Common use of DAMAGE OR DESTRUCTION OF PREMISES Clause in Contracts

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abated. If by reason of such casualty the Premises is rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this Lease. Provided, however, if by reason of such casualty, the Premises is rendered untenantable in some material portion, and the amount of time required to repair the damage using due diligence is in excess of one hundred twenty (120) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty (60) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to the portion of the Premises rendered untenantable. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, terminate this Lease by giving written notice within sixty (60) days after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Ensemble Health Partners, Inc.)

AutoNDA by SimpleDocs

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerm. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred twenty fifty (120150) daysdays after the issuance of a building permit by the applicable governmental authorities (Landlord agreeing to use reasonable, diligent efforts to procure said permit), then either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantableuntenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. In the event Landlord is unable to repair the Premises in accordance with this Section 13 on or before that date which is sixty (60) days following the targeted completion date (as reasonably determined by Landlord), subject to delays beyond Landlord’s reasonable control, either party shall have the right to terminate the Lease upon thirty (30) days advance written notice to the other following the expiration of said sixty (60) day period. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended termTerm, either party Landlord may, at its option, terminate this Lease by giving written notice to Tenant within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such noticenotice and Tenant shall have a period of fifteen (15) days following its receipt of such notice of termination from Landlord to vacate the Premises. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section to the contrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in which it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall not be required to expend more funds than the amount received by Landlord from the proceeds of any insurance and any amounts received from Tenant.

Appears in 1 contract

Samples: Lease Agreement (Cross Country Healthcare Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental Rent shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental Rent shall be proportionately reduced as to such portion of the Premises as is rendered untenantable, however, Tenant must vacate the portion of the Premises deemed untenantable during the period of Landlord’s repairs for such abatement of Annual Rent to be effective. Any such abatement of rent shall not, however, not create an extension of the term of this LeaseTerm. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portion, and Landlord, in its commercially reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one two hundred twenty ten (120210) daysdays (as measured from the date of casualty), then Landlord shall provide written notice thereof to Tenant, to be given to Tenant within seventy-five (75) days following the date of such casualty, and either party shall then have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualtysaid notice from Landlord. In such event, and the Annual Rental Rent shall (i) xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantable, and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last two (2) Lease Year Years of the initial term or any extended termTerm, either party Landlord may, at its option, terminate this Lease by giving written notice to Tenant within sixty thirty (6030) days after the date of the casualty and rent the Annual Rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder because of arising from the prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. Notwithstanding anything contained in this Section to the contrary, in no event shall Landlord be required to expend more funds in connection with the repair or restoration of the Premises than the amount received by Landlord from the proceeds of any insurance policies maintained by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Novan, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay such that each Premises Portion is in the condition that existed as of the applicable Premises Portion Commencement Date, and the Annual Rental Rent shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s business, either in whole or in part, Landlord shall cause the such damage to be repaired or replaced without unreasonable delaydelay such that each Premises Portion is in the condition that existed as of the applicable Premises Portion Commencement Date, and, in the interim, the Annual Rental Rent shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerm. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred twenty nine (1209) daysmonths (as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building), then and thereafter notifies Tenant thereof, then, either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualtysuch notice from Landlord, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantableuntenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the gross negligence or willful misconduct of Tenant or Tenant’s agents, contractors, employees, or invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended termTerm, either party Landlord may, at its option, terminate this Lease by giving written notice to Tenant within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such noticetermination. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder because of arising from the prior defaults of the other party. Tenant shall give Landlord immediate prompt notice of any fire or other known casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Dova Pharmaceuticals, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerm. Provided, however, if by reason of ------------------ such casualty, the Premises is are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one two hundred twenty ten (120210) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantable. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their the replacement value of the Premises or if the Premises are is rendered untenantable for the conduct of Tenant’s 's business operations during the last Lease Year of the initial term Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion, either party may, at its option, terminate this Lease by giving written notice within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Sciquest Com Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If In the Premises is damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such event of any damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abated. If by reason of such casualty the Premises is rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion partial destruction of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of during the term of this Lease from any cause, Lessor shall forthwith repair the same, provided such repairs can be reasonably estimated to be completed within one hundred eighty (180) days under the laws and regulations of Federal, State, County or Municipal authorities, but such partial damage or destruction shall not make this Lease void or voidable except as hereinafter provided. Lessee shall be entitled to a proportionate reduction of “Rent” (which term shall be deemed to include all monthly base rental and NNN charges payable by Lessee under this Lease. Provided) while such repairs are being made, however, if by reason such proportionate reduction to be based upon the extent to which the damage and/or the making of such casualty, repairs shall interfere with the Premises is rendered untenantable business carried on by Lessee in some material portion, and said Premises. If the amount of time required necessary repairs cannot be reasonably estimated to repair the damage using due diligence is in excess of be completed within one hundred twenty eighty (120180) calendar days, then either party shall have the right to Lessee or Lessor may terminate this Lease by giving written notice of termination to the other party. In the event that neither party so elects to terminate this Lease within sixty fifteen (6015) days after the date of casualtysuch damage, Lessor shall make all necessary repairs as promptly as practical and within a reasonable time (within the 180 day period), this Lease to continue in full force and effect and the Annual Rental shall xxxxx Rent to be proportionately rebated as provided hereinabove. With respect to any damage or destruction which Lessor is obligated to repair or may elect to repair under the terms of this paragraph, the provisions of Section 1932, subdivision 2, of the date Civil Code of such casualty in proportion the State of California are waived by Lessee to the portion of extent consistent with the Premises rendered untenantable. Notwithstanding the other provisions of this paragraph, in . The total destruction of the event there should be a casualty loss to building constituting the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, shall terminate this Lease by giving written notice unless the Lessor and Lessee agree otherwise within sixty ninety (6090) days after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premisesdestruction.

