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Common use of Damage From Casualty Clause in Contracts

Damage From Casualty. If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 days, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild the Premises to the condition thereof as of the Term Commencement Date (subject, however, to Legal Requirements then in existence), and Tenant shall, forthwith after the completion of Landlord’s Restoration Work, repair or rebuild the Premises to substantially its condition immediately before the occurrence of the casualty.

Appears in 3 contracts

Samples: Lease Agreement (Morphic Holding, Inc.), Lease Agreement (Morphic Holding, Inc.), Lease Agreement (Morphic Holding, Inc.)

Damage From Casualty. If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualtyIf, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 days, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if anythe Premises shall be partially damaged (as distinguished from "Substantially Damaged" as that term is hereinafter defined) by fire or casualty, subject to the provisions of Section 7.9 hereof, Landlord shall upon receipt of insurance proceeds attributed to such fire or casualty proceed to restore the Premises (consistent, however, with governmental laws and codes then either in existence) to substantially the condition thereof at the time of such damage, but Landlord shall not be responsible for delays which may result from any cause beyond the reasonable control of Landlord. If, during the Lease Term, the Premises shall be Substantially Damaged by fire or Tenant casualty, the risk of which is covered by Landlord’s insurance, and Landlord’s mortgagee or ground lessor allows the insurance proceeds to be applied to the restoration of the Premises, Landlord shall, within a reasonable amount of time after such damage and the determination and receipt of the net amount of insurance proceeds available to Landlord, expend so much as may be necessary of such net amount to restore (consistent, however, with governmental laws and codes then in existence) the Premises to substantially the condition thereof at the time of such damage, but Landlord shall not be responsible for delay which may result from any cause beyond the control of Landlord. Should the net amount of insurance proceeds available to Landlord be insufficient to cover the cost of restoring the Premises, in the estimate of Landlord, Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Premises, or Landlord may terminate this Lease by giving notice to Tenant not later than a time after Landlord has determined and received the net amount of insurance proceeds available to Landlord and the estimated cost of such restoration. Notwithstanding anything herein to the other written notice of termination contrary, in the event that the Premises cannot be repaired within ten 270 days after Landlord gives Tenant written notice of such estimate. Such notice of termination the same are damaged (which determination shall be effective on the date thereofmade by an architect reasonably acceptable to Landlord), and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, by delivery of written notice to that effect to Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild the Premises to the condition thereof as of the Term Commencement Date within thirty (subject, however, to Legal Requirements then in existence), and Tenant shall, forthwith 30) days after the completion of Landlord’s Restoration Work, repair or rebuild the Premises to substantially its condition immediately before the occurrence of the casualtydamage has occurred.

Appears in 2 contracts

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

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 sixty (60) days after Tenant gives Landlord written notice of such casualty or Landlord otherwise becomes aware of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 days, one year (or if such casualty occurs during less than one year, longer than the final six (6) months of the remaining Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any(as it may have been extended)), then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten (10) days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days one year or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days one year but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild so much of the Premises (and Building, as applicable) as were originally constructed by Landlord to substantially their condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence), and Tenant shallshall concurrently (to the extent practical and consistent with good construction practices) (i) repair and restore so much of the Premises as were constructed by Tenant or are the responsibility of Tenant under this Lease and (ii) repair and restore its fixtures and personal property (but only to the extent of the proceeds of insurance carried or required by this Lease to be carried by Tenant). (b) If, forthwith after pursuant to Section 10.1(a), Landlord is required to restore the completion Premises (and Building, as applicable) and Landlord fails to substantially complete such restoration by the end of the Restoration Period (subject to extension for delays described in Section 10.1(c) and for delays beyond the reasonable control of Landlord’s Restoration Work), then Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to Landlord. If Landlord fails to substantially complete such restoration work within such thirty (30) day period, then this Lease shall terminate as of such thirtieth (30th) day. (c) Landlord shall not be responsible for any delay in commencement of restoration which may result from delays in adjustment or collection of insurance proceeds, provided that Landlord has proceeded diligently in attempting to collect the same. Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord shall not be obligated to commence repair or rebuild restoration work prior to receipt of sufficient insurance proceeds, nor shall Landlord be required to expend sums in excess of “net recovered insurance proceeds”. The term “net recovered insurance proceeds” shall mean the Premises amount of any insurance proceeds actually recovered by Landlord, less the cost of obtaining the same (including attorneys’ fees and appraisal fees) and less the amount thereof required to substantially its condition immediately before the occurrence of the casualtybe paid to a mortgagee or ground lessor.

