DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord. (i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant shall have the right to terminate this Lease upon 30 days’ prior written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such date.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Alexion Pharmaceuticals Inc)
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Tenant Work, which Tenant without unreasonable delay and the Annual Rental shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenantnot xxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for 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 Base Rent and Additional Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; providednot, however, that create an extension of the Term. Provided, however, if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to by --------- ------- reason of such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Leasecasualty, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the cost amount of time required to repair such the damage using due diligence is reasonably estimated to exceed one-third in excess of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, one hundred eighty (ii180) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to completedays, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice of termination within thirty (30) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to Landlord; provided, however, so long as Landlord commenced said repair or restoration the part of the Premises within ninety (90) days after all insurance claims with respect rendered untenantable. Notwithstanding the foregoing, in the event the casualty giving rise to such fire an election to terminate is caused by the negligence, misconduct or casualty are settled, and proceeded diligently to complete said repair acts or restoration omissions of the demised premises thereafterTenant or Tenant's Invitees, Tenant shall have the no right to terminate this lease upon 30 days’ prior written notice Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to Landlord only if said repair the Premises to the extent of fifty percent (50%) or restoration more of the replacement value of the Premises or if the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 rendered untenantable for the end conduct of Tenant's business operations during the last Lease Year of the 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 thirty (30) days after the date of the casualty and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) Annual Rental shall be apportioned xxxxx as of the date of such datenotice. 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: Consent to Sublease Agreement (Inspire Pharmaceuticals Inc)
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Tenant Work, which Tenant without unreasonable delay and the Annual Rental shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenantnot xxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for 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 Base Rent and Additional Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; providednot, however, that create an extension of the Terms. Provided, however, if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to by reason of such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Leasecasualty, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays premises are rendered untenantable in the making of any such repairs that are due to government regulation, casualtiessome material portion, and strikesLandlord, unavailability of labor and materialsin its reasonable estimation, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term determines that the cost amount of time required to repair such the damage using due diligence is reasonably estimated to exceed one-third in excess of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, two hundred ten (ii210) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to completedays, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice of termination within thirty (30) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to Landlord; provided, however, so long as Landlord commenced said repair or restoration the part of the Premises within ninety (90) days after all insurance claims with respect rendered untenantable. Notwithstanding the foregoing, in the event the casualty giving rise to such fire an election to terminate is caused by the negligence, misconduct or casualty are settled, and proceeded diligently to complete said repair acts of omissions of Tenant or restoration of the demised premises thereafterTenant's Invitees, Tenant shall have the no right to terminate this lease upon 30 days’ prior written notice Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to Landlord only if said repair the Premises to the extent of fifty percent (50%) or restoration more of the replacement value of the Premises or if the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 rendered untenantable for the end conduct of Tenant's business operations during the last Lease year of the 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 thirty (30) days after the date of the casualty and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) Annual Rental shall be apportioned xxxxx as of the date of such datenotice. 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
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Tenant Work, which Tenant without unreasonable delay and the Annual Rental shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenantnot xxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) casualty the Premises are so damaged by fire rendered untenantable for Tenant’s business, either in whole or other casualty (whether or not insured) at any time during in part, Landlord shall cause the last thirty (30) months of damage to the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition physical structure of the Building (excluding any tenant improvements or a portion thereofalterations therein) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair repaired or replacement of such property and Landlord determines not to repair such damagereplaced without unreasonable delay, or (iv) the repair of such damage willand, in Landlord’s reasonable judgmentthe interim, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may Annual Rental shall be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period proportionately reduced as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration portion of the Premises as is not substantially completed within twelve rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the 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 nine (129) months subsequent to said fire or other casualty(as measured from the issuance of the applicable building permits necessary for the reconstruction of the Building), then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice of termination within thirty (30) days after the date of casualty, and the Annual Rental shall (i) xxxxx as of the date of such casualty in proportion to the part of the Premises rendered untenantable and (ii) xxxxx entirely as of the effective date of the termination of this Lease. Notwithstanding the other provisions of this Section, in the event there should be a casualty loss to the Premises during the last Lease Year of the Term, Landlord may, at its option, terminate this Lease by giving written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises Tenant within ninety thirty (9030) days after all the date of the casualty and 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 Section shall affect any rights of Landlord or Tenant hereunder 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 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 claims with respect sufficient to repair and restore the Premises to the condition in which it existed immediately prior to such fire or casualty are settledcasualty, and proceeded diligently including those items in excess of building standard. In any event, Landlord shall not be required to complete said repair or restoration of expend more funds than the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to amount received by Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event proceeds of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term insurance and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such dateany amounts received from Tenant.