Appears in 1 contract

Samples: Lease (Enjoy Technology, Inc./De)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s businessbusiness (as mutually determined by Landlord and Tenant in their reasonable discretion), either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s businessbusiness (as mutually determined by Landlord and Tenant in their reasonable discretion), either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any Tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerm. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portionportion (as mutually determined by Landlord and Tenant in their reasonable discretion), and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred twenty eighty (120180) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualtycasualty and, and except for those obligations accruing prior to the Annual Rental shall xxxxx as of the effective date of such termination, Tenant shall have no further obligation or liability hereunder. Notwithstanding the foregoing, in the event the casualty in proportion giving rise to an election to terminate is caused by the portion negligence, misconduct or acts or omissions of the Premises rendered untenantableTenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their the replacement value of the Premises or if the Premises are is rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term Term or any extended term, as mutually determined by Landlord and Tenant in the exercise of their reasonable discretion, either party may, at its option, terminate this Lease by giving written notice within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Icagen Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s Lessee's business, either in whole or in part, Landlord Lessor shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental Rent shall not be abated. If by any reason of such casualty casualty, the Premises is are rendered untenantable in Tenant’s for Lessee's business, either in whole or in part, Landlord Lessor shall cause the damage to be repaired or replaced without unreasonable delay, and, and in the interim, the Annual Rental shall be proportionately equitably reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term Term of this Lease. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portionsubstantially untenantable, and Lessor is unable to give reasonable assurances that the amount of time required to repair the damage using due diligence is in excess of shall not exceed one hundred twenty eighty (120180) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty (60) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion . Notwithstanding anything to the portion of the Premises rendered untenantable. Notwithstanding the other provisions of contrary contained in this paragraph, in the event there should be of a casualty loss to the Premises equal to the extent of fifty percent (50%) % or more of their the replacement value or if for the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term Term or any extended termthe Renewal Term, either party may, at its option, terminate this Lease by giving written notice within sixty (60) 60 days after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord there shall have be no obligation of Lessor to rebuild or repair in case of fire or other casualty, and no termination under pursuant to this paragraph shall affect any rights of Landlord Lessor or Tenant Lessee hereunder because of arising from prior defaults of the other party. Tenant Lessee shall give Landlord Lessor immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Aftermarket Technology Corp)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerm. Provided, however, if by --------- ------- reason of such casualty, the Premises is are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred twenty eighty (120180) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantable. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their the replacement value of the Premises or if the Premises are is rendered untenantable for the conduct of Tenant’s 's business operations during the last Lease Year of the initial term Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion, either party may, at its option, terminate this Lease by giving written notice within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Inspire Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerm. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, notice of which is given to Tenant within thirty (30) days of the date of the casualty, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred twenty eighty (120) days180 days)(as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building with such period to be extended by Force Majeure), then either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantableuntenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended termTerm, either party Landlord may, at its option, terminate this Lease by giving written notice to Tenant within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate prompt notice of any fire or other casualty in the PremisesPremises actually known to Tenant. Notwithstanding anything contained in this Section to the contrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant's insurance sufficient to repair and restore the Premises to the condition in which it existed immediately prior to such casualty, including those items in excess of building standard.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Capital Bank Corp)

