by fire or otherwiseother casualty and if the Garage is then owned by Landlord or an Affiliate of Landlord (as defined in Section 10.14 hereof) Landlord shall cause the Garage Owner to proceed promptly and with due diligence, and subject to Force Majeure Events, to repair or cause to be repaired, such damage except as otherwise provided herein. If Landlord or an Affiliate of Landlord is not the estimated cost Garage Owner at the time of restoration exceeds Twenty-five Thousand Dollars ($25,000.00)such damage by fire or other casualty, Landlord shall be under no obligation use all reasonable efforts to cause the Garage Owner to proceed promptly to repair and restore such damage.
(i) If the Premises, or any part thereof, shall be rendered untenantable by reason of such damage, whether to the Premises or to the Building or if such damage materially interferes with Tenant's access to the Premises, Annual Fixed Rent and at Additional Rent shall proportionately (i.e., based on rentable square footage) abate for that portion of the election Premises which is untenantable for the xxxxxd from the date of such damage or from the date when material interference with Tenant's access due to such damage commences to the date when such damage shall have been repaired or such access shall have been restored, as applicable; and (ii) if the Garage or any part thereof shall be rendered untenantable by reason of such damage or if such damage prevents Tenant's access to the Garage then to the extent that Landlord does not provide Tenant with substitute parking spaces in the Complex or within a reasonable walking distance of the Premises ("Substitute Parking Spaces"), the Parking Fee (as defined in Section 10.14) and/or the Valet Parking Fee (as defined in Section 10.14), as applicable, shall proportionately abate (based upon the number of Tenant's Parking Spaces or Valet Parkxxx Xpaces) for each of the Garage Parking Spaces (as defined in Section 10.14) in excess of the Substitute Parking Spaces which are unavailable to Tenant for the period from the date of such damage or from the date when access to the Garage ceases due to such damage to the date when such damage shall have been repaired or such access shall have been restored, as applicable.
(i) If, as a result of fire or other casualty, the whole or a substantial part of the Building is rendered untenantable, Landlord, within ninety (90) days from the date of such fire or casualty, may terminate this Lease by notice to Tenant the Lease shall terminate and Tenant shall Tenant, specifying a date not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty less than twenty (3020) nor more than forty (40) days after receipt the giving of such notice from Landlord that Tenant elects to enter into a modification of this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of on which the term Term of this Lease shall be extended ten terminate. If Landlord does not so elect to terminate this Lease, then Landlord shall
(10d) years beyond the scheduled end shall mean thirty-three and one-third percent (33 1/3%) or more of the initial term Building; and (ii) if as a result of fire or renewal term if such damage other casualty, the whole or destruction occurs at any time during a substantial part of the renewal termGarage is rendered untenantable, Landlord, within ninety (90) upon the same terms and conditions except that (b) the fixed annual rent effective upon days from the date of such modification agreement fire or casualty, shall be, and notify Tenant covenants and agrees to pay, an amount equal whether the Garage Owner will repair the damage to the product resulting from multiplying Garage. If the fixed annual rent Garage Owner is unwilling to repair such damage and Landlord does not provide substitute parking in effect at the date Complex or within reasonable walking distance of the occurrence Premises, then Tenant may terminate this Lease by notice to Landlord, specifying a date not less than twenty (20) nor more than forty (40) days after the giving of such damage or destruction by notice on which the percentage Term of this Lease shall terminate. "Substantial part" for this Section 6.1(c)(ii) shall mean thirty-three and one-third percent (which shall in no event be less than 10033 1/3%) found by dividing or more of Tenant's Parking Spaces. If Tenant fails to terminate in accordance within the index for the calendar month foregoing time periods set forth in which falls the Term Commencement Date under this LeaseSection 6.1, said rent Tenant shall have waived its right to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredterminate.
Appears in 1 contract
Samples: Lease (BioMed Realty Trust Inc)
DAMAGE BY FIRE. 12.01 Restoration In the event of loss of, or damage to, the Premises The or the Building or the Garage by fire or other casualty, the rights and obligations of the parties hereto mutually agree that if shall be as follows:
(i) If the Premises are partially Premises, or totally destroyed or any part thereof, shall be damaged by fire or other hazardcasualty, then Landlord Tenant shall repair give prompt notice thereof to Landlord, and restore Landlord, upon receiving such notice, shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or cause to be repaired, such damage except as otherwise provided herein. With respect to portions of the Building or Lot outside of the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard casualty, Landlord shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or to cause to be repaired, such damage after such damage occurs except as otherwise provided herein; and (ii) if the Garage, or any part thereof, shall be damaged by fire or other casualty and if the Garage is then owned by Landlord or an Affiliate of Landlord (as defined in Section 10.14 hereof) Landlord shall cause the Garage Owner to proceed promptly and with due diligence, subject to Force Majeure Events, to repair or cause to be repaired, such damage except as otherwise provided herein. If Landlord or an Affiliate of Landlord is not the Garage Owner at the time of such damage by fire or other casualty, Landlord shall use all reasonable efforts to cause the Garage Owner to proceed promptly to repair such damage.