Appears in 2 contracts

Samples: Sublease Agreement (Genocea Biosciences, Inc.), Sublease Agreement (Genocea Biosciences, Inc.)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 forty five (45) days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 two hundred seventy (270) days, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten (10) days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 two hundred seventy (270) days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 two hundred seventy (270) days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild the Premises to the substantially their condition thereof as of delivery of the Term Commencement Date Premises to Tenant (subject, however, to Legal Requirements then in existence), and Tenant shallshall concurrently (to the extent practical and consistent with good construction practices) (i) repair and restore so much of the Premises as was the responsibility of Tenant under this Lease and (ii) repair and restore its fixtures and personal property. (b) If, forthwith pursuant to Section 10.1(a), Landlord is required to restore the Premises and Landlord fails to substantially complete such restoration within thirty (30) days after the completion end of the Restoration Period, subject to extension for delay beyond the reasonable control of Landlord’s Restoration Work, repair or rebuild then Tenant shall have the Premises right to terminate this Lease upon thirty (30) days prior written notice to Landlord. If Landlord fails to substantially its condition immediately before the occurrence complete such restoration work within such thirty (30) day period, then this Lease shall terminate as of the casualtysuch thirtieth (30th) day.

Appears in 2 contracts

Samples: Purchase and Sale Agreement (Summer Infant, Inc.), Lease Agreement (Summer Infant, Inc.)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 sixty (60) days after Tenant gives Landlord written notice of such casualty or Landlord otherwise becomes aware of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 days, one year (or if such casualty occurs during less than one year, longer than the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the remaining Lease Term, if any), then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten (10) days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days one year or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days one year but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3103, with reasonable dispatch, repair or rebuild so much of the Premises (and Building, as applicable) as were originally constructed by Landlord (or its predecessor) to substantially their condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence), and Tenant shallshall concurrently (to the extent practical and consistent with good construction practices) (i) repair and restore so much of the Premises as were constructed by Tenant or are the responsibility of Tenant under this Lease and (ii) repair and restore its fixtures and personal property (but only to the extent of the proceeds of insurance carried or required by this Lease to be carried by Tenant). (b) If, forthwith after pursuant to Section 10.1(a), Landlord is required to restore the completion Premises (and Building, as applicable) and Landlord fails to substantially complete such restoration by the end of the Restoration Period (subject to extension for delays beyond the reasonable control of Landlord’s Restoration Work), then Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to Landlord. If Landlord fails to substantially complete such restoration work within such thirty (30) day period, then this Lease shall terminate as of such thirtieth (30th) day. (c) Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord shall not be obligated to commence repair or rebuild restoration work prior to receipt of sufficient insurance proceeds, nor shall Landlord be required to expend sums in excess of “net recovered insurance proceeds”. The term “net recovered insurance proceeds” shall mean the Premises amount of any insurance proceeds actually recovered by Landlord, less the cost of obtaining the same (including attorneys’ fees and appraisal fees) and less the amount thereof required to substantially its condition immediately before the occurrence of the casualtybe paid to a mortgagee or ground lessor.

Appears in 2 contracts

Samples: Lease Agreement (Genocea Biosciences, Inc.), Lease Agreement (Genocea Biosciences, Inc.)

Damage From Casualty. If any material portion of In the event that the Premises are --------------------------------- damaged in whole or the Building affecting Tenant’s use of the Premises is damaged in part by fire or other casualty, Tenant shall give promptly notify Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided belowthereof. If Landlord reasonably estimates that following the Restoration Period will be longer than 90 days, or if such casualty occurs during execution hereof and prior to the final six (6) months expiration of the Lease Term and Tenant does not elect to exercise a right to extend the Lease TermPremises shall be damaged or destroyed in whole or in part by fire or other casualty, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten days after shall, except as hereinafter provided in this Article X, remain in full force and effect and Landlord gives Tenant written shall, upon notice of such estimate. Such notice of termination shall be effective on the date thereof, damage from Tenant and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, proceeding with reasonable dispatch, repair or rebuild the Premises (exclusive of Tenants Work and any alterations or improvements, other than Landlord's Work, made by or on behalf of Tenant) to substantially their condition immediately prior to the condition thereof as time of the Term Commencement Date such damage or destruction (subject, however, to Legal Requirements zoning laws and building codes then in existence), and Tenant shallbut Landlord shall not be responsible for any Excusable Delay. including any delay which may result by reason of adjustment of insurance claims or collection of insurance proceeds, forthwith after the completion of Landlord’s Restoration Work, nor shall Landlord be obligated to commence repair or rebuild restoration work prior to receipt of sufficient insurance proceeds, nor shall Landlord be required to expend sums in excess of "net recovered insurance proceeds. The term "net recovered insurance proceeds" shall mean the ---------------------------- amount of any insurance proceeds actually recovered by Landlord, less the cost of obtaining the same (including attorneys' fees and appraisal fees) and less the amount thereof required to be paid to a mortgagee or ground lessor, plus the amount of any insurance deductible. Subject to the terms of this Lease, Tenant shall concurrently repair or restore so much of the Premises to substantially (a) as were constructed by Tenant or (b) are the responsibility of Tenant under this Lease and shall repair and restore its condition immediately before the occurrence of the casualtyfixtures and personal property.