DAMAGE OR DESTRUCTION OF PREMISES. If Tenant shall repair all damages to the Premises is damaged caused by fire the Tenant, its employees, agents, contractors, Subcontractors and/or any utility provider. If by fire, the elements, act of GOD, or other casualty, but are not rendered untenantable for Tenant’s businessthrough no fault, either in whole negligence, or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abated. If by reason of such casualty the Premises is rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement Tenant, or any of rent shall notits employees, howeveragents, create an extension of the term of this Lease. Providedvendors, howevercontractors, if by reason of such casualtySubcontractors or utility provider, the Premises is rendered untenantable in some material portiontotally damage or destroyed, or the CSF is totally damaged or destroyed, or the CSF building is partially damaged or destroyed to the extent that twenty-five (25%) percent or more of the replacement costs thereof (even though the Premises may not be totally damaged), the Landlord will have the option of terminating this Lease, or any extension thereof, by serving written notice upon the Tenant within one hundred and eighty (180) days from the date of the casualty, and any prepaid Rent, paid by Xxxxxx, will be prorated as of the date of the destruction, and the amount unearned portion of time required such Rent will be refunded to repair the damage using due diligence is in excess of one hundred twenty (120) daysTenant, then either party without interest, and Tenant shall have no further obligation to pay Rent from and after the right date of the casualty, and all parties shall be released from all obligations under this Lease, except for those obligations that specifically survive expiration or termination hereunder. Further, for any such early termination of this Lease, the Tenant shall not be entitled to any other type of reimbursement or consideration. If by fire, the elements of GOD, or another casualty, but through no fault, negligence, or cause of the Tenant, or any of its employees, agents, vendors, contractors, Subcontractors or utility provider, the Premises is damaged or partially destroyed to the extent that it equals less than twenty-five (25%) percent of the replacement cost thereof, and the other provisions of the prior paragraph are not applicable, the Landlord may either terminate this Lease by giving serving written notice of termination upon Tenant within sixty (60) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to destruction or Landlord may restore the portion Premises, at the Landlord’s sole and absolute discretion. The Landlord will not be liable for any damage to, or any inconvenience of, the Tenant, or any of the Premises rendered untenantable. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended termemployees, either party mayagents, at its optioncontractors, terminate this Lease by giving written notice within sixty (60) days after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation vendors and/or Subcontractors due to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord unless caused by the intentional or Tenant hereunder because of prior defaults gross negligent act or omission of the other partyLandlord, or its officers, employees, agents, vendors, contractors, and/or subcontractors. The Tenant agrees that should any of the damage or destruction of the Premises, and/or the CSF building, be the result of, cause of, or even tangentially related to the actions or omissions of the Tenant, or any of its employees, agents, vendors, contractors, or Subcontractors, then the Tenant shall give Landlord immediate notice of any fire or other casualty in be held strictly liable for the cost to immediately restore, repair, and/or rebuild the Premises, and/or the CSF in accordance with the Landlord’s instructions whichever is so damaged or destroyed.