(i) If the Premises, or any part thereof, shall be rendered untenantable by reason of such damage, whether to the Premises or to the Building or if such damage materially interferes with Tenant's access to the Premises, Annual Fixed Rent and Additional Rent shall proportionately (i.e., based on rentable square footage) xxxxx for that they portion of the Premises which is untenantable for the period from the date of such damage or from the date when material interference with Tenant's access due to such damage commences to the date when such damage shall have been repaired or such access shall have been restored, as applicable; and (ii) if the Garage or any part thereof shall be rendered untenantable by reason of such damage or if such damage prevents Tenant's access to the Garage then to the extent that Landlord does not provide Tenant with substitute parking spaces in the Complex or within a reasonable walking distance of the Premises ("Substitute Parking Spaces"), the Parking Fee (as defined in Section 10.14) and/or the Valet Parking Fee (as defined in Section 10.14), as applicable, shall proportionately xxxxx (based upon the number of Tenant's Parking Spaces or Valet Parking Spaces) for each of the Garage Parking Spaces (as defined in Section 10.14) in excess of the Substitute Parking Spaces which are unavailable to Tenant for the period from the date of such damage or from the date when access to the Garage ceases due to such damage to the date when such damage shall have been repaired or such access shall have been restored, as applicable.
(i) If, as a result of fire or other casualty, the whole or a substantial part of the Building is rendered untenantable, Landlord, within ninety (90) days from the date of such fire or casualty, may terminate this Lease by notice to Tenant, specifying a date not less than twenty (20) nor more than forty (40) days after the giving of such notice on which the Term of this Lease shall terminate. If Landlord does not so elect to terminate this Lease, then Landlord shall proceed with diligence to repair the damage to the Building and Premises and all facilities serving the same, and the Annual Fixed Rent and Additional Rent shall meanwhile proportionately xxxxx, all as provided in Paragraph (b)(i) of this Section 6.1. Landlord within one hundred twenty (120) days after the fire or other casualty shall notify Tenant in writing whether or not, in its reasonable judgment, the Building and the Premises can be restored to substantially their condition prior to such damage and Utility Services restored within twelve (12) months of the date of the casualty. If such notification shall state that such restoration cannot be reasonably used by so accomplished, then Tenant or can only be partially used by Tenant, and may terminate this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after from Tenant's receipt of such notice from Landlord that notification. Furthermore, if Tenant elects to enter into a modification of does not so terminate this Lease and if such damage is not repaired, Utility Services are not restored and the Premises and the remainder of the Building are not restored to substantially the same condition as they were prior to such damage within twelve (12) months from the date of such damage, Tenant within thirty (30) days thereafter: from the expiration of such twelve (a12) Landlord and Tenant enter into a modification month period or from the expiration of any extension thereof by reason of Force Majeure Events (the "Casualty Restoration Completion Date"), may terminate this Lease by notice to Landlord, specifying a date not more than forty-five (45) days after the terms giving of such notice on which the term of this Lease shall terminate. The period within which the required repairs may be accomplished shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which number of days lost as a result of Force Majeure Events, provided however that such period shall in no event be extended beyond six (6) months from the Casualty Restoration Completion Date. Substantial part for purposes of this Section 6.1(c)(i) and section 6.1(d) shall mean thirty-three and one-third percent (331/3%) or more of the Building; and (ii) if as a result of fire or other casualty, the whole or a substantial part of the Garage is rendered untenantable, Landlord, within ninety (90) days from the date of such fire or casualty, shall notify Tenant whether the Garage Owner will repair the damage to the Garage. If the Garage Owner is unwilling to repair such damage and Landlord does not provide substitute parking in the Complex or within reasonable walking distance of the Premises, then Tenant may terminate this Lease by notice to Landlord, specifying a date not less than 100twenty (20) nor more than forty (40) days after the giving of such notice on which the Term of this Lease shall terminate. "Substantial part" for this Section 6.1(c)(ii) shall mean thirty-three and one-third percent (331/3%) found or more of Tenant's Parking Spaces. If Tenant fails to terminate in accordance within the foregoing time periods set forth in this Section 6.1, Tenant shall have waived its right to terminate.
(d) If a substantial part of the Premises shall be rendered untenantable by dividing fire or other casualty during the index for last eighteen (18) months of the calendar month then current Term of this Lease and Tenant has not exercised an Option to Extend (as set forth in which falls Section 10.12 hereof), Landlord may terminate this Lease effective as of the Term Commencement Date date of such fire or other casualty upon notice to Tenant given within sixty (60) days after such fire or other casualty.
(e) With respect to Sections 6.1 and 6.2 hereof, Landlord shall not be required to repair or replace any of Tenant's trade fixtures, business machinery, equipment, cabinet work, furniture, personal property or other installations or improvements not originally installed by Landlord or otherwise required to be insured by Tenant under the terms of this Lease, said rent or any damage to the Premises or Building caused by Tenant, or any damage to the Premises or Building not covered by insurance proceeds or condemnation proceeds, or any damage or destruction which Landlord is unable to restore due to Landlord's inability, after exercising reasonable and diligent efforts, to obtain final approval therefor from applicable governmental authorities, and no damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Premises or of the Building.
(f) The provisions of this Section 6.1 shall be considered an express agreement governing any instance of damage or destruction of the Building, the Premises or the Garage by fire or other casualty, and any law now or hereafter in force providing for such contingency in the absence of express agreement shall have no application.
(g) In the event of any termination of this Lease pursuant to this Section 6.1, the Term of this Lease shall expire as of the effective termination date as fully and completely as if such date were the date herein originally scheduled as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” Term Expiration Date; provided that Landlord shall within thirty (30) days thereafter refund any prepaid Rent.