Appears in 1 contract
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty that (whether or not insuredi) that substantial alteration or reconstruction or demolition of the Building shall be required or (ii) any mortgagee of Landlord requires that all or any portion of the insurance proceeds payable as a portion thereof) shall in Landlord’s judgment result of such casualty be required, (iii) at any time damage applied to the Building occurs payment of the underlying mortgage debt, then Landlord may, at its option, terminate this by notifying Tenant in writing of such termination within sixty (60) days after the date the casualty event occurs. If the Premises are damaged by fire or other insured casualty and any mortgagee but are not rendered untenantable for Tenant's business, either in whole or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premisespart, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, if Landlord does not terminate this Lease by giving at least thirty (30) days prior written notice thereof pursuant to the immediately preceding sentence, Landlord shall cause such damage to be repaired without unreasonable delay. In such event, all insurance proceeds shall be made payable to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects used to repair or restore rebuild the Premises in accordance with the requirements standards set forth herein and not for any other purposes, without Tenant's prior written consent. Landlord shall be responsible for the payment in full of any deductible. If by reason of such casualty, the Premises are rendered untenantable for Tenant's business, either in whole or in part, and Landlord does not terminate this Section 12.01Lease as provided in the first sentence above in this Xxxxxxxxx 00, but said restoration Xxxxxxxx shall cause the damage to be repaired or replaced without unreasonable delay, and in the interim, the Annual Rental shall be equitably reduced as to such portion of the Premises as is not substantially completed within twelve (12) months subsequent to said fire or other rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Lease Term. Provided, however, if by reason of such casualty, the Premises are rendered substantially untenantable, and Landlord fails to give Tenant reasonable assurances that the amount of time required to repair the damage, using due diligence, shall not exceed the earlier of (i) the expected completion date of the New Facility or (ii) sixty (60) days from the date the casualty event occurs, then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises termination within ninety sixty (9060) days after all insurance claims with respect the date the casualty event occurs. Notwithstanding the other provisions of this Paragraph 14, in the event there is a casualty loss to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated of fifty percent (50%) or more of the replacement value during the last Lease Year of the Lease Term, including any Lease Extension Term that has then been exercised by Tenant, either party may, at its option, terminate this Lease by giving written notice within sixty (60) days after the date the casualty event occurs; and, in such case, Annual Rental shall xxxxx as set forth above) of the date of such notice. Except as provided herein, there shall be apportioned as no obligation of such dateLandlord to rebuild or repair in case of fire or other casualty, and no termination under this Paragraph 14 shall affect any rights of Landlord or Tenant hereunder because of prior defaults of the other party. Tenant shall give Landlord prompt notice of any fire or other casualty in the Premises.
Appears in 1 contract
DAMAGE OR DESTRUCTION OF PREMISES. If In the event of any damage to or partial destruction of the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to during the last paragraph term of this SectionLease from any cause, Landlord Lessor shall proceed with diligenceforthwith repair the same, subject provided such repairs can be reasonably estimated to then applicable statutes, building codes, zoning ordinances be completed within one hundred eighty (180) days under the laws and regulations of any governmental authorityFederal, 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 at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord NNN charges payable by any mortgagee of the Building and any ground lessorLessee under this Lease) to repair or cause while such repairs are being made, such proportionate reduction to be repaired such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at based upon the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in and/or the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays shall interfere with the business carried on by Lessee in obtaining insurance proceeds, and other causes beyond said Premises. If the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or necessary repairs cannot insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is be reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Termbe completed within one hundred eighty (180) calendar days, (ii) at any time the Building (either Lessee or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof Lessor may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof of termination to Landlord and such termination shall be effective on the date specified if such replacement has not then commencedother party. In the event Landlord is obligated or that neither party so elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant shall have the right to terminate this Lease upon 30 days’ prior written notice within fifteen (15) days after the date of such damage, Lessor shall make all necessary repairs as promptly as practical and within a reasonable time (within the 180 day period), this Lease to Landlord; provided, however, so long continue in full force and effect and the Rent to be proportionately rebated as Landlord commenced said provided hereinabove. With respect to any damage or destruction which Lessor is obligated to repair or restoration may elect to repair under the terms of this paragraph, the provisions of Section 1932, subdivision 2, of the Civil Code of the State of California are waived by Lessee to the extent consistent with the provisions of this paragraph. The total destruction of the building constituting the Premises shall terminate this Lease unless the Lessor and Lessee agree otherwise within ninety (90) days after all insurance claims with respect to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such datedestruction.
