Common use of Damage or Destruction by Casualty Clause in Contracts

Damage or Destruction by Casualty. If the Building should be substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Building) by fire or other casualty, then either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder).

Appears in 5 contracts

Samples: Lease Agreement (Intimate Brands Inc), Lease Agreement (Intimate Brands Inc), Lease Agreement (Intimate Brands Inc)

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Damage or Destruction by Casualty. If the Premises or the Building should be substantially destroyed are damaged by fire or damaged (which, as used herein, means destruction other casualty and if such damage does not render all or material damages to at least fifty percent (50%) a substantial portion of the BuildingPremises or the Building untenantable, then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord, with reasonable promptness after the occurrence of such damage, shall estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall advise Tenant by notice of such estimate. If it is estimated that the amount of time required to substantially complete such repair and restoration will exceed one hundred eighty (180) days from the date such damage occurred, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that, if it elects to do so, Landlord may also give such notice of termination together with the notice containing said estimate). Unless this Lease is so terminated, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, except as hereinafter provided, if such repairs and restoration in fact are not completed within the time period estimated by Landlord or within one hundred eighty (180) days. If the Premises are not repaired or restored within twelve (12) months after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at its optioneffective as of the date of such fire or other casualty, by written notice given to the other party not later than thirty (30) days after the expiration of said twelve (12) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary set forth herein, (a) Landlord shall have no duty pursuant to this Section to repair or restore any portion of the alterations, additions or improvements owned or made by or on behalf of Tenant in the Premises or existing in the Premises as of the date such space is leased to, or occupied by, Tenant, or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration; and (b) if any such damage rendering all or a substantial portion of the Premises or the Building untenantable shall occur during the last two (2) years of the Term, either Tenant or Landlord shall have the option to terminate this Lease by giving written notice thereof to the other party within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)notice.

Appears in 2 contracts

Samples: Office Lease (ElectroCore, LLC), Office Lease (ElectroCore, LLC)

Damage or Destruction by Casualty. Tenant shall notify Landlord of any material damage to the Premises as soon as possible, and no later than ten (10) days from taking notice of such damage, regardless of the cause of damage. If the Premises or the Building should shall be substantially destroyed damaged by fire or damaged any force majeure or act of God casualty and if such damage does not render all or a substantial portion of the Premises or the Building unfit for the agreed uses, then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s control. If any such damage renders all or a substantial portion (which, as used herein, means destruction or material damages to at least fifty percent (50more than 30%) of the BuildingBuilding unfit for the agreed uses, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall, by written notice, advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed ninety (90) by fire or other casualtycalendar days from the date such damage occurred, then either Tenant shall have the right to terminate this Lease as of the date of such damage upon giving notice to Landlord at any time after Landlord gives Tenant the notice containing said estimate. Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Premises. Both parties agree that in case the Premises are damaged in more than 50% (fifty percent), then any party hereto maycan early terminate this Agreement for such cause through a written notice delivered to the other party. Notwithstanding anything to the contrary herein set forth: (a) Landlord shall have no duty pursuant to this section 14.1 to repair or restore any portion of the alterations, at additions or improvements owned or made by Tenant in the Premises or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration, except for those made by Tenant under Landlord’s request; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section 14.1 if the damage or destruction was caused by the act or neglect of Tenant, its optionagents or employees. (c) if any such damage rendering all or a substantial portion (more than 30%) of the Premises unfit for the Permitted Uses shall occur during the last one hundred twenty (120) calendar days of the Term, Landlord shall have the option to terminate this Lease by giving written notice thereof to the other party Tenant within thirty (30) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)notice.

Appears in 2 contracts

Samples: Lease Agreement, Industrial Building Lease Agreement (Entorian Technologies Inc)

Damage or Destruction by Casualty. If the Building should be substantially destroyed Premises or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) any part of the Building) Building shall be damaged by fire or other casualtycasualty and if such damage does not render all or a “material portion” (as reasonably determined) of the Premises or the Building untenantable, then Landlord shall proceed to repair and restore the Premises with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s control. If any such damage renders all or a material portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed one hundred eighty (180) days from the date such damage occurred, then either party hereto mayLandlord or Tenant (but as to Tenant, at its option, only if all or a material portion of the Premises are rendered untenantable) shall have the right to terminate this Lease by giving written notice thereof to the other party within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease lease as of the date of such casualtydamage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this lease is terminated as provided in the preceding sentence. Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be given a entitled to terminate this lease if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said one hundred eighty (180) days, so long as Landlord shall proceed with reasonable period diligence to complete such repairs and restoration. Notwithstanding anything to the contrary herein set forth, Landlord shall have no duty pursuant to this Section 14 to repair or restore any portion of timethe alterations, not additions or improvements made by Tenant in the Premises or to exceed forty-five (45) calendar days after receipt expend for any repair or restoration amounts in excess of written notice of termination (or fourteen (14) days after giving notice of termination insurance proceeds paid to Landlord and available for repair or restoration. in the event any such fire or casualty damage renders the Premises untenantable, and to the extent Tenant vacates the Premises as appropriate) under a result, and if this lease shall not be terminated pursuant to the foregoing provisions of this Section 9.0114 by reason of such damage, in which to remove then Rent shall xxxxx during the period beginning with the date of such damage and ending with the date when Landlord completes its trade fixtures repair and personal property, whereupon both parties restoration. Such abatement shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder)in an amount bearing the same. If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior ratio to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant total amount of Rent for such period as the portion of the Premises not ready for occupancy from time to Section 8.03, Tenant shall reimburse Landlord for time bears to the cost of reconstructing the sameentire Premises. In the event of such reconstructiontermination of this lease pursuant to this Section 14, all Rent due under this Lease shall be abated from apportioned on a per diem basis and be paid to the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed fire or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder).

Appears in 1 contract

Samples: Industrial/Office Building Lease (Haemonetics Corp)

Damage or Destruction by Casualty. If the Premises or the Building should be substantially destroyed are damaged by fire or damaged (which, as used herein, means destruction other casualty and if such damage does not render all or material damages to at least fifty percent (50%) a substantial portion of the BuildingPremises or the Building untenantable, then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord, with reasonable promptness after the occurrence of such damage, shall estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall advise Tenant by notice of such estimate. If it is estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date such damage occurred, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that, if it elects to do so, Landlord may also give such notice of termination together with the notice containing said estimate). Unless this Lease is so terminated, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, except as hereinafter provided, if such repairs and restoration in fact are not completed within the time period estimated by Landlord or within two hundred seventy (270) days. If the Premises are not repaired or restored within eighteen (18) months after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at effective as of the date of such fire or other casualty, by written notice given to the other party not later than thirty (30) days after the expiration of said eighteen (18) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary set forth herein, (a) Landlord shall have no duty pursuant to this Section to repair or restore any portion of the alterations, additions or improvements owned or made by or on behalf of Tenant in the Premises or existing in the Premises as of the date such space is leased to, or occupied by, Tenant, or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section if the damage or destruction was caused by the act or neglect of Tenant, its optionagents or employees; and (c) if any such damage rendering all or a substantial portion of the Premises or the Building untenantable shall occur during the last two (2) years of the Term, Landlord shall have the option to terminate this Lease by giving written notice thereof to the other party Tenant within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)notice.