(h) If less than fifty percent (50%) of the United States Department Building shall be rendered untenantable by fire or other casualty and Landlord reasonably determines that the net proceeds of Labor’s Bureau of Labor Statistics in effect and generally published insurance recovered for such damage are not adequate to restore the same calendar month in which Building (or Premises or Utility Service) to substantially their condition immediate prior to the damage or destruction occurredLandlord's mortgagee refuses to release to Landlord sufficient insurance proceeds to restore the Building (or Premises or Utility Service) to such condition, Landlord shall so notify Tenant within ninety (90) days following such fire or other casualty (the "Insurance Shortfall Notice"). Within thirty (30) days after Tenant's receipt of an Insurance Shortfall Notice, Tenant may elect to (i) terminate this Lease or (ii) (x) to require Landlord to restore the Building (or Premises or Utility Service) to substantially their condition immediately prior to the occurrence of such fire or other casualty and (y) to pay the difference between the net proceeds of insurance recovered and the total cost of restoration (the "Tenant Deficiency Election"). If Tenant does not give Landlord notice of Tenant's Deficiency Election within such thirty (30) day period, Landlord may terminate this Lease or Landlord may elect to restore the Building, in each case pursuant to Section 6.1(c)(i) of this Lease. For purposes of this Lease, the phrase "restored to substantially their condition immediately prior to the occurrence of such fire or casualty" shall mean Landlord's Base Building Improvements without the restoration of the improvements to the Premises that constitute Tenant's Work, in respect to which Tenant acknowledges that Tenant, and not Landlord, bears the risk of loss in respect to such fire or other casualty. If Tenant makes Tenant's Deficiency Election, Tenant shall promptly deposit with Landlord's mortgagee (or another "restoration trustee" mutually acceptable to Landlord and Tenant) the amount reasonably estimated by Landlord's architect to fund the estimated cost of the total restoration of the Building (or Premises or Utility Service) to substantially their condition immediately prior to the occurrence of the fire or other casualty after application of the net proceeds of insurance recovered (the "Reconstruction Fund"); all amounts so deposited by Tenant into the Reconstruction Fund shall be referred to herein as "Tenant's Restoration Funds". Tenant shall have the right to approve the construction cost for the restoration of the Building (or Premises or Utility Service), which approval shall not be unreasonably withheld, conditioned or delayed. Landlord's mortgagee (or another "restoration trustee" mutually acceptable to Landlord and Tenant) shall advance proceeds from the Reconstruction Fund, as needed, to prosecute the restoration as herein provided, and any funds remaining in the Reconstruction Fund after final completion and payment in full of all of the costs of restoration shall be repaid to Tenant. If there is a shortfall in the funding of such restoration, Tenant shall promptly deposit the required additional funds in the Reconstruction Fund after Tenant's receipt of notice from Landlord or Landlord's mortgagee (or another "restoration trustee" mutually acceptable to Landlord and Tenant) stating the amount of the required additional funds and a description of the restoration work related thereto. Landlord shall have no obligation to repay to Tenant any portion of the Reconstruction Fund. During the period of such restoration, Fixed Rent and Additional Rent shall proportionately xxxxx as set forth in Section 6.1(b)(i) hereof.
(i) Landlord's architect's certificate, given in good faith, shall be deemed conclusive of the statements therein contained and binding upon Tenant with respect to the extent of the damage to the Building and the performance and completion of any repair or restoration work undertaken by Landlord pursuant to Sections 6.1 or 6.2 hereof.
Appears in 1 contract
Samples: Lease Agreement (Genzyme Corp)
DAMAGE BY FIRE. 12.01 Restoration of If the Leased Premises The parties hereto mutually agree that if the Premises are partially or totally destroyed or shall be damaged by fire or other hazard------------------ casualty during the term hereof (provided such casualty is not caused by Tenant, then its agents, employees or invitees), Landlord shall repair and agrees that it will restore the Premises as soon as those items for which it is reasonably practicable responsible pursuant to paragraph 12 hereof with reasonable dispatch to substantially the same condition they were in which the Premises were before prior to such damage; , insofar as the proceeds from Landlord's insurance permit and provided that if the Landlord's mortgagee does not require insurance proceeds collected paid to it. Landlord shall be deemed to comply with this paragraph and the other terms of this Lease if it has expended all such insurance proceeds paid to landlord for the restoration of the Leased Premises. All other repairs and remodeling shall be conducted at the sole expense of Tenant. Tenant covenants it will repair and restore the Leased Premises at its sole expense if such casualty is caused by its negligence or collectible and available to Landlord to pay that of its agents, employees or invitees. If the cost Leased Premises are rendered untenantable in whole or in part as a result of such repairs damage (where the casualty is not caused by Tenant, its agents, employees or invitees), the Minimum Rent payable hereunder shall be equitably and restoration by Landlord as a consequence proportionately abated (according to loss of such destruction or damage the date the Leased Premises are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. Ifrestored; provided, however, that if such damage occurs during the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four last two (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (32) years of the expiration term and exceeds fifty percent (50%) of the initial term, or Landlord's insurable value of the Leased Premises at any the time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00)such damage occurs, Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the may terminate this Lease shall terminate and Tenant shall not be entitled to any portion as of the insurance proceedsdate of such damage by giving Tenant written notice of its intention to do so, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after receipt such damage occurs. If this Lease is so terminated, then rent payable hereunder shall be abated as of the date of such notice damage, and Tenant shall remove all of its property from Landlord that Tenant elects to enter into a modification of this Lease and the Leased Premises within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification after the notice of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” termination is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredgiven.