Appears in 2 contracts

Samples: Office Lease (Smarterkids Com Inc), Office Lease (Learningstar Inc)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 sixty (60) days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimateestimate (based upon an estimate from a reputable architectural or engineering firm), and give Tenant written notice of, the period commencing with the date start of such notice restoration work (the "Restoration Period") that Landlord anticipates will be reasonably required to perform achieve Partial Completion of Landlord's Restoration Work and the restoration work anticipated date on which is the responsibility of Landlord as provided below. If Landlord reasonably estimates will start Landlord's Restoration Work; provided, however, that in no event shall the Restoration Period will be longer extend more than 90 days, or if such casualty occurs during the final six ten (610) months after the occurrence of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten days after Landlord gives Tenant written notice of such estimatecasualty. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild the Premises Building, or the damaged portion thereof, other than such portions or elements of the Building as were part of Tenant's Work or were otherwise constructed by Tenant, to substantially their condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence) (such work to be performed by Landlord being called "Landlord's Restoration Work"). From and after such time that Landlord achieves Partial Completion of Landlord's Restoration Work, Tenant shall repair or rebuild such portions or elements of the Building as were part of Tenant's Work or were otherwise constructed by Tenant ("Tenant's Restoration Work"). Landlord shall design and perform Landlord's Restoration Work in accordance with the provisions of Article III applicable to Landlord's Work, and Tenant shall, forthwith after shall design and perform Tenant's Restoration Work in accordance with the completion provisions of Landlord’s Restoration Work, repair or rebuild the Premises to substantially its condition immediately before the occurrence of the casualty.Article III applicable to

Appears in 1 contract

Samples: Lease Agreement (Antigenics Inc /De/)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 sixty (60) days after Tenant gives Landlord written notice of such casualty or Landlord otherwise becomes aware of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 days, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if anyone year, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten (10) days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days one year or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days one year but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild so much of the Premises as were originally constructed by Landlord to substantially their condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence), and Tenant shallshall concurrently (to the extent practical and consistent with good construction practices) (i) repair and restore so much of the Premises as were constructed by Tenant or are the responsibility of Tenant under this Lease and (ii) repair and restore its fixtures and personal property (but only to the extent of the proceeds of insurance carried or required by this Lease to be carried by Tenant). (b) If, forthwith after pursuant to Section 10.1(a), Landlord is required to restore the completion Premises and Landlord fails to substantially complete such restoration by the end of the Restoration Period (subject to extension for delays described in Section 10.1(c) and for Excusable Delay), then Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to Landlord’s Restoration Work. If Landlord fails to substantially complete such restoration work within such thirty (30) day period, then this Lease shall terminate as of such thirtieth (30th) day. (c) Landlord shall not be responsible for any delay in commencement of restoration which may result from delays in adjustment or collection of insurance proceeds. Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord shall not be obligated to commence repair or rebuild restoration work prior to receipt of sufficient insurance proceeds, nor shall Landlord be required to expend sums in excess of “net recovered insurance proceeds”. The term “net recovered insurance proceeds” shall mean the Premises amount of any insurance proceeds actually recovered by Landlord, less the cost of obtaining the same (including attorneys’ fees and appraisal fees) and less the amount thereof required to substantially its condition immediately before the occurrence of the casualtybe paid to a mortgagee or ground lessor.