Appears in 1 contract

Samples: Office Lease (Regado Biosciences Inc)

Damage or Destruction by Casualty. (a) Except as provided in subsections (b) and (c) of this Section 10, in the event of damage to or destruction of the Premises by fire or other insured casualty, Landlord, at its sole expense, shall promptly restore the Premises as nearly as possible to its condition prior to such damage or destruction. All insurance proceeds received by Landlord pursuant to the provisions of this Lease, less the cost, if any, of such recovery, shall be held in trust and applied by Landlord to the payment of such restoration, as such restoration progresses. (b) If the Building should be substantially Premises are destroyed or so damaged (whichby fire or other casualty such that repair of such damage shall require 120 days or more, as used herein, means destruction or material damages to Tenant may terminate this Lease on notice of at least ten (10) days and no more than thirty (30) days. Such notice shall be given within sixty (60) days after the date of such damage or destruction. If the Lease shall so terminate, all rent shall be apportioned to the date of termination and all insurance proceeds shall belong to Landlord. (c) If the Premises are damaged by fire or other casualty to the extent of fifty percent (50%) or more of its replacement value in the last two (2) years of the Building) by fire or other casualtyTerm, then either party hereto may, at its option, Landlord or Tenant may terminate this Lease by giving written notice thereof to the other party within thirty of at least ten (3010) calendar days after the date of such casualtyand no more than thirty(30) days. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant Such notice shall be given a reasonable period of time, not to exceed forty-five within sixty (45) calendar days after receipt of written notice of termination (or fourteen (1460) days after giving such damage. If Landlord elects to terminate this Lease as herein provided, Tenant may reinstate this Lease by exercising any then existing option to renew the Term by written notice of termination to Landlord within fifteen (15) days of Tenant’s receipt of Landlord’s termination notice. Upon receipt of such reinstatement notice from Tenant, Landlord, at its sole expense, shall promptly restore the Premises as appropriatenearly as possible to its condition prior to such damage. (d) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties Any disbursement of insurance proceeds by a holder of a deed of trust shall be released from all further obligations and liability hereunder deemed to have been made by Landlord. (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building e) Rent shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated xxxxx from the date of the casualty until such substantial completion restoration is complete and Tenant can resume use of the reconstruction repairs; and this Lease shall continue in full force and effect Premises for the balance purpose to which it was put immediately prior to the casualty. (f) If repair of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease is not completed by giving written notice thereof to Landlord within thirty (30) calendar 120 days after the date of such casualty. In such eventits damage or destruction, all Rent due under then Tenant may terminate this Lease shall be apportioned by written notice to Landlord at any time after the expiration of said 120-day period and shall cease as before completion of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)said repairs.

Appears in 1 contract

Samples: Lease Agreement (RBC Bearings INC)

Damage or Destruction by Casualty. If the Premises, the Building or the Common Areas are damaged by fire or other casualty and if such damage does not render all or a substantial portion of the Premises or the Building untenantable, then Landlord shall proceed to repair and restore the Building and the base building portion of the Premises with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control and Tenant shall restore the Tenant Improvements and any alterations to the Premises made by Tenant. If any such damage renders all or a substantial portion of the Premises or the Building untenantable or the Common Areas unusable, Landlord, with reasonable promptness after the occurrence of such damage, shall estimate the length of time that will be required to substantially complete the repair and restoration of such damage to the Building and the base building portion of the Premises and shall advise Tenant by notice of such estimate. If it is estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date such damage occurred, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that, if it elects to do so, Landlord may also give such notice of termination together with the notice containing said estimate). Unless this Lease is so terminated, Landlord shall proceed with reasonable promptness to repair and restore the Building and the base building portion of the Premises subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, except as hereinafter provided, if such repairs and restoration in fact are not completed within the time period estimated by Landlord or within two hundred seventy (270) days. If the Building should be substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) and the base building portion of the BuildingPremises are not repaired or restored within eighteen (18) by months after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at effective as of the date of such fire or other casualty, by written notice given to the other party not later than thirty (30) days after the expiration of said eighteen (18) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary set forth herein, (a) Landlord shall have no duty pursuant to this Section to repair or restore any portion of the alterations, additions or improvements owned by Tenant and which are not affixed to the Premises or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section if the damage or destruction was caused by the act or neglect of Tenant, its optionagents or employees; and (c) if any such damage rendering all or a substantial portion of the Premises or the Building untenantable shall occur during the last two (2) years of the Term, Landlord shall have the option to terminate this Lease by giving written notice thereof to the other party Tenant within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)notice.

Appears in 1 contract

Samples: Office Lease (Picis Inc)

Damage or Destruction by Casualty. If the Building should be substantially destroyed Premises are damaged by fire or damaged (which, as used herein, means destruction other casualty and if such damage does not render all or material damages to at least fifty percent (50%) a substantial portion of the BuildingPremises untenantable, then Landlord shall proceed to repair and to restore the same, but only to the extent part of the Landlord's Work, with reasonable promptness subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord, with reasonable promptness after the occurrence of such damage, shall estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall advise Tenant by notice of such estimate. If it is so estimated that the amount of time required to substantially complete the repair and restoration work to be performed by Landlord will exceed two hundred seventy (270) days from the date such damage occurred, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises is rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that, if it elects to do so, Landlord may also give such notice of termination together with the notice containing said estimate). Unless this Lease is so terminated, Landlord shall proceed with reasonable promptness to repair and restore the Premises, but only to the extent part of the Landlord's Work, subject to delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, except as hereinafter provided, if such repairs and restoration to be performed by Landlord in fact are not completed within the time period estimated by Landlord or within two hundred seventy (270) days from the date of such damage. If the repair and restoration work to be performed by Landlord is not substantially completed within fifteen (15) months after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at effective as of the date of such fire or other casualty, by written notice to the other party not later than thirty (30) days after the expiration of said fifteen (15) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary set forth herein: (a) Landlord shall have no duty pursuant to this Section to repair or restore any portion of the Tenant's Work or any alterations, additions or improvements owned or made by Tenant in the Premises; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section if the damage or destruction was caused by the negligent act of Tenant, its optionagents or employees; and (c) if any such damage rendering all or a substantial portion of the Premises or the Building untenantable occurs during the last two (2) years of the Term, either party shall have the option to terminate this Lease by giving written notice thereof to the other party within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)notice.