Appears in 1 contract

Samples: Lease Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is or any part thereof shall be damaged by fire or other insured casualty, but are not rendered untenantable for Tenant’s businessthen, either in whole or in partsubject to the following provisions of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and other laws and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds received and made available to Landlord by any mortgagee) to repair or cause such damage to be repaired such damage, excluding any items installed or restored without unreasonable delay and the Annual Rental paid for by Tenant which Tenant is permitted to remove upon expiration, (which items shall not be abated. Tenant's responsibility to repair.) If by reason (i) all or any substantial part (meaning more than 25% of such casualty floor area or of insurable value) of the Premises is rendered untenantable in Tenant’s business, either in whole are materially damaged by fire or in part, Landlord shall cause other casualty (whether or not insured) or (ii) the damage to be repaired Building (whether or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such not including any portion of the Premises as Premises) is rendered untenantable. Any such abatement of rent shall notso damaged by fire or other casualty (whether or not insured) that substantial alteration, however, create an extension reconstruction or demolition of the term Building shall in Landlord's sole discretion be appropriate, or (iii) if any casualty occurs to the Premises during the last year of the Term and its repair will reasonably cost more than $100,000, then in any such case, this Lease. Provided, however, if Lease and the Term hereof may be terminated at the election of Landlord by reason a notice in writing of such its election so to terminate given to Tenant within six (6) months following the date of the casualty, the Premises is rendered untenantable effective termination date being not less than thirty (30) nor more than sixty (60) days thereafter. Landlord shall notify Tenant in some material portion, and writing within seventy-five (75) days of the amount date of time required casualty whether Landlord elects to repair the damage or to terminate the Lease in accordance with the terms of this Section. If Landlord elects to repair the damage, such notice shall include Landlord's estimate of the time to repair. Notwithstanding anything to the contrary herein, if the Premises are substantially damaged so as to prevent Tenant from using due diligence is in excess of one hundred twenty (120) daysthe Premises for its intended purposes, then either party Tenant shall have the right to terminate this Lease by giving prior written notice of termination thereof either (i) within sixty (60) fifteen days after receipt of Landlord's notice electing to repair the damage if Landlord estimates that the repair will take longer than six (6) months to complete or (ii) if Landlord fails to repair the damage prior to the later of six (6) months from the date of casualty, Landlord's notice or such longer time period as Landlord estimates in Landlord's notice. Tenant shall be entitled to a just abatement of Annual Fixed Rent (and additional rent on account of Landlord's Taxes and Operating Expenses) during the Annual Rental shall xxxxx as period of impaired use of the date of such casualty in proportion to the Premises (including a partial abatement if only a portion of the Premises rendered is untenantable). Notwithstanding If any mortgagee refuses without fault by Xxxxxx to permit insurance proceeds to be applied to replacement of the other provisions Premises, and neither Landlord nor such mortgagee has commenced such replacement within six (6) months following adjustment of this paragraph, in the event there should be a such casualty loss to with the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended terminsurer, either party then Tenant may, at its optionuntil any such replacement commences, terminate this Lease by giving written notice within sixty at least thirty (6030) days after the date of the casualty and rent shall xxxxx as of the date of such prior written notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease (Interneuron Pharmaceuticals Inc)