Appears in 1 contract

Samples: Sublease Agreement (Genocea Biosciences, Inc.)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 60 days after Tenant gives Landlord written notice of such casualty or Landlord otherwise becomes aware of such casualty, Landlord shall reasonably estimate, and give notify Tenant written notice of, in writing as to the period commencing of time (beginning with the date commencement of such notice (the “Restoration Period”restoration work) that a third party consultant chosen by Landlord anticipates reasonably estimates it will be reasonably required take to perform the restoration work which that is the responsibility of Landlord as provided belowbelow (such estimated period of time being called the “Restoration Period”). If Landlord reasonably estimates that the Restoration Period will be longer than 90 exceeds 270 days, or if such casualty occurs during Tenant may elect to terminate this Lease upon written notice to Landlord no later than 30 days after Landlord’s notice is given. If (i) the final six (6) months of the Lease Term and Restoration Period exceeds 270 days but Tenant does not elect to exercise a terminate this Lease, or (ii) the Restoration Period is 270 days or less, then this Lease shall remain in full force and effect and (x) Landlord shall promptly, and with commercially reasonable due diligence, repair or rebuild so much of the Premises (and Building, as applicable) as were originally constructed by Landlord (that is, the Base Building Work) to substantially their condition immediately prior to the casualty (subject, however, to Legal Requirements then in existence) and (y) Tenant shall concurrently (to the extent practical and consistent with good construction practices) repair and restore so much of the Premises as were originally constructed by Tenant (that is, the Tenant Improvements Work and Tenant’s Work). If Landlord does not substantially complete the restoration work that is the responsibility of Landlord within 60 days after the end of the Restoration Period, subject to extension for Excusable Delay, Tenant shall have the right for the 30 days following the expiration of such period to extend terminate this Lease upon written notice to Landlord. Notwithstanding the above, however, the Lease Termshall automatically be reinstated if Landlord substantially completes the restoration work that is the responsibility of Landlord and delivers the Premises to Tenant within 30 days after Tenant’s termination notice. Furthermore, notwithstanding anything to the contrary contained herein, (I) if anyLandlord does not substantially complete the restoration work that is the responsibility of Landlord within 18 months after occurrence of the subject casualty, then either subject to extension for Excusable Delay, Tenant may, by written notice given to Landlord prior to substantial completion of such restoration work, terminate this Lease, and (II) Landlord or Tenant may terminate this Lease by giving if (A) any casualty occurs during the last 24 months of the Lease Term (including any extension thereof) and the Restoration Period is estimated to exceed 180 days or (B) any casualty occurs during the other written notice last 12 months of termination within ten days after Landlord gives the Lease Term (including any extension thereof) and the Restoration Period is estimated to exceed 90 days. If Tenant written notice of such estimate. Such notice of termination shall be effective is occupying the Premises on the effective date thereof, and if Tenant is then occupying the Premisesof any termination of this Lease in accordance with this Section 10.1(a), Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If . (b) Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord may terminate this Lease by delivering written notice of termination to Tenant within 60 days after any substantial damage to or destruction of the Premises or the Building affecting Tenant’s use of the Premises (i) that is caused by any peril not covered by the insurance to be maintained by Landlord reasonably estimates that the Restoration Period will be 90 days or shorterin accordance with this Lease, or (ii) Landlord reasonably estimates if Landlord’s mortgagee or ground lessor is not obligated, and refuses, to release the insurance proceeds to pay for costs of restoration; provided that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its as conditions of Landlord’s right to terminate this Lease as set forth pursuant to clause (ii) above, then this Lease Landlord shall not terminate; and in have used commercially reasonable efforts to negotiate with Landlord’s mortgagee or ground lessor to obtain the release of insurance proceeds to pay for costs of restoration and, failing such eventrelease, Landlord shall, unless Landlord exercises its termination right pursuant shall have used commercially reasonable efforts to Section 10.3, with reasonable dispatch, repair or rebuild refinance the Premises on terms reasonably satisfactory to Landlord to provide the condition thereof as of the Term Commencement Date (subject, however, to Legal Requirements then in existence), and Tenant shall, forthwith after the completion of Landlord’s Restoration Work, repair or rebuild the Premises to substantially its condition immediately before the occurrence of the casualty.funds for restoration..