Appears in 1 contract

Samples: Lease (Woodroast Systems Inc)

Damage or Destruction by Casualty. If the Building should be substantially destroyed Premises or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) any part of the Building) Building shall be damaged by fire or other casualtycasualty and if such damage does not render all or a substantial portion of the Premises or the Building untenantable, then Landlord shall proceed to repair and restore the Premises with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed one hundred eighty (180) days from the date such damage occurred, then either party hereto mayLandlord or Tenant (but as to Tenant, at its option, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease by giving written notice thereof to the other party within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualtydamage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustment and delays caused by matters beyond Landlord's control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be given a entitled to terminate this Lease if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said one hundred eighty (180) days, so long as Landlord shall proceed with reasonable period diligence to complete such repairs and restoration. Notwithstanding anything to the contrary herein set forth, (i) Landlord shall have no duty pursuant to this Section 17 to repair or restore any portion of timethe alterations, not additions or improvements made by or for Tenant in the Premises or the decoration thereto (except those provided for in the Work Letter attached hereto as Exhibit D) or to exceed forty-five (45) calendar days after receipt expend for any repair or restoration amounts in excess of written notice of termination (or fourteen (14) days after giving notice of termination insurance proceeds paid to Landlord as appropriateand available for repair or restoration, and (ii) under Tenant shall not have the right to terminate this Lease pursuant to this Section 9.0117 if the damage or destruction was caused by the act or neglect of Tenant, in which its agents or employees. In the event any such fire or casualty damage not caused by the act or neglect of Tenant, its agents or employees, renders the Premises untenantable and Tenant is not occupying the Premises, and if this Lease shall not be terminated pursuant to remove its trade fixtures the foregoing provisions of this Section 17 by reason of such damage, then Rent shall abatx xxxing the period beginning with the date of such damage and personal property, whereupon both parties ending with the date when Landlord tenders the Premises to Tenant as being ready for occupancy. Such abatement shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially in an amount bearing the same condition as it was prior ratio to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant total amount of Rent for such period as the portion of the Premises not ready for occupancy from time to Section 8.03, Tenant shall reimburse Landlord for time bears to the cost of reconstructing the sameentire Premises. In the event of such reconstruction, all Rent due under termination of this Lease pursuant to this Section 17, Rent shall be abated from apportioned on a per diem basis and be paid to the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed fire or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder).

Appears in 1 contract

Samples: Office Lease (Universal Access Inc)

Damage or Destruction by Casualty. 10.1 If during the Building should Term the Office Complex shall be substantially partially or totally damaged or destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Building) by fire or other casualty, then either party hereto may, at its option, terminate this Lease by giving the following shall apply: (a) Tenant shall give written notice thereof to Landlord of any damage or casualty occurring during the Term with respect to the Office Complex. Within sixty (60) days following such damage or casualty, Tenant shall provide Landlord with a written notice setting forth the percentage of the Building (or other party within thirty improvements comprising the Office Complex) that has been rendered untenantable (30or, with respect to other improvements comprising the Office Complex, unusable for their intended purpose) calendar days after the date by reason of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such damage or casualty, and the reasonable estimate of the time that is needed to substantially complete the repair of such damage or casualty, in each case as determined by a registered architect or licensed professional engineer designated by Tenant shall be given a and reasonably acceptable to Landlord (the “Restoration Estimate”). (b) If the Restoration Estimate states that (i) more than twenty-five percent (25%) of the rentable area of the Building is rendered untenantable due to damage or destruction to the Building, or (ii) the reasonable period estimate of time, not the time needed to exceed fortysubstantially complete the repair of such casualty or damage is more than three hundred sixty-five (45) calendar days after receipt of written notice of termination (or fourteen (14365) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable)damage, then either Tenant may, at its option, or Landlord may terminate this the entire Lease by giving written the other party notice thereof to Landlord such effect as soon as practicable under the circumstances and in any event within sixty (60) days after the delivery of the Restoration Estimate, and upon the date that is thirty (30) calendar days after following the date giving of such casualty. In such eventnotice, all Rent due under the Term and the estate hereby granted shall terminate and those provisions that expressly survive the termination or earlier expiration of this Lease shall be apportioned so survive. If neither party terminates this Lease pursuant to this Section 10.1(b), then Landlord shall commence and shall cease as diligently continue to perform all restoration and repairs of the date Building as set forth in Section 10.1(c). For purposes of this Section 10, the term “untenantable” shall mean inaccessible or unusable for the normal conduct of Tenant’s business in a manner which is consistent with Tenant’s use prior to the occurrence of the casualty in question and the Tenant ceases the operation of its business within such casualty, and Tenant shall be given a reasonable period portions of time, not the Building (or the portion thereof deemed “untenantable,” as the case may be) other than to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal the limited extent of Tenant’s security personnel for the preservation of Tenant’s property, whereupon both parties shall be released from all further obligations Tenant’s insurance adjusters, and/or a minimal number of Tenant’s employees for file retrieval, planning of temporary relocation and liabilities hereunder (except for any obligations previously incurred hereunder)other disaster recovery functions.

Appears in 1 contract

Samples: Deed of Lease (Verisign Inc/Ca)

Damage or Destruction by Casualty. If the Building should be substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Building) by fire or other casualty, then either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five thirty (4530) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; repairs and Landlord has delivered possession of the Premises to Tenant, and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder).

Appears in 1 contract

Samples: Lease Agreement (Charming Shoppes Inc)

Damage or Destruction by Casualty. If if the Premises or any part of the Building should shall be substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Building) by fire or other casualtycasualty and if such damage does not render all or a "substantial portion" (as determined by Landlord) of the Premises or the Building untenantable, then Landlord shall proceed to repair and restore the Premises with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed one hundred eighty (180) days from the date such damage occurred, then either party hereto mayLandlord or Tenant (but as to Tenant, at its option, only if all or a substantial portion Of the Premises are rendered untenantable) shall have the right to terminate this Lease by lease as of the data of such damage upon giving written notice thereof to the other party at any time within thirty twenty (3020) calendar days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing-said estimate). Unless this lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Premise, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant. and Tenant shall not be entitled to terminate this lease if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said one hundred. eighty (180) days, so long as Landlord shall proceed with reasonable diligence to complete such repairs and restoration, Notwithstanding anything to the contrary herein set forth, (a) landlord shall have no duty pursuant to this Section 14 to repair or restore any portion of the alterations, additions or improvements made by Tenant in the Premises or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration, and (b) Tenant shall not have the right to terminate this lease pursuant to this Section 14 if the damage or destruction was caused by the act or neglect of Tenant, its agents, partners or employees. In the event any such fire or casualty damage not caused by the act or neglect of Tenant, its agents, partners or employees. renders the Premises untenantable and Tenant is not occupying the Premises, and if this lease shall not be terminated pursuant to the foregoing provisions of this Section 14 by reason of such damage. then Rent shall abatx xxxing the period beginning with the date of such casualtydamage and ending with the date when Landlord completes its repair and restoration. In such event, all Rent due under this Lease Such abatement shall be apportioned in an amount bearing the same ratio to and shall cease the total amount of Rent for such period as the portion of the date of such casualty, and Tenant shall be given a reasonable period of time, Premises not ready for occupancy from time to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior time bears to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the sameentire Premises. In the event of such reconstruction, all termination of this lease pursuant to this Section 14. Rent due under this Lease shall be abated from apportioned on a per diem basis and be paid to the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed fire or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder).