Appears in 1 contract
Samples: Lease Agreement (CNB Bancorp Inc/Va)
DAMAGE BY FIRE. 12.01 Restoration In the event of loss of, or damage to, the Premises The or the Building or the Garage by fire or other casualty, the rights and obligations of the parties hereto mutually agree that if shall be as follows:
(i) If the Premises are partially Premises, or totally destroyed or any part thereof, shall be damaged by fire or other hazardcasualty, then Landlord Tenant shall repair give prompt notice thereof to Landlord, and restore Landlord, upon receiving such notice, shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or cause to be repaired, such damage except as otherwise provided herein. With respect to portions of the Building or Lot outside of the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard casualty, Landlord shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or to cause to be repaired, such damage after such damage occurs except as otherwise provided herein; and (ii) if the Garage, or any part thereof, shall be damaged by fire or other casualty and if the Garage is then owned by Landlord or an Affiliate of Landlord, Landlord shall cause the Garage Owner to proceed promptly and with due diligence, subject to Force Majeure Events, to repair or cause to be repaired, such damage except as otherwise provided herein. If Landlord or an Affiliate of Landlord is not the Garage Owner at the time of such damage by fire or other casualty, Landlord shall use all reasonable efforts to cause the Garage Owner to proceed promptly to repair such damage.
(i) If the Premises, or any part thereof, shall be rendered untenantable by reason of such damage, whether to the Premises or to the Building or if such damage materially interferes with Tenant's access to the Premises, Annual Fixed Rent and Additional Rent shall proportionately (i.e., based on rentable square footage) abate for that they portion of the Premises which is untenantable for the xxxxod from the date of such damage or from the date when material interference with Tenant's access due to such damage commences to the date when such damage shall have been repaired or such access shall have been restored, as applicable; and (ii) if the Garage or any part thereof shall be rendered untenantable by reason of such damage or if such damage prevents Tenant's access to the Garage then to the extent that Landlord does not provide Tenant with substitute parking spaces in the Complex or within 1,000 feet of the Premises ("Substitute Parking Spaces"), the Parking Fee (as defined in Section 10.14) shall proportionately abate (based upon the number of Tenant's Parking Spaces for each of xxx Xarage Parking Spaces (as defined in Section 10.14) in excess of the Substitute Parking Spaces which are unavailable to Tenant for the period from the date of such damage or from the date when access to the Garage ceases due to such damage to the date when such damage shall have been repaired or such access shall have been restored, as applicable.
(i) If, as a result of fire or other casualty, the whole or a substantial part of the Building is rendered untenantable, Landlord, within ninety (90) days from the date of such fire or casualty, may terminate this Lease by notice to Tenant, specifying a date not less than twenty (20) nor more than forty (40) days after the giving of such notice on which the Term of this Lease shall terminate. If Landlord does not so elect to terminate this Lease, then Landlord shall proceed with diligence to repair the damage to the Building and Premises and all facilities serving the same, and the Annual Fixed Rent and Additional Rent shall meanwhile proportionately abate, all as provided in Paragraph (b)(i) of this Section 6.1. Landxxxx within one hundred twenty (120) days after the fire or other casualty shall notify Tenant in writing whether or not, in its reasonable judgment, the Building and the Premises can be restored to substantially their condition prior to such damage and Utility Services restored to the Utility Switching Points within twelve (12) months of the date of the casualty. If such notification shall state that such restoration cannot be reasonably used by so accomplished, then Tenant or can only be partially used by Tenant, and may terminate this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after from Tenant's receipt of such notice from Landlord that notification. Furthermore, if Tenant elects to enter into a modification of does not so terminate this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall beis not repaired, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurred.Utility Services are not restored
Appears in 1 contract
Samples: Lease (BioMed Realty Trust Inc)
DAMAGE BY FIRE. 12.01 Restoration of Premises The parties hereto mutually agree that if If the Premises are partially or totally destroyed or premises is damaged by fire fire, casualty, or other hazardcause insured by Lessor, then Landlord shall repair Lessor may, solely in its discretion, elect to cancel the lease and refund any prepaid rent and security deposit to Lessee, or affirm the lease and restore the Premises demised premises to good repair. Lessee shall be notified in writing of Lessor’s election within fourteen (14) calendar days of the occurrence of the event giving rise to the demised premises being damaged. If the option to restore is elected by Lessor, the demised premises shall be put back into good repair as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible commercially feasible, and available to Landlord until so restored, Lessee’s obligation to pay base rent only under this lease shall be suspended until such time as the cost property is repaired to the extent that Lessee may continue to utilize the demised premises for the purposes stated in Section 8 of such repairs this lease. If the premises is damaged and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated Lessor elects to commence or perform such repairs and restorations and affirm this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, howeverlease, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration date of the initial term, or at any properly elected option term should the parties agree to extend the lease beyond its initial term, shall be extended by the amount of time for which Lessee’s obligation to pay rent is suspended under this Section. If said premises are condemned by lawful authority as unsafe or unfit for use, for reason other than Lessee’s use thereof, then Lessor shall repair premises within a reasonable time during renewal term (if any) of this Lease, the Premises which period that rent shall be damaged likewise suspended and the expiration date of the lease extended as described above. If the condemnation is caused by Lessee’s use of the demised premises, then it shall be solely Lessee’s responsibility to put the demised premises in good repair or destroyed otherwise xxxxx the problem cited by fire or otherwiselawful authority, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no Lessee’s obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant pay rent, including any additional rent, shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after receipt of such notice from Landlord that Tenant elects to enter into a modification of this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredsuspended.