Appears in 1 contract

Samples: Lease Agreement (Forrester Research Inc)

Damage From Casualty. If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty in the Premises promptly after Tenant becomes aware of such casualty. Within 30 days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 days, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild the Premises to the condition thereof as of the Term Commencement Date (subject, however, to Legal Requirements then in existence), and Tenant shall, forthwith after the completion of Landlord’s Restoration Work, repair or rebuild the Premises to substantially its condition immediately before the occurrence of the casualty.

Appears in 1 contract

Samples: Lease Agreement (Cerulean Pharma Inc.)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 60 days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 270 days, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 270 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 270 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild so much of the Premises as were originally constructed by Landlord to substantially their condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence), and Tenant shallshall concurrently (to the extent practical and consistent with good construction practices) (i) repair and restore so much of the Premises as were constructed by Tenant or are the responsibility of Tenant under this Lease and (ii) repair and restore its fixtures and personal property. (b) If, forthwith pursuant to Section 10.1(a), Landlord is required to restore the Premises and Landlord fails to substantially complete such restoration within 30 days after the completion end of the Restoration Period (subject to extension for delays described in Section 10.1(c)), then Tenant shall have the right to terminate this Lease upon 30 days prior written notice to Landlord’s . If Landlord fails to substantially complete such restoration work within such 30 day period, then this Lease shall terminate as of such 30th day. (c) Landlord shall not be responsible for any delay in commencement of restoration which may result from delays in adjustment or collection of insurance proceeds beyond the commencement of the Restoration WorkPeriod; provided, that on account of any such delay, the Restoration Period shall be tolled only up to 60 days and thereafter any such delay shall not extend the Restoration Period. Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord shall not be obligated to commence repair or rebuild restoration work prior to receipt of sufficient insurance proceeds, nor shall Landlord be required to expend sums in excess of “net recovered insurance proceeds”. The term “net recovered insurance proceeds” shall mean the Premises amount of any insurance proceeds actually recovered by Landlord, less the cost of obtaining the same (including attorneys’ fees and appraisal fees) and less the amount thereof required to substantially its condition immediately before the occurrence of the casualtybe paid to a mortgagee or ground lessor.

Appears in 1 contract

Samples: Lease Agreement (Candel Therapeutics, Inc.)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s 's use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 sixty (60) days after Tenant gives Landlord written notice of such casualty or Landlord otherwise becomes aware of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of(an "Election Notice") as to whether Landlord intends to restore the Premises and, if Landlord intends to restore, the period commencing with the date of such notice the Election Notice (the "Restoration Period") that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord gives an Election Notice that Landlord does not intend to restore the Premises, this Lease shall terminate effective as of the date of the Election Notice. If Landlord gives an Election Notice that Landlord intends to restore the Premises but reasonably estimates a Restoration Period longer than two hundred seventy (270) days, then Tenant may terminate this Lease by giving to Landlord written notice of termination within ten (10) days after Landlord gives Tenant the Election Notice, which termination shall be effective as of the date of Tenant's notice. If Landlord gives an Election Notice that Landlord intends to restore the Premises and (i) reasonably estimates that the Restoration Period will be two hundred seventy (270) days or shorter, or (ii) reasonably estimates that the Restoration Period will be longer than 90 days, or if such casualty occurs during the final six two hundred seventy (6270) months of the Lease Term and days but Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild so much of the Premises as were originally constructed by Landlord to substantially their condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence), and Tenant shallshall concurrently (to the extent practical and consistent with good construction practices) (i) repair and restore so much of the Premises as were constructed by Tenant or are the responsibility of Tenant under this Lease and (ii) repair and restore its fixtures and personal property. If Landlord fails to give an Election Notice within the sixty (60) day period provided for above, forthwith then Tenant may, within thirty (30) days after the completion end of such period, terminate this Lease by written notice to Landlord’s ; provided, however, that Landlord may, by written notice given to Tenant within five (5) Business Days after receipt of such a notice of termination, give an Election Notice that Landlord intends to restore the Premises, which shall nullify Tenant's notice of termination. If Landlord gives an Election Notice that Landlord intends to restore the Premises but Landlord does not commence restoration by the later of (x) thirty (30) days after the Election Notice or (y) the last day that Landlord would have been entitled to give an Election Notice, then, subject to Section 10.1(c), Tenant may terminate this Lease by written notice to Landlord at any time prior to commencement of restoration. If, as of the effective date of termination of this Lease pursuant to this Section 10.1(a), Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. (b) If, pursuant to Section 10.1(a), Landlord is required to restore the Premises and Landlord fails to substantially complete such restoration within thirty (30) days after the end of the Restoration WorkPeriod (subject to extension for up to ninety (90) days for delays described in Section 10.1(c)), then Tenant shall have the right to terminate this Lease upon thirty (30) days prior written notice to Landlord. If Landlord fails to substantially complete such restoration work within such thirty (30) day period, then this Lease shall terminate as of such thirtieth (30th) day. (c) Landlord shall not be responsible for any delay in commencement of restoration which may result from delays in adjustment or collection of insurance proceeds; provided that Landlord shall use commercially reasonable efforts to adjust and collect insurance proceeds in a timely manner so as to avoid or minimize any delay in commencement of restoration. Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord shall not be obligated to commence repair or rebuild the Premises restoration work prior to substantially its condition immediately before the occurrence receipt of sufficient insurance proceeds, nor shall Landlord be required to expend sums in excess of "net recovered insurance proceeds"; provided, however, that if Landlord has not commenced restoration within six (6) months after the casualty, Tenant may, by written notice to Landlord given at any time prior to commencement of restoration by Landlord, terminate this Lease. The term "net recovered insurance proceeds" shall mean the amount of any insurance proceeds actually recovered by Landlord, less the cost of obtaining the same (including attorneys' fees and appraisal fees) and less the amount thereof required to be paid to a mortgagee or ground lessor.