Appears in 1 contract

Samples: Office Lease (Mypoints Com Inc)

Damage or Destruction by Casualty. (a) If the Building should be substantially destroyed Premises or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) any part of the Building) Building shall be damaged by fire or other casualtycasualty and if such damage does not render all or a substantial portion of the Premises or the Building untenantable, then Landlord shall proceed to repair and restore the same to its prior existing condition with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage and in good faith, estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed ninety (90) days from the date such damage occurred, then either party hereto Landlord or Tenant (but as to Tenant only if all or a substantial portion of the Premises are rendered untenantable and the estimated time to substantially complete the repair or restoration of the Premises will exceed such ninety (90) days from the date of the fire or other casualty) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness and all due diligence to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided) if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said ninety (90) days, so long as Landlord shall proceed with reasonable promptness and due diligence. Notwithstanding anything to the contrary herein set forth: (i) if any such damage rendering all or a substantial portion of the Premises or Building untenantable shall occur during the last three (3) years of the Term, then Landlord and Tenant shall each have the option to terminate this Lease by written notice to the other within thirty (30) days after the date such damage occurred, and if such option is so exercised, this Lease shall terminate as of the date of such damage; (ii) Landlord shall have no duty pursuant to this Section 15 to repair or restore any portion of alterations, additions or improvements made by or on behalf of Tenant in the Premises or improvements which are not then building standard improvements; (iii) Landlord shall not be obligated (but may, at its option, so elect) to repair or restore the Premises or Building if any mortgagee applies proceeds of insurance to reduce its loan balance and the remaining proceeds, if any, available to Landlord are not sufficient to pay for such repair or restoration; and (iv) Tenant shall not have the right to terminate this Lease pursuant to this Section 15 if the damage or destruction was caused by giving written notice thereof the intentional or negligent act of Tenant, its agents or employees. (b) In the event any such fire or casualty damage not caused by the intentional or negligent act of Tenant, its agents or employees, renders the Premises substantially untenantable and Tenant is not occupying the Premises and if this Lease shall not be terminated pursuant to the other party within thirty (30) calendar days after foregoing provisions of Section 15 by reason of such damage, then Rent shall xxxxx during the period beginning with the date of such casualtydamage and ending with the date when Landlord substantially completes its repair and restoration work. In such event, all Rent due under this Lease Such abatement shall be apportioned in an amount bearing the same ratio to and shall cease the total amount of Rent for such period as the portion of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed Premises being repaired and restored at Landlord's expense, by Landlord and not heretofore delivered to substantially the same condition as it was prior Tenant from time to time bears to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the sameentire Premises. In the event of such reconstruction, all Rent due under termination of this Lease pursuant to this Section 15, Rent shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; apportioned on a per diem basis and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages be paid to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such fire or other casualty. . (c) In the event of any such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such fire or other casualty, and if the lease is not terminated pursuant to the foregoing provisions of this Lease, Tenant shall be given a reasonable repair and restore any portion of alterations, additions or improvements made by or on behalf of Tenant in the Premises, and during any such period of timeTenant's repair and restoration following substantial completion of Landlord's repair and restoration work, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties Rent shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)payable as if said fire or other casualty had not occurred.

Appears in 1 contract

Samples: Office Lease (Biosante Pharmaceuticals Inc)

Damage or Destruction by Casualty. If the Building should be substantially Premises are wholly or partially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Building) by fire or other casualty, then either party hereto mayLandlord shall, at its own expense, promptly restore the Premises to substantially the same condition as existed when Tenant took possession of the Premises, unless said damage was caused by Tenant, its agents, licensees, employees, invitees, or visitors, in which case any repair shall be at Tenant's expense; provided, however, Landlord may by notice to Tenant within sixty (60) days after the date of such damage or destruction elect, at its option, terminate not to restore or repair the Premises and Landlord or Tenant may thereafter, at its option, cancel this Lease. If the Premises cannot be restored within ninety (90) days of the date of such damage or destruction, either Landlord or Tenant shall have the option to cancel this Lease by giving with written notice thereof to the other party within thirty (30) calendar days after said period. If all or any portion of the date Premises is damaged by fire or other casualty insurable under a standard fire insurance policy with a standard extended coverage endorsement, not caused by the fault or neglect of such casualty. In such eventTenant or Tenant's agents, all Rent due under and this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, is not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements terminated pursuant to Section 8.03any provision of this Lease, Tenant the following shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated apply: from the date of the casualty occurrence until such substantial completion the Premises, or the portion thereof which is damaged, is rebuilt or repaired, Base Rent and Additional Rent shall xxxxx in the proportion that the area of the reconstruction repairs; and this Lease shall continue in full force and effect portion of the Premises rendered unusable for the balance of permitted use hereunder bears to the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) entire area of the Premises. If the fire or other casualty is caused by the fault or neglect of Tenant or Tenant's agents, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Base Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)xxxxx.

Appears in 1 contract

Samples: Lease Agreement (Dallas Gold & Silver Exchange Inc /Nv/)

Damage or Destruction by Casualty. (a) If the Building should be substantially destroyed Premises or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) any part of the Building) Building shall be damaged by fire or other casualtycasualty and if such damage does not render all or a substantial portion of the Premises or the Building untenantable, then Landlord shall proceed to repair and restore the same to its prior existing condition with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage and in good faith, estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date such damage occurred, then either party hereto Landlord or Tenant (but as to Tenant only if all or a substantial portion of the Premises are rendered untenantable and the estimated time to substantially complete the repair or restoration of the Premises will exceed such two hundred seventy (270) days from the date of the fire or other casualty) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness and all due diligence to repair and restore the Premises to its prior existing condition, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided) if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said two hundred seventy (270) days, so long as Landlord shall proceed with reasonable promptness and due diligence. Notwithstanding anything to the contrary herein set forth: (i) if any such damage rendering all or a substantial portion of the Premises or Building untenantable shall occur during the last three (3) years of the Term, then Landlord shall have the option to terminate this Lease by written notice to Tenant within thirty (30) days after the date such damage occurred, and if such option is so exercised, this Lease shall terminate as of the date of such damage; (ii) Landlord shall have no duty pursuant to this Section 15 to repair or restore any portion of alterations, additions or improvements made by or on behalf of Tenant in the Premises or improvements which are not then building standard improvements; (iii) Landlord shall not be obligated (but may, at its option, so elect) to repair or restore the Premises or Building if any mortgagee applies proceeds of insurance to reduce its loan balance and the remaining proceeds, if any, available to Landlord are not sufficient to pay for such repair or restoration; and (iv) Tenant shall not have the right to terminate this Lease pursuant to this Section 15 if the damage or destruction was caused by giving written notice thereof the intentional or negligent act of Tenant, its agents or employees. (b) In the event any such fire or casualty damage not caused by the intentional or negligent act of Tenant, its agents or employees, renders the Premises substantially untenantable and Tenant is not occupying the Premises and if this Lease shall not be terminated pursuant to the other party within thirty (30) calendar days after foregoing provisions of Section 15 by reason of such damage, then Rent shall xxxxx during the period beginning with the date of such casualtydamage and ending with the date when Landlord substantially completes its repair and restoration work. In such event, all Rent due under this Lease Such abatement shall be apportioned in an amount bearing the same ratio to and shall cease the total amount of Rent for such period as the portion of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed Premises being repaired and restored at Landlord's expense, by Landlord and not heretofore delivered to substantially the same condition as it was prior Tenant from time to time bears to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the sameentire Premises. In the event of such reconstruction, all Rent due under termination of this Lease pursuant to this Section 15, Rent shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; apportioned on a per diem basis and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages be paid to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such fire or other casualty. . (c) In the event of any such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such fire or other casualty, and if the lease is not terminated pursuant to the foregoing provisions of this Lease, Tenant shall be given a reasonable repair and restore any portion of alterations, additions or improvements made by or on behalf of Tenant in the Premises, and during any such period of timeTenant's repair and restoration following substantial completion of Landlord's repair and restoration work, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties Rent shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)payable as if said fire or other casualty had not occurred.