Appears in 1 contract
Samples: Lease (Enjoy Technology, Inc./De)
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Tenant Work, which Tenant without unreasonable delay and the Annual Rent shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenantnot xxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) casualty the Premises are so damaged by fire rendered untenantable for Tenant’s business, either in whole or other casualty (whether or not insured) at any time during in part, Landlord shall cause the last thirty (30) months of damage to the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition physical structure of the Building (excluding any tenant improvements or a alterations therein) to be repaired or replaced without unreasonable delay, and, in the interim, the Annual Rent shall be proportionately reduced as to such portion thereof) shall in of the Premises as is rendered untenantable, however, Tenant must vacate the portion of the Premises deemed untenantable during the period of Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds repairs for such abatement of Annual Rent to be utilized for effective. Any such abatement of rent shall not create an extension of the repair or replacement Term. Provided, however, if by reason of such property casualty, the Premises are rendered untenantable in some material portion, and Landlord Landlord, in its commercially reasonable estimation, determines not that the amount of time required to repair such damage, or the damage using due diligence is in excess of two hundred ten (iv210) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve days (12) months as measured from the date of such casualty to completecasualty), then and in any of such eventsLandlord shall provide written notice thereof to Tenant, this Lease and the term hereof may to be terminated at the election of Landlord by a notice from Landlord given to Tenant within six seventy-five (675) monthsdays following the date of such casualty, or such longer period as is required and either party shall then have the right to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective terminate this Lease by giving written notice of termination date pursuant to such notice shall be not less than within thirty (30) days after the day on which date of said notice from Landlord. In such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement event, the Annual Rent shall (i) xxxxx as of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment date of such casualty in proportion to the 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 Section, in the event there should be a casualty loss with to the insurerPremises during the last two (2) Lease Years of the Term, then Tenant Landlord may, until any such replacement commencesat its option, terminate this Lease by giving at least written notice to Tenant within thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on after the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent casualty and the Annual Rent shall xxxxx as of the date of such notice. Except as provided herein, Landlord shall have no obligation to said rebuild or repair in case of fire or other casualty, then and no termination under this Section shall affect any rights of Landlord or Tenant hereunder arising from the prior defaults of the other party. Tenant shall have give Landlord immediate notice of any fire or other casualty in the right Premises. Notwithstanding anything contained in this Section to terminate this Lease upon 30 days’ prior written notice the contrary, in no event shall Landlord be required to Landlord; provided, however, so long as Landlord commenced said expend more funds in connection with the repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration of than the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to amount received by Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event proceeds of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such dateinsurance policies maintained by Landlord.
Appears in 1 contract
Samples: Lease Agreement (Novan, Inc.)
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises Premises, the Unit or the Building or any part thereof shall be damaged or destroyed by fire or other insured casualty (a “casualty”), or ordered to be demolished by the action of any public authority in consequence of a casualty, thenor taken by any exercise of the right of eminent domain, subject Tenant shall immediately give notice thereof to the last paragraph of Landlord. Unless this SectionLease is terminated as provided herein, this Lease shall remain in full force and effect and Landlord shall proceed (or shall cause the Primary Board to proceed) with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) diligence to repair or cause to be repaired such damage so as to restore the Premises, or what may remain thereof (including the Initial Tenant Work but excluding any other than any Tenant Work), which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were in immediately prior to such fire damage, destruction or taking, subject to then applicable Legal Requirements and Title Matters, but neither Landlord nor the Primary Board shall be required to expend in such repair or rebuilding more than the proceeds of insurance or award of damages, if any, recovered or recoverable with respect to such damage, destruction or taking (plus, in the case of casualty, the amount of any insurance deductibles (which shall be deemed Operating Costs)), less Landlord’s (or the Primary Board’s) reasonable expenses incurred in collecting such proceeds or award, as the case may be. Landlord shall coordinate its repair and restoration with the restoration of any other casualty; provided, however, that if and affected Primary Units in the Building. All such repairs made necessary by any act or omission of Tenant shall be made by Landlord (or the Primary Board) at Tenant’s expense to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, that the cost of repairing such damage shall be paid repairs is not covered by insurance proceeds available therefor (including the payment by Tenant and there shall be no abatement of rentany applicable deductible amount). Landlord shall not be liable for delays in the making of any such repairs that are due to government regulationForce Majeure, casualties, and strikes, unavailability nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of labor and materials, Tenant resulting from delays in obtaining insurance proceeds, repairing such damage. All repairs to and other causes beyond the reasonable control replacements of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty Tenant Property and any mortgagee or ground lessor Tenant Work other than the Initial Tenant Work shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property made by and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election expense of Landlord by a notice from Landlord to Tenant within six (6) monthsTenant, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then work Tenant shall have the right to terminate this Lease upon 30 days’ prior written notice to Landlord; provided, however, so long promptly commence as Landlord commenced said repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to such fire or casualty are settled, soon as practicable and proceeded thereafter prosecute diligently to complete said repair or restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such datecompletion.