Appears in 1 contract

Samples: Lease Agreement (Idenix Pharmaceuticals Inc)

Damage From Casualty. 10.3.1. If any material portion of the Premises or the Building affecting Tenant’s use part of the Premises is damaged or destroyed by any cause whatsoever during the Term, Tenant will, promptly repair and replace the same at its own expense, to at least the condition existing immediately prior to the damage or destruction, and Tenant’s obligations under this Lease will not terminate. If, however, (a) such damage or destruction is due to the Landlord’s grossly negligent or willful acts or omissions, Tenant will have no obligation to repair or replace the Premises, Tenant may terminate this Lease upon written notice to Landlord delivered no later than 60 days following the date of such damage or destruction and Tenant will have no obligation to pay any insurance proceeds to Landlord; (b) if Tenant maintained the insurance required by Section 12 of this Lease at the time of such destruction and despite Xxxxxx’s commercially reasonable efforts, such insurance proceeds are unavailable or are insufficient to rebuild the Premises in a manner reasonably acceptable to Landlord and Tenant, Tenant may terminate this Lease upon 60 days’ written notice to Landlord (but in no event later than 120 days following the date of such damage or destruction) and Tenant will, at its sole cost and expense, clean and clear the Leased Property of all debris, repair the site and install landscaping so that the Leased Property blends in reasonably well with the surroundings, and pay all remaining insurance proceeds to Landlord; and (c) if the Premises are substantially destroyed by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 days after Tenant gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 days, or if such casualty occurs at any time during the final six last twenty-four (624) months of the Lease Term and such that Tenant does may not elect to exercise a right to extend reasonably operate the Lease Term, if anyPremises for the Permitted Use, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination given to Landlord within ten 60 days after Landlord gives Tenant written notice the date of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days damage or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild the Premises to the condition thereof as of the Term Commencement Date (subject, however, to Legal Requirements then in existence)destruction, and Tenant shallwill be discharged from responsibility to repair the damage, forthwith after but Tenant will, at Tenant’s sole cost and expense, clean and clear the completion Leased Property of Landlord’s Restoration Workall debris, repair or rebuild the Premises site and install landscaping so that the Leased Property blends in reasonably well with the surroundings, and pay all remaining insurance proceeds to substantially its condition immediately before the occurrence of the casualtyLandlord.