Appears in 1 contract

Samples: Sublease Agreement (Biosante Pharmaceuticals Inc)

Damage or Destruction by Casualty. If the Building should Premises shall be damaged by fire or other casualty and if such damage does not render all or a substantial portion of the Premises untenantable, then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control. If any such damage renders all or a substantial portion of the Premises untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially destroyed complete the repair and restoration of such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete any such repair and restoration will exceed three hundred sixty (360) days from the date such damage occurred, then either Landlord or damaged Tenant (whichbut, as used hereinto Tenant, means destruction only if all or material damages to at least fifty percent (50%) a substantial portion of the BuildingPremises are rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided) if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said three hundred sixty (360) days. If the Premises are not repaired or restored within said three hundred sixty (360) days (as the same may be extended for a period not to exceed five hundred forty (540) days, to the extent that additional time is required on account of Landlord’s inability to timely perform as more specifically provided in Section 29.11 hereinbelow) after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at effective as of the date of such fire or other casualty, by written notice to the other party not later than thirty (30) days after the expiration of said five hundred forty (540) day period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary herein set forth, (a) Landlord shall have no duty pursuant to this Section 16.1 to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration (without limiting Tenant’s right to terminate this Lease as aforesaid); (b) Tenant shall not have the right to terminate this Lease pursuant to this Section 16.1 if the damage or destruction was caused by the act or neglect of Tenant or its optionagents or employees; and (c) if any such damage rendering all or a substantial portion of the Premises untenantable shall occur during the last two (2) years of the Term, either party shall have the option to terminate this Lease by giving written notice thereof to the other party within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and, if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)notice.

Appears in 1 contract

Samples: Lease (Morgans Hotel Group Co.)

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Damage or Destruction by Casualty. If the Premises or the Building should be substantially destroyed are damaged by fire or damaged (which, as used herein, means destruction other casualty and if such damage does not render all or material damages to at least fifty percent (50%) a substantial portion of the BuildingPremises or the Building untenantable, then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord, with reasonable promptness after the occurrence of such damage, shall estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall advise Tenant by notice of such estimate. If it is estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date such damage occurred, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that, if it elects to do so, Landlord may also give such notice of termination together with the notice containing said estimate). Unless this Lease is so terminated, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, except as hereinafter provided, if such repairs and restoration in fact are not completed within the time period estimated by Landlord or within two hundred seventy (270) days. If the Premises are not repaired or restored within twelve (12) months after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at effective as of the date of such fire or other casualty, by written notice given to the other party not later than thirty (30) days after the expiration of said twelve (12) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary set forth herein, (a) Landlord shall have no duty pursuant to this Section to repair or restore any portion of the alterations, additions or improvements owned or made by or on behalf of Tenant in the Premises or existing in the Premises as of the date such space is leased to, or occupied by, Tenant, all of which shall be repaired or restored by Tenant, or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section if the damage or destruction was caused by the act or neglect of Tenant, its optionagents or employees; and (c) if any such damage rendering all or a substantial portion of the Premises or the Building untenantable shall occur during the last one (1) year of the Term, Landlord shall have the option to terminate this Lease by giving written notice thereof to the other party Tenant within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualtynotice. In addition, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior notwithstanding anything to the casualty; provided, however, thatcontrary contained herein, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date or substantially all of the Premises is damaged as a result of fire or casualty until such substantial completion and less than one (1) year of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance Term of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease remains as of the date of such casualtydamage, and then Tenant shall be given a reasonable period have the right to terminate the Lease by providing written notice to Landlord thereof within ten (10) days after the date such damage occurred. The provisions of timethis Section 15.1 shall govern, not notwithstanding any applicable laws, statutes or ordinances to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)the contrary.

Appears in 1 contract

Samples: Office Lease (AtheroNova Inc.)

Damage or Destruction by Casualty. (a) If the Premises or the Building should shall be substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Building) by fire or other casualtycasualty and if such damage does not render all or a substantial portion (as hereinafter defined) of the Premises or the Building untenantable, then either party hereto mayLandlord shall proceed with reasonable promptness to repair and restore the Premises or the Building so as to render the Premises tenantable, at its option, terminate this Lease by giving written notice thereof subject to zoning laws and building codes then in effect. If the other party nonsignificant portion of the Building (hereinafter defined) that is made untenantable includes all or a portion of the Premises and Landlord fails to repair or restore such portion of the Building within thirty one hundred eighty (30180) calendar days after the date of such casualty. In fire or casualty as extended on account of Tenant Delays (as such eventterm is defined in Attachment 15 hereto), all Rent due under then if damage to the Building has a material adverse impact on Tenant's ability to conduct business at the Premises Tenant may terminate this Lease shall be apportioned to and shall cease lease, effective as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01such election, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date expiration of the one hundred eighty (180) day period, as extended for Tenant Delays. (b) If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such casualty. In damage, estimate the length of time that will be required to substantially complete the repair and restoration of the Premises or the Building, as the case may be, necessitated by such event, all Rent due under this Lease shall be apportioned to damage and shall cease by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred forty (240) days or, in the event such damage renders 75,000 rentable square feet or more of the Premises or the Building untenantable, four hundred twenty (420) days from the date such damage occurred, then either Landlord or Tenant (but Landlord shall have such right, only if all or a substantial portion of the Building is rendered untenantable and the estimated time required to substantially complete such repair or restoration of the Building will exceed the aforesaid time period and Tenant shall have such right, in the case where all or a substantial part of the Building but not the Premises is rendered untenantable, only if such damage to the Building has a material adverse impact on Tenant's ability to conduct its business at the Premises) shall have the right to terminate this lease as of the date of notice of such casualtyelection by giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Building or the Premises so as to render the Premises tenantable, subject to zoning laws and building codes then in effect. If the Premises and/or Building, as the case may be, are not substantially repaired or restored within the aforesaid time period (or within the time period estimated by Landlord as aforesaid, if longer than the aforesaid 240 or 420 day period, as the case may be, and neither party terminated the Lease as permitted), as extended on account of Tenant Delays, then Tenant may terminate this lease, effective as of the date of notice of such election, by giving written notice to Landlord within the thirty (30) day period after said day or other period but prior to substantial completion of repair or restoration. (c) As used in Sections 14 and 15 hereof the term "substantial portion of the Premises" shall be given a reasonable period mean one or more floors of time, not to exceed thirty-five (35) calendar daysthe Premises and the term "substantial portion of the Building" shall mean four or more floors of the Building. The term "nonsignificant portion" shall mean less than one floor of the Premises, in which to remove its trade fixtures the case of the Premises, and personal propertyless than four floors of the Building, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)in case of the Building.