Appears in 1 contract
DAMAGE BY FIRE. 12.01 Restoration of Premises The parties hereto mutually agree that if (a) In the event the Premises are partially or totally any part thereof is destroyed or damaged by fire or other hazard, then Landlord shall repair and restore casualty so as to render the Premises as soon as is reasonably practicable unfit for use and occupancy, a just and proportionate part of the Rent, according to the nature and extent of the injury to said Premises, shall be suspended and abated until the portion of the Premises so damaged shall have been restored to substantially the same condition that existed immediately before the damage or destruction, or until this Lease shall be canceled and terminated as provided below. Landlord shall determine and notify Tenant in which writing, within thirty (30) days after such damage or destruction, of Landlord's best estimate (based upon reasonably applied construction criteria) of the date the Premises were before can be fully restored. Tenant may challenge Landlord's estimate if it disagrees with it. If such damage; provided that if the insurance proceeds collected damage or collectible and available to Landlord to pay the cost destruction is not susceptible of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes being repaired within six (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (46) months to substantially after the same condition to which the Premises were before date such damagedamage or destruction occurred, then Landlord either party hereto shall receive have the insurance proceedsright, this Lease may to be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing exercised within thirty (30) days after receipt of such notice from Landlord that Tenant elects notice, to enter into a modification of cancel and terminate this Lease by giving to the other party a written notice of its desire to so cancel and terminate. However, if the date by which such restoration can be completed shall be within six (6) months after the date such damage or destruction occurred, this Lease shall remain in full force and effect, the just and proportionate share of the Rent due hereunder shall be suspended and abated as described above, and the Premises shall be restored by Landlord using commercially reasonable efforts to complete such restoration promptly. If, at the expiration of such six (6) month period, however, the restoration of the Premises shall not have been fully completed, Tenant shall have the right to terminate this Lease by giving Landlord thirty (30) days thereafter: written notice thereof; provided that if restoration is completed within such thirty (a30) day period, such termination shall be null and void.
(b) Notwithstanding anything contained herein to the contrary, in the event that damage or destruction of all or any portion of the Premises is not fully covered by the insurance proceeds received by or payable to Landlord, or if there are insufficient proceeds after any required payments to mortgagees of the Property, or Landlord does not provide Tenant with reasonable evidence that it will be permitted by its mortgagees and Tenant enter into a modification ground lessors, if any, to use the insurance proceeds to restore the Premises and that it has available the funds to cover any shortfall not covered by available insurance proceeds, either party may, within sixty (60) days of such casualty, terminate this Lease by written notice to the terms other, effective as of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement casualty; provided that neither party shall be, and Tenant covenants and agrees have any right to pay, an amount equal terminate this Lease pursuant to this Section 8.02(b) if the product resulting from multiplying the fixed annual rent in effect at the date estimated cost of the occurrence required repair is Fifty Thousand Dollars ($50,000) or less; and provided further that Landlord shall not have the right to terminate this Lease pursuant to this Section 8.02(b) if the reason the insurance proceeds are inadequate is Landlord's failure to obtain the insurance required of such damage or destruction it by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredSection 5.06 above.
Appears in 1 contract
DAMAGE BY FIRE. 12.01 Restoration In the event of loss of, or damage to, the Premises The or the Building or the Garage by fire or other casualty, the rights and obligations of the parties hereto mutually agree that if shall be as follows:
(i) If the Premises are partially Premises, or totally destroyed or any part thereof, shall be damaged by fire or other hazardcasualty, then Landlord Tenant shall repair give prompt notice thereof to Landlord, and restore Landlord, upon receiving such notice, shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or cause to be repaired, such damage except as otherwise provided herein. With respect to portions of the Building or Lot outside of the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard casualty, Landlord shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or to cause to be repaired, such damage after such damage occurs except as otherwise provided herein; and (ii) if the Garage, or any part thereof, shall be damaged by fire or other casualty and if the Garage is then owned by Landlord or an Affiliate of Landlord, Landlord shall cause the Garage Owner to proceed promptly and with due diligence, subject to Force Majeure Events, to repair or cause to be repaired, such damage except as otherwise provided herein. If Landlord or an Affiliate of Landlord is not the Garage Owner at the time of such damage by fire or other casualty, Landlord shall use all reasonable efforts to cause the Garage Owner to proceed promptly to repair such damage.