Appears in 1 contract

Samples: Lease Agreement (Leo Holdings Corp. II)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 60 days after Tenant Xxxxxx gives Landlord written notice of such casualty, Landlord shall reasonably estimate, and give Tenant written notice of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 210 days, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten 10 days after Landlord gives Tenant written notice of such estimate. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 210 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 210 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth above, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild so much of the Premises as were originally constructed by Landlord to substantially their condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence), and Tenant shallshall concurrently (to the extent practical and consistent with good construction practices) (i) repair and restore so much of the Premises as were constructed by Tenant or are the responsibility of Tenant under this Lease and (ii) repair and restore its fixtures and personal property. (b) If, forthwith pursuant to Section 10.1(a), Landlord is required to restore the Premises and Landlord fails to substantially complete such restoration within 15 days after the completion end of the Restoration Period (subject to extension for delays described in Section 10.1(c)), then Tenant shall have the right to terminate this Lease upon 15 days prior written notice to Landlord. If Landlord fails to substantially complete such restoration work within such 15 day period, then this Lease shall terminate as of such 15th day. (c) Landlord shall not be responsible for any delay in commencement of restoration which may result from delays in adjustment or collection of insurance proceeds to the extent such delays are beyond Landlord’s Restoration Workreasonable control. Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord shall not be obligated to commence repair or rebuild the Premises restoration work prior to substantially its condition immediately before the occurrence receipt of the casualty.sufficient insurance proceeds, nor shall Landlord be required to expend sums in excess of “net recovered insurance proceeds”. The term “

Appears in 1 contract

Samples: Lease Agreement (Fulgent Genetics, Inc.)

Damage From Casualty. (a) If any material portion of the Premises or the Building affecting Tenant’s use of the Premises is damaged by fire or other casualty, Tenant shall give Landlord written notice of such casualty promptly after Tenant becomes aware of such casualty. Within 30 60 days after Tenant gives Landlord written notice of such casualty or Landlord otherwise has knowledge of such casualty, Landlord shall reasonably estimate, and give Tenant written notice (the “Restoration Notice”) of, the period commencing with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. For any material casualty (i.e. costing in excess of $250,000 to repair or restore), Landlord will consult with a qualified general contractor to estimate the Restoration Period, which general contractor shall be independent of Landlord and shall not have performed work for Landlord or any affiliate of Landlord during the ten (10) years immediately preceding such consultation. If Landlord reasonably estimates (x) the Restoration Notice states that the Restoration Period will be longer than 90 270 days, or if such (y) the casualty occurs during in the final six (6) months last year of the Lease Term and Tenant does not elect to exercise a right to extend the Restoration Period stated in the Restoration Notice exceeds one-half of the then remaining Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving to the other written notice of termination within ten days after Landlord gives Tenant written notice of such estimatethe Restoration Notice. Such notice of termination shall be effective on the date thereof, and if Tenant is then occupying the Premises, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorterstated in the Restoration Notice is such that neither Landlord nor Tenant has the right to terminate this Lease pursuant to this Section 10.1(a), or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days stated in the Restoration Notice is such that either Landlord or Tenant has the right to terminate this Lease pursuant to this Section 10.1(a), but neither Landlord nor Tenant exercises its such right to terminate this Lease as set forth aboveLease, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, promptly commence, and thereafter diligently prosecute with reasonable dispatch, to repair or rebuild the Premises Building to substantially its condition immediately prior to the condition thereof as of the Term Commencement Date casualty (subject, however, to Legal Requirements then in existence). Tenant shall thereafter repair and restore its fixtures and personal property to the extent reasonably required for Tenant’s occupancy. (b) If, pursuant to Section 10.1(a), Landlord is required to restore the Premises and Landlord fails to substantially complete such restoration within 60 days after the end of the Restoration Period (subject to extension for Force Majeure (but in any event not to exceed 60 days)), then Tenant shall have the right to terminate this Lease upon 30 days prior written notice to Landlord. If Landlord fails to substantially complete such restoration work within such 30 day period, then this Lease shall terminate as of such 30th day. (c) Notwithstanding any other provisions of this Section 10.1 to the contrary, Landlord shall not be obligated to commence repair or restoration work prior to adjustment of its insurance claim, nor shall Landlord be required to expend sums in excess of “net recovered insurance proceeds”. The term “net recovered insurance proceeds” shall mean the amount of any insurance proceeds actually paid by the insurer, less (i) the Landlord’s reasonable third party cost of obtaining the same (including attorneys’ fees and appraisal fees) and (ii) if (A) the applicable financing documents for which there is a Subordination, Non-Disturbance and Attornment Agreement authorize Landlord’s mortgagee or ground lessor to receive any insurance proceeds and not make such insurance proceeds available for restoration (in the event of a conflict between the applicable financing documents and a Subordination, Non-Disturbance and Attornment Agreement, the Subordination, Non-Disturbance and Attornment Agreement shall control), and Tenant shall(B) pursuant to such authority, forthwith after the completion of Landlord’s Restoration Workmortgagee or ground lessor does in fact receive insurance proceeds which it does not make available for restoration, repair the amount of the insurance proceeds so received by Landlord’s mortgagee or rebuild ground lessor and not made available for restoration. If Landlord’s mortgagee or ground lessor receives any insurance proceeds and does not make such insurance proceeds available for restoration, then Tenant may terminate this Lease upon 30 days’ prior written notice to Landlord, unless, by the end of such 30 day period, Landlord commits in writing to Tenant to restore the Premises and provides to substantially its condition immediately before Tenant evidence reasonably satisfactory to Tenant that Landlord has or will have available funds sufficient to complete the occurrence of the casualtyrestoration.