Appears in 1 contract

Samples: Lease (Chicago Title Corp)

Damage or Destruction by Casualty. If the Building should Premises shall be substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Building) by fire or other casualtycasualty during the last twenty-four (24) months of the Term and the cost of restoration is reasonably estimated by Landlord to exceed One Million Dollars ($1,000,000), then either party hereto may, at its option, Landlord or Tenant shall have the right to terminate this his Lease by giving written notice thereof to the other party within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not casualty upon giving notice to exceed forty-five the other within thirty (45) calendar days after receipt of written notice of termination (or fourteen (1430) days after giving notice of termination such casualty; otherwise Tenant shall proceed to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures repair and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially restore the same condition with reasonable promptness. Unless this Lease is terminated as it was prior to provided in the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03preceding sentence, Tenant shall reimburse proceed with reasonable promptness to repair and restore the Premises, subject to zoning laws and building codes then in effect. Except as expressly set forth herein, no destruction of or damage to the Premises, or any portion thereof, by fire, casualty or otherwise, shall permit Tenant to surrender this Lease or, shall relieve Tenant from its liability to pay to Landlord for the cost Rent payable under this Lease or from any of reconstructing the sameits other obligations thereunder. In the event of such reconstruction, all Rent due under termination of this Lease pursuant to this Article 16, Rent shall be abated from apportioned on a per diem basis and be paid to the date of the casualty until such substantial completion fire or other casualty. Any damage or destruction to the Premises which does not result in termination of the reconstruction repairs; and this Lease shall continue not result in full force and effect for the balance abatement of the TermBase Rent, Impositions and other Additional Rent payable hereunder. Tenant shall not be entitled to any compensation or damages from Landlord shall for loss of the use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable)damage to Tenant's personal property or any inconvenience occasioned by any damage except (other than for liability that has been waived by Tenant pursuant to its waiver of subrogation set forth in Section 22.1) to the extent caused solely by Landlord's or its agents', then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)officers' or employees' gross negligence or willful misconduct.

Appears in 1 contract

Samples: Industrial Building Lease (Hardie James Industries Nv)

Damage or Destruction by Casualty. If the Premises or the Building should be substantially destroyed are damaged by fire or damaged (which, as used herein, means destruction other casualty and if such damage does not render all or material damages to at least fifty percent (50%) a substantial portion of the BuildingPremises or the Building untenantable, then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord, with reasonable promptness after the occurrence of such damage, shall estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall advise Tenant by notice of such estimate. If it is estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date such damage occurred, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that, if it elects to do so, Landlord may also give such notice of termination together with the notice containing said estimate). Unless this Lease is so terminated, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, except as hereinafter provided, if such repairs and restoration in fact are not completed within the time period estimated by Landlord or within two hundred seventy (270) days. If the Premises are not repaired or restored within eighteen (18) months after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at effective as of the date of such fire or other casualty, by written notice given to the other party not later than thirty (30) days after the expiration of said eighteen (18) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary set forth herein, (a) Landlord shall have no duty pursuant to this Section to repair or restore any portion of the alterations, additions or improvements owned or made by or on behalf of Tenant in the Premises or existing in the Premises as of the date such space is leased to, or occupied by, Tenant, or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section if the damage or destruction was caused by the act or neglect of Tenant, its optionagents or employees; and (c) if any such damage rendering all or a substantial portion of the Premises or the Building untenantable shall occur during the last two (2) years of the Term, Landlord shall have the option to terminate this Lease by giving written notice thereof to the other party Tenant within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)notice.

Appears in 1 contract

Samples: Office Lease (Caladrius Biosciences, Inc.)

Damage or Destruction by Casualty. (a) If the Premises or the Building should shall be damaged by fire or other casualty and if such damage does not render all or a substantial portion of the Premises or the Building untenantable, then Landlord shall proceed with reasonable promptness to repair and restore the Premises or the Building so as to render the Premises tenantable, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage, estimate the length of time that will be required to substantially destroyed complete the repair and restoration of the Premises or damaged (whichthe Building, as used hereinthe case may be, means destruction necessitated by such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed two hundred seventy (270) days from the date such damage occurred, then either Landlord or material damages Tenant (but as to at least fifty percent (50%) Tenant, only if all or a substantial portion of the BuildingPremises are rendered untenantable and the estimated time required to substantially complete such repair or restoration of the Premises will exceed such two hundred seventy (270) day period) shall have the right to terminate this Lease as of the date of such damage by giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). Unless this Lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Building or the Premises so as to render the Premises tenantable, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided) if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said two hundred seventy (270) days. However, if the Premises are not substantially repaired or restored within eighteen (18) months after the date of such fire or other casualty, then either party hereto may terminate this Lease, effective as of the date of such fire or other casualty, by giving written notice to the other party not later than thirty (30) days after the expiration of said eighteen (18) month period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary herein set forth: (i) Landlord shall have no duty pursuant to this Section 16 to repair or restore any portion of improvements, additions or alterations made by or on behalf of Tenant in the Premises or improvements, except as provided in the Plans; (ii) Landlord shall not be obligated (but may, at its option, so elect) to repair or restore the Premises or Building if the damage is due to an uninsurable casualty or if insurance proceeds are insufficient to pay for such repair or restoration, or if any Mortgagee (defined in Section 19) applies proceeds of insurance to reduce its loan balance, and the remaining proceeds, if any, available to Landlord are not sufficient to pay for such repair or restoration; and (iii) Tenant shall not have the right to terminate this Lease pursuant to this Section 16 if the damage or destruction was caused by giving written notice thereof the intentional or negligent act of Tenant, its agents or employees. (b) In the event any such fire or casualty damage renders the Premises untenantable and if this Lease shall not be terminated pursuant to the other party within thirty (30) calendar days after foregoing provisions of this Section 16 by reason of such damage, then Rent shall xxxxx during the period beginning with the date of such casualtydamage and ending with the date when Landlord substantially completes its repair or restoration required hereunder. In such event, all Rent due under this Lease Such abatement shall be apportioned in an amount bearing the same ratio to and shall cease the total amount of Rent for such period as the portion of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed Premises being repaired and restored at Landlord's expense, by Landlord and not theretofore delivered to substantially the same condition as it was prior Tenant from time to time bears to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the sameentire Premises. In the event of such reconstruction, all Rent due under termination of this Lease pursuant to this Section 16, Rent shall be abated from apportioned on a per diem basis and be paid to the date of the casualty until fire or casualty. (c) In the event of any such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed fire or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such other casualty, and if the lease is not terminated pursuant to the foregoing provisions of this Lease, Tenant shall be given a reasonable period repair and restore any portion of timealterations, additions or improvements made by or on behalf of Tenant in the Premises which Landlord is not required to exceed thirty-five (35restore pursuant to Section 16(a)(i) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)hereof.