AutoNDA by SimpleDocs

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s 's business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s 's business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerms. Provided, however, if by reason of such casualty, the Premises is premises are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one two hundred twenty ten (120210) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantable. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts of omissions of Tenant or Tenant's Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their the replacement value of the Premises or if the Premises are is rendered untenantable for the conduct of Tenant’s 's business operations during the last Lease Year year of the initial term Term or any extended term, as determined by Landlord in the exercise of its reasonable discretion, either party may, at its option, terminate this Lease by giving written notice within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Inspire Pharmaceuticals Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage (other than damage to leasehold improvements or personal property) to be repaired or restored without unreasonable delay and the Annual Rental shall not be abated. If by reason of such casualty the Building or the Premises is are rendered untenantable in Tenant’s businesssubstantially untenantable, either in whole or in part, Landlord shall have the right to elect by giving Tenant written notice within ninety (90) days of said fire or other casualty either to: (i) terminate this Lease as of the date of the fire or other casualty (ii) cause the damage (other than damage to leasehold improvements or personal property) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this Lease. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portion, and the amount of time required to repair the damage using due diligence is in excess of one hundred twenty eighty (120180) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty ninety (6090) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to the portion of the Premises rendered untenantable. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, terminate this Lease by giving written notice within sixty (60) days after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises. If all or any part of the Premises are damaged by fire or other casualty and this Lease is not terminated, Tenant shall promptly and with due diligence repair and restore its personal property previously used in the Premises sufficient to carry on its operations in the normal course of business.

Appears in 1 contract

Samples: Lease Agreement (Amber Road, Inc.)

DAMAGE OR DESTRUCTION OF PREMISES. If If, at any time during the term hereof, the building and improvements on the Demised Premises is shall be damaged or destroyed by fire or other casualty, but are not rendered untenantable for Tenant’s businessLessor shall repair the same with all reasonable speed, either in whole or in partsubject to delays beyond Lessor's reasonable control, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abated. If by reason of such casualty the Premises is rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall notprovided, however, create an extension that if such damage or destruction shall represent more than fifty percent (50%) of the term value of this Lease. Provided, however, if by reason of such casualty, the Premises is rendered untenantable in some material portion, said building and the amount of time required to repair the damage using due diligence is in excess of one hundred twenty (120) daysimprovements, then either party shall have the right and option to terminate this Lease by giving to the other party written notice of termination such election within sixty ten (60l0) days after the date of casualty, and the Annual Rental shall xxxxx as of the date happening of such casualty damage or destruction. During the period of such damage or destruction, Lessee shall be entitled to an abatement in rent in proportion to the portion part of the Premises rendered untenantable. Notwithstanding the other provisions of this paragraph, building and improvements that remains unfit for occupancy and any rent theretofore paid in the event there should advance shall be a casualty loss prorated in proportion to the time during the month that said Demised Premises were so damaged or destroyed. Should neither the Lessor nor the Lessee elect to terminate this Lease in accordance with the foregoing, then, and in that event, Lessor agrees to rebuild and replace such partly destroyed property as soon as the same can reasonably be done and if Lessor shall fail to repair or restore the same to substantially the same condition in which they were immediately prior to the extent happening of fifty percent such damage or destruction within one hundred eighty (50%180) days after the happening of such damage or more of their replacement value or if destruction, then Lessee shall have the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, right and option to terminate this Lease by giving to Lessor written notice within sixty of such election ten (60l0) days after the date expiration of said one hundred eighty (180) day period. During such period of such damage or destruction, Lessee shall be entitled to an abatement in rent in proportion to the part of the casualty building and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualtyimprovements that remains unfit for occupancy, and no termination under this paragraph any rent theretofore paid in advance shall affect any rights of Landlord be prorated in proportion to the time during the month that said Demised Premises were so damaged or Tenant hereunder because of prior defaults of the other partydestroyed. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises5.