Appears in 1 contract

Samples: Lease Agreement (Infinity Pharmaceuticals, Inc.)

Damage From Casualty. If If, during the Lease Term, the Building or the Premises shall be partially damaged (as distinguished from "substantially damaged," as that term is hereinafter defined) by fire or casualty, Landlord shall proceed promptly to restore the Building or the Premises (consistent, however, with governmental laws and codes then in existence) to substantially the condition thereof at the time of such damage, but Landlord shall not be responsible for delays which may result from any material portion cause beyond the reasonable control of Landlord. If, during the Lease Term, the Premises or the Building affecting Tenant’s use of the Premises is shall be substantially damaged by fire or other casualty, Tenant shall give the risk of which is covered by Landlord's insurance, and the holder of any mortgage which includes the Building as part of the mortgaged premises or any ground lessor of any ground lease which includes the property as part of the demised premises, allows the insurance proceeds to be applied to the restoration of the Building, Landlord written notice shall, promptly after such damage and the determination of the net amount of insurance proceeds available to Landlord, expend so much as may be necessary of such casualty promptly after Tenant becomes aware net amount to restore (consistent, however, with governmental laws and codes then in existence) the Building and the Premises to substantially the condition thereof at the time of such casualtydamage, but Landlord shall not be responsible for delay which may result from any cause beyond the reasonable control of Landlord. Within 30 days after Tenant gives Should the net amount of insurance proceeds available to Landlord written notice be insufficient to cover the cost of restoring the Building and the Premises, in the reasonable estimate of Landlord, Landlord may, but shall have no obligation to, supply the amount of such casualty, Landlord shall reasonably estimate, insufficiency and give Tenant written notice of, restore the period commencing Building and the Premises with the date of such notice (the “Restoration Period”) that Landlord anticipates will be reasonably required to perform the restoration work which is the responsibility of Landlord as provided below. If Landlord reasonably estimates that the Restoration Period will be longer than 90 daysall reasonable diligence, or if such casualty occurs during the final six (6) months of the Lease Term and Tenant does not elect to exercise a right to extend the Lease Term, if any, then either Landlord or Tenant may terminate this Lease by giving notice to Tenant not later than a reasonable time after Landlord has determined the other written notice net amount of termination within ten insurance proceeds available to Landlord and the estimated cost of such restoration. In any event, Landlord agrees, not later than forty-five (45) days after the casualty, to advise Tenant of the status of Landlord's obligations in respect to reconstruction, i.e., whether the net amount of proceeds is available to cover the cost of restoration, whether Landlord gives Tenant written notice intends to restore, regardless of the sufficiency of proceeds, or whether Landlord intends to terminate this Lease pursuant to any right which Landlord may have to do so, failing which, at any time after the expiration of such estimate. Such notice 45-day period and unless and until Landlord shall have noticed Tenant of termination shall be effective on the date thereof, and if Tenant is then occupying the PremisesLandlord's, Tenant shall thereafter have a reasonable period of time in which to vacate the Premises. If (i) Landlord reasonably estimates that the Restoration Period will be 90 days or shorter, or (ii) Landlord reasonably estimates that the Restoration Period will be longer than 90 days but neither Landlord nor Tenant exercises its right to terminate this Lease as set forth aboveLease, then this Lease shall not terminate; and in such event, Landlord shall, unless Landlord exercises its termination right pursuant to Section 10.3, with reasonable dispatch, repair or rebuild the Premises to the condition thereof take effect as of the Term Commencement Date (subjectdate of such casualty, however, to Legal Requirements then in existence), with the same force and Tenant shall, forthwith after effect as if such date were the completion of Landlord’s Restoration Work, repair or rebuild date originally established as the Premises to substantially its condition immediately before the occurrence of the casualtyexpiration date hereof.

Appears in 1 contract

Samples: Modification and Extension of Leases (Information Holdings Inc)