Appears in 1 contract

Samples: Office Lease (Excal Enterprises Inc)

Damage or Destruction by Casualty. 10.1 If at any time during the Term, the Building should be substantially destroyed or damaged (whichthe Premises, as used hereinincluding, means destruction or material damages to at least fifty percent (50%) without limitation, the portions of the Building) Building outside the Premises that are reasonably necessary to provide Tenant with access to and from the Premises and the machinery, equipment and systems used in the operation of the Building or to provide services to the Premises, are damaged by fire or other casualtycasualty (the “Damaged Improvements”), then either party hereto mayTenant shall, at its optionexpense, cause the same to be repaired, restored and replaced, as expeditiously as possible using reasonable diligence to a condition as nearly as practicable to that which existed immediately prior to occurrence of the fire or other casualty subject to such changes as shall be necessitated by any Legal Requirements or are otherwise desired by Tenant and otherwise in a good workmanlike manner, using new materials of like quality to those that were incorporated in the Damaged Improvements immediately prior to the subject casualty and in accordance with all Legal Requirements. To the extent any insurance proceeds are received during the Term (or during any other period with respect to a casualty which occurred during the Term) by Landlord or Landlord’s lender, the same shall be paid to Tenant to be applied, as necessary, to the repair or restoration of the Premises as described in this Section 10.1, with any excess proceeds to be retained by Landlord (except with respect to insurance for Tenant’s personal property). Landlord (and any Landlord’s lender) shall have no right or claim in and to the proceeds of any insurance proceeds of property insurance maintained by Tenant other than as expressly provided in Section 10.3 below. 10.2 No damage or destruction of any of the Premises as a result of fire or any other hazard, risk or casualty whatsoever shall relieve Tenant from its obligations hereunder; provided, however, that to the extent the Premises are untenable by Tenant as a result thereof, Rent shall be abated during the period of such restoration and/or repair until and to the extent Tenant is able to recommence use and occupancy of the Premises thereafter. 10.3 Notwithstanding anything to the contrary contained in this Article 10, if (a) the Building suffers a casualty the cost of restoration of which, in Tenant’s reasonable opinion, exceeds 50% of the replacement cost of the entire Building, and (b) the date of such casualty occurs within the last two (2) years of the Term, then, Tenant may terminate this Lease by giving written notice thereof to the other party within thirty Landlord given no more than sixty (3060) calendar days after the date of such casualty. In such event, all Rent due under in which event Tenant shall have no obligation to repair, restore or rebuild the Building, this Lease shall terminate as of the thirtieth (30th) day after Landlord’s receipt of such termination notice from Tenant and the Rent shall be apportioned to and shall cease as of the date of such casualtythe termination of this Lease; provided that Tenant shall pay to Landlord all property insurance proceeds for the Building paid to Tenant. 10.4 The provisions of this Lease, including this Article 10, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises or the Building, and Tenant any applicable laws with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, and any similar or successor applicable laws now or hereinafter in effect, shall be given a reasonable period of time, not have no application to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date or any damage or destruction to all or any part of the casualty until such substantial completion of Premises or the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)Building.

Appears in 1 contract

Samples: Lease Agreement (Rae Systems Inc)

Damage or Destruction by Casualty. If the Premises or the Building should be substantially destroyed are damaged by fire or damaged (which, as used herein, means destruction other casualty and if such damage does not render all or material damages to at least fifty percent (50%) a substantial portion of the BuildingPremises or the Building untenantable, then Landlord shall proceed to repair and restore the same with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord, with reasonable promptness after the occurrence of such damage, shall estimate the length of time that will be required to substantially complete the repair and restoration of such damage and shall advise Tenant by notice of such estimate. If it is estimated that the amount of time required to substantially complete such repair and restoration will exceed four hundred fifty (450) days from the date such damage occurred, then either Landlord or Tenant (but as to Tenant, only if all or a substantial portion of the Premises are rendered untenantable) shall have the right to terminate this Lease as of the date of such damage upon giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that, if it elects to do so, Landlord may also give such notice of termination together with the notice containing said estimate). Unless this Lease is so terminated, Landlord shall proceed with reasonable promptness to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, except as hereinafter provided, if such repairs and restoration in fact are not completed within the time period estimated by Landlord or within four hundred fifty (450) days. If the Premises are not repaired or restored within five hundred forty (540) days after the date of such fire or other casualty, then either party hereto maymay terminate this Lease, at effective as of the date of such fire or other casualty, by written notice given to the other party not later than thirty (30) days after the expiration of said five hundred forty (540) days period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary set forth herein, (a) Landlord shall have no duty pursuant to this Section to repair or restore any portion of the alterations, additions or improvements owned or made by or on behalf of Tenant in the Premises or existing in the Premises as of the date such space is leased to, or occupied by, Tenant, or to expend for any repair or restoration amounts in excess of insurance proceeds paid to Landlord and available for repair or restoration; (b) Tenant shall not have the right to terminate this Lease pursuant to this Section if the damage or destruction was caused by the act or neglect of Tenant, its optionagents or employees; and (c) if any such damage rendering all or a substantial portion of the Premises or the Building untenantable shall occur during the last two (2) years of the Term, Landlord shall have the option to terminate this Lease by giving written notice thereof to the other party Tenant within thirty sixty (3060) calendar days after the date of such casualty. In damage occurred, and if such eventoption is so exercised, all Rent due under this Lease shall be apportioned to and shall cease terminate as of the date of such casualty, notice. It is the intention of Landlord and Tenant that the provisions of this Article 15 shall be given a reasonable period of time, not to exceed fortyoverride N.J.S.A. 46:8-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures 6 and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed and restored at Landlord's expense, to substantially the same condition as it was prior to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the same. In the event of such reconstruction, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)7.

Appears in 1 contract

Samples: Office Lease (Careadvantage Inc)

Damage or Destruction by Casualty. (a) If the Building should be substantially destroyed Premises or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) any part of the Building) Building shall be damaged by fire or other casualtycasualty and if such damage does not render all or a substantial portion of the Premises or the Building untenantable, then either party hereto Landlord shall proceed to repair and restore the same to its prior existing condition with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s control. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, with reasonable promptness after the occurrence of such damage and in good faith, estimate the length of time that will be required to substantially complete the repair and restoration of such damage. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed one hundred eighty (180) days from the date such damage occurred, then Landlord shall have the right to terminate this lease as of the date of such damage upon giving notice to the Tenant at any time within sixty (60) days after the date of such damage. Unless this lease is terminated as provided in the preceding sentence, Landlord shall proceed with reasonable promptness and all due diligence to repair and restore the Premises, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this lease if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said one hundred eighty (180) days, so long as Landlord shall proceed with reasonable promptness and due diligence. Notwithstanding anything to the contrary herein set forth: (i) if any such damage rendering all or a substantial portion of the Premises or Building untenantable shall occur during the last three (3) years of the Term, then Landlord shall have the option to terminate this lease by written notice to Tenant within thirty (30) days after the date such damage occurred, and if such option is so exercised, this lease shall terminate as of the date of such damage; (ii) Landlord shall have no duty pursuant to this Section 15 to repair or restore any portion of alterations, additions or improvements (1) made by or on behalf of Tenant in the Premises or (2) improvements which are not then building standard improvements; and (iii) Landlord shall not be obligated (but may, at its option, terminate so elect) to repair or restore the Premises or Building if the proceeds of insurance available to Landlord are not sufficient to pay for such repair or restoration. (b) In the event any such fire or casualty damage not caused by the intentional or negligent act of Tenant, its agents, employees or invitees, renders the Premises substantially untenantable and Tenant is not occupying the Premises and if this Lease by giving written notice thereof lease shall not be terminated pursuant to the other party within thirty (30) calendar days after foregoing provisions of this Section 15 by reason of such damage, then Rent shall xxxxx during the period beginning with the date of such casualtydamage and ending with the date when Landlord substantially completes its repair and restoration work. In such event, all Rent due under this Lease Such abatement shall be apportioned in an amount bearing the same ratio to and shall cease the total amount of Rent for such period as the portion of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed Premises being repaired and restored at Landlord's expense, by Landlord and not heretofore delivered to substantially the same condition as it was prior Tenant from time to time bears to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the sameentire Premises. In the event of such reconstructiontermination of this lease pursuant to this Section 15, all Rent due under this Lease shall be abated from the date of the casualty until such substantial completion of the reconstruction repairs; apportioned on a per diem basis and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed or damaged (which, as used herein, means destruction or material damages be paid to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such fire or other casualty. . (c) In the event of any such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such fire or other casualty, and if the lease is not terminated pursuant to the foregoing provisions of this lease, Tenant shall be given a reasonable repair and restore any portion of alterations, additions or improvements made by or on behalf of Tenant in the Premises, and during any such period of timeTenant’s repair and restoration following substantial completion of Landlord’s repair and restoration work, not to exceed thirty-five (35) calendar days, in which to remove its trade fixtures and personal property, whereupon both parties Rent shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)payable as if said fire or other casualty had not occurred.