(i) If the Premises, or any part thereof, shall be rendered untenantable by reason of such damage, whether to the Premises or to the Building or if such damage materially interferes with Tenant's access to the Premises, Annual Fixed Rent and Additional Rent shall proportionately (i.e., based on rentable square footage) xxxxx for that they portion of the Premises which is untenantable for the period from the date of such damage or from the date when material interference with Tenant's access due to such damage commences to the date when such damage shall have been repaired or such access shall have been restored, as applicable; and (ii) if the Garage or any part thereof shall be rendered untenantable by reason of such damage or if such damage prevents Tenant's access to the Garage then to the extent that Landlord does not provide Tenant with substitute parking spaces in the Complex or within 1,000 feet of the Premises ("Substitute Parking Spaces"), the Parking Fee (as defined in Section 10.14) shall proportionately xxxxx (based upon the number of Tenant's Parking Spaces for each of the Garage Parking Spaces (as defined in Section 10.14) in excess of the Substitute Parking Spaces which are unavailable to Tenant for the period from the date of such damage or from the date when access to the Garage ceases due to such damage to the date when such damage shall have been repaired or such access shall have been restored, as applicable.
(i) If, as a result of fire or other casualty, the whole or a substantial part of the Building is rendered untenantable, Landlord, within ninety (90) days from the date of such fire or casualty, may terminate this Lease by notice to Tenant, specifying a date not less than twenty (20) nor more than forty (40) days after the giving of such notice on which the Term of this Lease shall terminate. If Landlord does not so elect to terminate this Lease, then Landlord shall proceed with diligence to repair the damage to the Building and Premises and all facilities serving the same, and the Annual Fixed Rent and Additional Rent shall meanwhile proportionately xxxxx, all as provided in Paragraph (b)(i) of this Section 6.1. Landlord within one hundred twenty (120) days after the fire or other casualty shall notify Tenant in writing whether or not, in its reasonable judgment, the Building and the Premises can be restored to substantially their condition prior to such damage and Utility Services restored to the Utility Switching Points within twelve (12) months of the date of the casualty. If such notification shall state that such restoration cannot be reasonably used by so accomplished, then Tenant or can only be partially used by Tenant, and may terminate this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after from Tenant's receipt of such notice from Landlord that notification. Furthermore, if Tenant elects to enter into a modification of does not so terminate this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall beis not repaired, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurred.Utility Services are not restored
Appears in 1 contract
DAMAGE BY FIRE. 12.01 Restoration of Premises The parties hereto mutually agree that if If the Premises are premises shall be partially or totally destroyed or damaged by fire fire, casualty, or other hazardthe elements, then Landlord but are not rendered unrentable, in TENANT’s reasonable business judgement, in whole or in part, the LANDLORD shall repair promptly, at his expense, cause such damage to be repaired and restore the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord rent shall not be obligated abated. If by reason of such occurrence the premises shall be rendered wholly or partially unfit for occupancy for the uses contemplated hereunder, LANDLORD shall promptly, at his own expense, cause the damage to commence be repaired, and the rent meanwhile shall be abated proportionately as to the proportion of the premises rendered unfit. If the building, or perform common areas appurtenant thereto, shall be rendered wholly unfit for the occupancy or for the use contemplated hereunder, in TENANT’s reasonable business judgement, by reason of such repairs occurrence, whether the premises have been damaged or not, and restorations and if such damage in the opinion of the LANDLORD cannot be restored to tenantable occupancy within sixty days of the date of occurrence, either the LANDLORD or TENANT may terminate this Lease upon on thirty (30) days written notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory other. In the event LANDLORD determines that the damage can be repaired to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such tenantable occupancy within sixty (60) days, but in no event fails for any reason including reasons beyond the control of LANDLORD to commence such repairs within 30 days and complete them within 60 days, the TENANT may Tenant terminate this Lease after such repairs have been commenced by Landlordlease upon 30 days notice to the LANDLORD. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to rendered wholly untenable during the contrary notwithstanding, if within three (3) last two years of the expiration of the initial termterm hereof, or at any time during renewal term (if any) of TENANT may terminate this Lease, the Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00), Landlord shall be under no obligation to repair and restore the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within lease upon thirty (30) days after receipt of such notice from Landlord that Tenant elects to enter into a modification of this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence of such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredLANDLORD.
Appears in 1 contract
Samples: Lease Agreement (Novavax Inc)
DAMAGE BY FIRE. 12.01 Restoration of Premises The parties hereto mutually agree that if If the Premises are partially or totally destroyed or damaged by fire Bank Facility or other hazard, then Landlord shall repair and restore improvements on the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during renewal term (if any) of this Lease, the Leased Premises shall be damaged or destroyed by fire or otherwise, and the estimated cost of restoration exceeds Twenty-five Thousand Dollars ($25,000.00)other casualty, Landlord shall be under no obligation promptly and diligently proceed to repair repair, rebuild or replace the Bank Facility and other improvements, so as to restore the Leased Premises and at to the election of Landlord by notice condition in which they were immediately prior to Tenant the Lease shall terminate and Tenant shall not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty (30) days after receipt of such notice from Landlord that Tenant elects to enter into a modification of this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of which the term of this Lease shall be extended ten (10) years beyond the scheduled end of the initial term (or renewal term if such damage or destruction occurs at destruction. The net proceeds of any time during the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal to the product resulting from multiplying the fixed annual rent in effect at the date of the occurrence insurance recovered by reason of such damage or destruction shall be held in trust by the percentage (which shall in no event be less than 100%) found by dividing the index Landlord and released for the calendar month in which falls purpose of paying the Term Commencement Date under this Lease, said rent fair and reasonable cost of restoring the Bank Facility and other improvements. Proceeds shall be released by Landlord from time to be payable time as the fixed annual rental thereafterwork progresses. The “index” is defined as This provision shall not apply to any insurance proceeds for loss of equipment or personal property of Tenant. Prior to the “Consumer Price Index, All items” commencement of the United States Department work, Landlord and Tenant shall agree upon a contractor to perform the repairs. Tenant shall not be required to expend any funds to repair the Banking Facility. If at any time it is determined that the balance of Laborsuch proceeds are not adequate to pay the cost of restoration, or there is reasonable doubt of the adequacy, Landlord may, at Landlord’s Bureau of Labor Statistics in effect sole option, either (i) terminate this Lease by giving Tenant at least sixty (60) days prior notice specifying the termination date, unless Tenant before the termination date agrees to pay the excess cost when determined and generally published gives Landlord adequate security for the same calendar month in which the payment, or (ii) make additional funds available for restoration. Except as provided for herein, it is understood and agreed that damage to or destruction occurredof all or any portion of the Leased Premises by fire or by any other cause shall not terminate this Lease nor entitle Tenant to surrender the Leased Premises. However, Tenant’s obligation to pay the rent and other sums hereunder, shall be abated for the period of time that the Premises shall be rendered uninhabitable for Tenant’s purposes; provided that the amount of the abatement shall be limited to proceeds for rental loss insurance.