Appears in 1 contract

Samples: Ace Hardware Corp

DAMAGE OR DESTRUCTION OF PREMISES. If In the event of total or partial destruction of the Premises is damaged by fire or other casualtycasualty insured by Lessor, but Lessor agrees to promptly restore and repair the Premises at Lessor's expense to the extent Lessor receives insurance proceeds therefor, provided however, that in the event the Premises are (i) so destroyed that they cannot rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and rebuilt within one hundred eighty (180) days after the Annual Rental shall not be abated. If by reason commencement of such repair or rebuilding; or (ii) destroyed by a casualty the Premises which is rendered untenantable not covered by Lessor's insurance, or if such casualty is covered by Lessor's insurance but a mortgagee of Lessor or other party entitled to insurance proceeds fails to make such proceeds available to Lessor in Tenant’s business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion an amount sufficient for restoration of the Premises as is rendered untenantable. Any such abatement of rent shall not(provided, however, create an extension that Lessor agrees to make a good faith effort to have such mortgagee make such proceeds available for full restoration or rebuilding), then, either Lessor or Lessee may terminate and cancel this Lease effective as of the term of this Lease. Provided, however, if by reason of sixtieth (60th) day after such casualty, the Premises is rendered untenantable in some material portion, and the amount of time required to repair the damage using due diligence is in excess of one hundred twenty (120) days, then either party shall have the right to terminate this Lease casualty by giving written notice of termination to the other party within sixty (60) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to casualty. Upon the portion effective date of such termination, all further obligations hereunder shall thereupon cease. If no such notice is given, Lessor shall make such repair or restoration of the Premises rendered untenantablepromptly and in such manner as not to unreasonably interfere with Lessee's use and occupancy of the Premises. Notwithstanding Any proceeds from the other provisions of this paragraph, fire and extended coverage insurance policies not utilized by Lessor in the event there should be a casualty loss to restoring or repairing the Premises to shall become the extent sole property of fifty percent (50%) or more of their replacement value or if Lessor. Rent shall proportionately abatx xxxing the time that the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, terminate this Lease part thereof are unusable by giving written notice within sixty (60) days after the date of the casualty and rent shall xxxxx as of the date reason of such noticedamage thereto. Except as provided herein, Landlord damage to or destruction of all or any portion of the Premises by fire or by any other cause shall have no not terminate this Lease, nor entitle Lessee to surrender the Premises nor in any way affect Lessee's obligation to rebuild or repair in case of fire or pay the Rent and other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premisessums payable hereunder.

Appears in 1 contract

Samples: Lease Agreement (Gerber Childrenswear Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, either in whole or in part, but are not no part of the Premises is rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored (to the extent of the Base Building (as hereinafter defined) and Landlord’s Work) without unreasonable delay and the Annual Rental shall not be abated. If by reason of such casualty the Premises is are rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall cause the damage to be repaired or replaced (to the extent of the Base Building and Landlord’s Work) without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this Lease. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portion, and the amount of time required to repair the damage using due diligence is in excess of one hundred twenty (120) days, then either party shall have the right to terminate this Lease by giving written notice of termination within sixty (60) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to the portion event of the Premises rendered untenantablesuch termination. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year twelve (12) months of the initial term or any extended term, either party may, at its option, terminate this Lease by giving written notice within sixty (60) days after the date of the casualty and rent Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises.

Appears in 1 contract

Samples: Lease Agreement (Shutterfly Inc)