Appears in 1 contract

Samples: Lease (Calamos Asset Management, Inc. /DE/)

Damage or Destruction by Casualty. (a) If the Premises or the Building should shall be damaged by fire or other casualty and if such damage does not render all or a substantial portion of the Premises or the Building untenantable, then Landlord shall proceed with reasonable promptness to repair and restore the Premises or the Building so as to render the Premises tenantable, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. If any such damage renders all or a substantial portion of the Premises or the Building untenantable, Landlord shall, except during the last year of the Term hereof, within thirty (30) days after the occurrence of such damage, estimate the length of time that will be required to substantially destroyed complete the repair and restoration of the Premises or damaged (whichthe Building, as used hereinthe case may be, means destruction necessitated by such damage and shall by notice advise Tenant of such estimate. If it is so estimated that the amount of time required to substantially complete such repair and restoration will exceed 150 days days from the date such damage occurred, then either Landlord or material damages Tenant (but as to at least fifty Tenant, only if all or more than ten percent (5010%) of the BuildingPremises are rendered untenantable and the estimated time required to substantially complete such repair or restoration of the Premises will exceed such 150 day period) shall have the right to terminate this Lease as of the date of such damage by giving notice to the other at any time within twenty (20) days after Landlord gives Tenant the notice containing said estimate (it being understood that Landlord may, if it elects to do so, also give such notice of termination together with the notice containing said estimate). If the Premises are made partially untenantable as aforesaid during the last year of the Term hereof, Landlord OR TENANT may terminate this Lease as of the date of the fire or other casualty by giving written notice thereof to THE OTHER PARTY within thirty (30) days after the date of the fire or other casualty, in which event the Monthly Base Rent and any Additional Rent shall be apportioned on a per diem basis to the date of such fire or other casualty. Unless this Lease is terminated as provided above in the preceding sentence, Landlord shall proceed with reasonable promptness to repair and restore the Building or the Premises so as to render the Premises tenantable, subject to reasonable delays for insurance adjustments and delays caused by matters beyond the Landlord's reasonable control, and also subject to zoning laws and building codes then in effect. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease (except as hereinafter provided) if such repairs and restoration are not in fact completed within the time period estimated by Landlord, as aforesaid, or within said 150 days. However, if the Premises are not substantially repaired or restored within 180 days after the date of such fire or other casualty, then either party hereto may terminate this Lease, effective as of the date of such fire or other casualty, by giving written notice to the other party not later than thirty (30) days after the expiration of said 180 day period, but prior to substantial completion of repair or restoration. Notwithstanding anything to the contrary herein set forth: (1) Landlord shall have no duty pursuant to this Section 16 to repair or restore any portion of improvements, additions or alterations made by or on behalf of Tenant in the Premises or improvements which are not building standard improvements performed by Landlord pursuant to the Work Letter, if any; (2) Landlord shall not be obligated (but may, at its option, so elect) to repair or restore the Premises or improvements if the damage is due to an uninsurable casualty or if insurance proceeds are insufficient to pay for such repair or restoration, or if any Mortgagee (defined in Section 18) applies proceeds of insurance to reduce its loan balance, and the remaining proceeds, if any, available to Landlord are not sufficient to pay for such repair or restoration; and (3) In the event the Premises or the Building are damaged by fire or the casualty resulting from Tenant's neglect or intentional act, Landlord shall have no obligation to rebuild or restore the Building or the Premises or any part thereof and Tenant shall not have the right to terminate the Lease pursuant to this Section, nor shall Tenant be released from any of its obligations hereunder (including, without limitation, its duty to repair the Premises, its liability to Landlord or damages caused by such fire or other casualty or its obligation to pay rent). (b) In the event any such fire or casualty damage renders the Premises untenantable and if this Lease by giving written notice thereof shall not be terminated pursuant to the other party within thirty (30) calendar days after foregoing provisions of this Section 16 by reason of such damage, then Rent shall xxxxx during the period beginning with the date of such casualtydamage and ending with the date when Landlord substantially completes its repair or restoration required hereunder. In Provided that Tenant occupies restored or undamaged portions of the Premises, such event, all Rent due under this Lease abatement shall be apportioned in an amount bearing the same ratio to and shall cease the total amount of Rent for such period as the portion of the date of such casualty, and Tenant shall be given a reasonable period of time, not to exceed forty-five (45) calendar days after receipt of written notice of termination (or fourteen (14) days after giving notice of termination to Landlord as appropriate) under this Section 9.01, in which to remove its trade fixtures and personal property, whereupon both parties shall be released from all further obligations and liability hereunder (except for any obligations previously incurred hereunder). If neither party exercises this option, then the Building shall be reconstructed Premises being repaired and restored at Landlord's expense, by Landlord and not theretofore delivered to substantially the same condition as it was prior Tenant from time to time bears to the casualty; provided, however, that, if Tenant has made any additional improvements pursuant to Section 8.03, Tenant shall reimburse Landlord for the cost of reconstructing the sameentire Premises. In the event of such reconstruction, all Rent due under termination of this Lease pursuant to this Section 16, Rent shall be abated from apportioned on a per diem basis prior to the date of the casualty until fire or casualty. (c) In the event of any such substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. Notwithstanding the foregoing, if the Premises are substantially destroyed fire or damaged (which, as used herein, means destruction or material damages to at least fifty percent (50%) of the Premises, as applicable), then Tenant may, at its option, terminate this Lease by giving written notice thereof to Landlord within thirty (30) calendar days after the date of such casualty. In such event, all Rent due under this Lease shall be apportioned to and shall cease as of the date of such casualty, and if the Lease is not terminated pursuant to the foregoing provisions of this Lease, Tenant shall be given a reasonable period AT TENANT'S SOLE OPTION, repair and restore any portion of timealterations, additions or improvements made by or on behalf of Tenant in the Premises which Landlord is not required to exceed thirty-five (35) calendar days, in which restore pursuant to remove its trade fixtures Section 16a and personal property, whereupon both parties shall be released from all further obligations and liabilities hereunder (except for any obligations previously incurred hereunder)16b hereof.

Appears in 1 contract

Samples: Office Lease (Participate Com Inc)

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