Appears in 1 contract
DAMAGE BY FIRE. 12.01 Restoration of Premises The parties hereto mutually agree that if the Premises are partially or totally destroyed or damaged by fire or other hazard, then Landlord shall repair and restore the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenant, and this Lease is not terminated as above provided, there shall be no abatement of rent, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial term, or at any time during the term hereof, or any renewal period or extended term (if any) of this Leasehereof, the Premises shall be demised premises are damaged or destroyed by fire or otherwiserisks covered by any insurance which the Lessor may be carrying, Lessor shall, upon payment of the proceeds of such insurance, repair, rebuild and restore said premises with reasonable diligence so that the estimated cost of restoration exceeds Twenty-five Thousand Dollars building on the demised premises shall be put into proper condition and made fit and available for Lessee's use and occupancy ($25,000.00including comparable office facilities), Landlord provided, however, (i) if the loss or damage shall exceed fifty (50%) percent of the full insurable value of the building on the premises; or (ii) if any mortgagee of the demised premises shall refuse to allow the proceeds of the insurance to be under no obligation to repair and restore used for the Premises and at the election of Landlord by notice to Tenant the Lease shall terminate and Tenant repairing, rebuilding or restoring, as aforesaid; or (iii) if such loss shall not be entitled covered by any insurance carried by the Lessor, then the Lessor may, by written notice to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing Lessee within thirty (30) days after receipt occurrence of such notice from Landlord that Tenant elects casualty, terminate this Lease. In the event of such damage, Lessee shall be entitled to enter into a modification complete abatement thereof in proportions to the portions of the demised premises which are so damaged and which are untenantable by the Lessee until said premises have been restored in accordance with the provisions of this Lease and within thirty paragraph. Notwithstanding anything to the contrary hereinabove contained, if the demised premises shall be damaged in an amount not exceeding fifty (3050%) days thereafter: (a) Landlord and Tenant enter into a modification percent of this Lease by the terms full insurable value thereof during the last year of which the then existing term of this Lease the Lease, Lessor shall not be extended obligated to repair, rebuild or restore the building as aforesaid, unless within ten (10) years beyond days of such loss or damage, Lessee shall exercise any available option to extend the scheduled end term of the initial term (or renewal term if such damage or destruction occurs at any time during Lease in accordance with the renewal term) upon the same terms and conditions except that (b) the fixed annual rent effective upon the date of such modification agreement shall be, and Tenant covenants and agrees to pay, an amount equal provisions thereof then in effect. Notwithstanding anything contained to the product resulting from multiplying contrary, in the fixed annual rent event that the premises are unusable due to such loss or damage for Lessee for a period in effect at excess of sixty (60) days then Lessee shall have the date of the occurrence of option to terminate this Lease by giving Lessor notice to such damage or destruction by the percentage (which shall in no event be less than 100%) found by dividing the index for the calendar month in which falls the Term Commencement Date under this Lease, said rent to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredeffect.
Appears in 1 contract
Samples: Lease Agreement (Nationsrent Inc)
DAMAGE BY FIRE. 12.01 Restoration In the event of loss of, or damage to, the Premises The or the Building or the Garage by fire or other casualty, the rights and obligations of the parties hereto mutually agree that if shall be as follows:
(i) If the Premises are partially Premises, or totally destroyed or any part thereof, shall be damaged by fire or other hazardcasualty, then Landlord Tenant shall repair give prompt notice thereof to Landlord, and restore Landlord, upon receiving such notice, shall proceed promptly and with due diligence, subject to Force Majeure Events, to repair, or cause to be repaired, such damage except as otherwise provided herein. With respect to portions of the Building or Lot outside of the Premises as soon as is reasonably practicable to substantially the same condition in which the Premises were before such damage; provided that if the insurance proceeds collected or collectible and available to Landlord to pay the cost of such repairs and restoration by Landlord as a consequence of such destruction or damage are less than the estimated cost of such repairs and restorations, Landlord shall not be obligated to commence or perform such repairs and restorations and this Lease upon notice by Landlord to Tenant shall at the option of Landlord terminate unless Tenant undertakes (in form and upon terms satisfactory to Landlord) to pay the difference between such estimated cost and such insurance proceeds. If, however, the Premises are completely destroyed or so damaged that Landlord cannot reasonably restore or rebuild in four (4) months to substantially the same condition to which the Premises were before such damage, then Landlord shall receive the insurance proceeds, this Lease may be terminated by Tenant serving notice upon Landlord following the expiration of such sixty (60) days, but in no event may Tenant terminate this Lease after such repairs have been commenced by Landlord. In the event the Premises are completely or partially destroyed or so damaged by fire or other hazard that they cannot be reasonably used by Tenant or can only be partially used by Tenantcasualty, Landlord shall proceed promptly and this Lease is not terminated as above providedwith due diligence, there shall be no abatement of rentsubject to Force Majeure Events, it being understood and agreed that Tenant shall at its discretion, cost and expense procure necessary insurance to protect itself against any interruption of its business.