DAMAGE OR DESTRUCTION OF PREMISES. If In the event the whole or any part of the improvements on the Premises is (excluding Lessee's equipment and fixtures) shall be damaged or destroyed by fire fire, flood, windstorm, strikes, riots, civil commotions, acts of God, or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord Lessor shall cause such damage restore same to be repaired or restored without unreasonable delay and the Annual Rental shall not be abated. If by reason of such casualty the Premises is rendered untenantable in Tenant’s business, either in whole or in part, Landlord shall cause the damage their condition just prior to be repaired or replaced said loss without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of insurance proceeds received by Lessor pursuant to the term provisions of this Lease, shall be held in an escrow fund(at a bank designated by Lessor) and shall be disbursed directly to Lessor during the restoration period to pay for the cost of said restoration. ProvidedAny insurance proceeds over and above the cost of restoration shall be paid to and be the property of Lessor upon completion of restoration. If the insurance proceeds are insufficient to pay for the cost of restoration, howeverLessor shall, if by reason at its expense, pay the difference. Lessor and Lessee may mutually agree in writing not to restore the improvements. If any damage mentioned in this first sentence of such casualty, the Premises is rendered untenantable in some material portion, and the amount of time required to repair the damage using due diligence this Paragraph is in excess of one hundred twenty fifty (12050%) daysof the total replacement cost of the improvements during the final sixty months of the Initial Term or during any Option Term, then either party shall have the right to Lessee may terminate this Lease by giving written notice of termination within sixty (60) 30 days after such damage. If this Lease is terminated under any provision of this Paragraph, (i) Lessee shall release the insurance proceeds to Lessor except, for the portion received by reason of the loss of Lessee's equipment, trade and business fixtures, signs and other personal property which portion will be paid to Lessee, and (ii) Base Rent shall be payable through the date of casualty, and Lessor will refund to Lessee any prepaid unaccrued Base Rent and the Annual Rental shall xxxxx as of the date of such casualty in proportion security deposit, less sum,if any, Lessee owes to the portion of the Premises rendered untenantableLessor. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended term, either party may, at its option, terminate this Lease by giving written notice within sixty (60) days after the date of the casualty and rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord immediate notice of any fire or other casualty in the Premises21.

Appears in 1 contract

Samples: Attornment Agreement

DAMAGE OR DESTRUCTION OF PREMISES. If the Premises is are damaged by fire or other casualty, but are not rendered untenantable for Tenant’s business, either in whole or in part, Landlord shall cause such damage to be repaired or restored without unreasonable delay and the Annual Rental shall not be abatedxxxxx. If by reason of such casualty the Premises is are rendered untenantable in for Tenant’s business, either in whole or in part, Landlord shall cause the damage to the physical structure of the Building (excluding any tenant improvements or alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the term of this LeaseTerm. Provided, however, if by reason of such casualty, the Premises is are rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the amount of time required to repair the damage using due diligence is in excess of one hundred twenty year (120) daysas measured from the date of casualty), then either party shall have the right to terminate this Lease by giving written notice of termination within sixty thirty (6030) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the portion part of the Premises rendered untenantableuntenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the foregoing, in the event the casualty giving rise to an election to terminate is caused by the negligence, misconduct or acts or omissions of Tenant or Tenant’s Invitees, Tenant shall have no right to terminate this Lease. Notwithstanding the other provisions of this paragraphSection, in the event there should be a casualty loss to the Premises to the extent of fifty percent (50%) or more of their replacement value or if the Premises are rendered untenantable for the conduct of Tenant’s business operations during the last Lease Year of the initial term or any extended termTerm which renders at least four thousand (4,000) rentable square feet of the Premises untenantable, either party may, at its option, terminate this Lease by giving written notice to the other party within sixty thirty (6030) days after the date of the casualty and rent the Annual Rental shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to rebuild or repair in case of fire or other casualty, and no termination under this paragraph Section shall affect any rights of Landlord or Tenant hereunder because of arising from the prior defaults of the other party. Tenant shall give Landlord immediate prompt notice of any fire or other casualty in the Premises, and Landlord shall give Tenant Landlord’s determination of the time period which Landlord estimates will be required to repair such casualty damage promptly after Landlord ascertains same with reasonable certainty. Notwithstanding anything contained in this Section 13 to the contrary, Landlord shall only be obligated to restore the Premises to a building standard condition unless Tenant makes available to Landlord proceeds from Tenant’s insurance sufficient to repair and restore the Premises to the condition in which it existed immediately prior to such casualty, including those items in excess of building standard. In any event, Landlord shall not be required to expend more funds than the amount received by Landlord from the proceeds of any insurance (plus the amount of any deductible) and any amounts received from Tenant.

Appears in 1 contract

Samples: Work Agreement (Smart Online Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!