12.02 Restoration During Last Three Years Anything in Article 12.01 to the contrary notwithstanding, if within three (3) years of the expiration of the initial termrepair, or at to cause to be repaired, such damage after such damage occurs except as otherwise provided herein; and (ii) if the Garage, or any time during renewal term (if any) of this Leasepart thereof, the Premises shall be damaged or destroyed by fire or otherwiseother casualty and if the Garage is then owned by Landlord or an Affiliate of Landlord (as defined in Section 10.14 hereof) Landlord shall cause the Garage Owner to proceed promptly and with due diligence, and subject to Force Majeure Events, to repair or cause to be repaired, such damage except as otherwise provided herein. If Landlord or an Affiliate of Landlord is not the estimated cost Garage Owner at the time of restoration exceeds Twenty-five Thousand Dollars ($25,000.00)such damage by fire or other casualty, Landlord shall be under no obligation use all reasonable efforts to cause the Garage Owner to proceed promptly to repair and restore such damage.
(i) If the Premises, or any part thereof, shall be rendered untenantable by reason of such damage, whether to the Premises or to the Building or if such damage materially interferes with Tenant's access to the Premises, Annual Fixed Rent and at Additional Rent shall proportionately (i.e., based on rentable square footage) xxxxx for that portion of the election Premises which is untenantable for the period from the date of such damage or from the date when material interference with Tenant's access due to such damage commences to the date when such damage shall have been repaired or such access shall have been restored, as applicable; and (ii) if the Garage or any part thereof shall be rendered untenantable by reason of such damage or if such damage prevents Tenant's access to the Garage then to the extent that Landlord does not provide Tenant with substitute parking spaces in the Complex or within a reasonable walking distance of the Premises ("Substitute Parking Spaces"), the Parking Fee (as defined in Section 10.14) and/or the Valet Parking Fee (as defined in Section 10.14), as applicable, shall proportionately xxxxx (based upon the number of Tenant's Parking Spaces or Valet Parking Spaces) for each of the Garage Parking Spaces (as defined in Section 10.14) in excess of the Substitute Parking Spaces which are unavailable to Tenant for the period from the date of such damage or from the date when access to the Garage ceases due to such damage to the date when such damage shall have been repaired or such access shall have been restored, as applicable.
(i) If, as a result of fire or other casualty, the whole or a substantial part of the Building is rendered untenantable, Landlord, within ninety (90) days from the date of such fire or casualty, may terminate this Lease by notice to Tenant the Lease shall terminate and Tenant shall Tenant, specifying a date not be entitled to any portion of the insurance proceeds, all of which shall become the property of Landlord unless Tenant shall notify Landlord in writing within thirty less than twenty (3020) nor more than forty (40) days after receipt the giving of such notice from Landlord that Tenant elects to enter into a modification of this Lease and within thirty (30) days thereafter: (a) Landlord and Tenant enter into a modification of this Lease by the terms of on which the term Term of this Lease shall be extended ten terminate. If Landlord does not so elect to terminate this Lease, then Landlord shall
(10d) years beyond the scheduled end shall mean thirty-three and one-third percent (33 1/3%) or more of the initial term Building; and (ii) if as a result of fire or renewal term if such damage other casualty, the whole or destruction occurs at any time during a substantial part of the renewal termGarage is rendered untenantable, Landlord, within ninety (90) upon the same terms and conditions except that (b) the fixed annual rent effective upon days from the date of such modification agreement fire or casualty, shall be, and notify Tenant covenants and agrees to pay, an amount equal whether the Garage Owner will repair the damage to the product resulting from multiplying Garage. If the fixed annual rent Garage Owner is unwilling to repair such damage and Landlord does not provide substitute parking in effect at the date Complex or within reasonable walking distance of the occurrence Premises, then Tenant may terminate this Lease by notice to Landlord, specifying a date not less than twenty (20) nor more than forty (40) days after the giving of such damage or destruction by notice on which the percentage Term of this Lease shall terminate. "Substantial part" for this Section 6.1(c)(ii) shall mean thirty-three and one-third percent (which shall in no event be less than 10033 1/3%) found by dividing or more of Tenant's Parking Spaces. If Tenant fails to terminate in accordance within the index for the calendar month foregoing time periods set forth in which falls the Term Commencement Date under this LeaseSection 6.1, said rent Tenant shall have waived its right to be payable as the fixed annual rental thereafter. The “index” is defined as the “Consumer Price Index, All items” of the United States Department of Labor’s Bureau of Labor Statistics in effect and generally published for the same calendar month in which the damage or destruction occurredterminate.
Appears in 1 contract
Samples: Lease Agreement (Genzyme Corp)