Appears in 1 contract
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant's business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Tenant Work, which Tenant without unreasonable delay and the Annual Rental shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenantnot xxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises are rendered untenantable for 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 Base Rent and Additional Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; providednot, however, that create an extension of the Term. Provided, however, if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to by reason of ------------------ such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Leasecasualty, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term rendered untenantable in some material portion, and Landlord, in its reasonable estimation, determines that the cost amount of time required to repair such the damage using due diligence is reasonably estimated to exceed one-third in excess of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, two hundred ten (ii210) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to completedays, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice of termination within thirty (30) days after the date of casualty, and the Annual Rental shall xxxxx as of the date of such casualty in proportion to Landlord; provided, however, so long as Landlord commenced said repair or restoration the part of the Premises within ninety (90) days after all insurance claims with respect rendered untenantable. Notwithstanding the foregoing, in the event the casualty giving rise to such fire an election to terminate is caused by the negligence, misconduct or casualty are settled, and proceeded diligently to complete said repair acts or restoration omissions of the demised premises thereafterTenant or Tenant's Invitees, Tenant shall have the no right to terminate this lease upon 30 days’ prior written notice Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to Landlord only if said repair the Premises to the extent of fifty percent (50%) or restoration more of the replacement value of the Premises or if the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 rendered untenantable for the end conduct of Tenant's business operations during the last Lease Year of the 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 thirty (30) days after the date of the casualty and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) Annual Rental shall be apportioned xxxxx as of the date of such datenotice. 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: Sublease (Sciquest Com Inc)
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage damage, (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expenserestore). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. The cost of any repairs performed under this Section by Landlord at Tenant's expense (including costs of design fees, financing, and charges for administration, overhead and construction management services by Landlord and Landlord's contractor) shall constitute Additional Rent hereunder. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that in no event shall the period of such abatement exceed 14 months, and that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to , or the provisions employees, licensees or invitees of this LeaseTenant, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from delays in repairing such damage.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building Property (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building Property (or a portion thereof) shall in Landlord’s 's judgment be required, or (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, Landlord nor such mortgagee or ground lessor has commenced such replacement within 120 one hundred forty (140) days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event If Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said has not completed any restoration of the Premises that it is not substantially completed required to complete pursuant to this Section 12.01 within twelve fourteen (1214) months subsequent to said fire or other casualtyfollowing adjustment of such casualty loss with the insurer, then Tenant shall have the right to may terminate this Lease upon 30 days’ by thirty (30) days prior written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to provided that such fire or casualty are settlednotice shall be null and void, and proceeded diligently to complete said repair or this Lease shall remain in full force - 38 - and effect, if such restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled30 day period. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such date.
Appears in 1 contract
Samples: Lease Agreement (Metabolix, Inc.)
DAMAGE OR DESTRUCTION OF PREMISES. If through no act or neglect of Tenant or persons acting under Tenant the Premises or any part thereof shall be damaged by fire or other insured casualty, casualty then, subject to the last paragraph 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 of the Building and any ground lessormortgagee) to repair or cause to be repaired such damage (other than damage, excluding any items installed or paid for by Tenant Work, which Tenant is permitted to remove upon expiration, (which items shall promptly commencebe Tenant's responsibility to repair.) However, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements if any damage occurs through the act or neglect of persons acting under Tenant or if any act or neglect of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent person prevents Landlord or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent its mortgagees from collecting all insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, then the cost of repairing such the casualty damage shall be paid by Tenant except to the extent any insurance proceeds are actually received by Landlord or mortgagees (they being under no obligation to litigate their entitlement), and there shall Shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
If (i) all or any substantial part (meaning more than 25% of insurable value) of the Premises are so materially damaged by fire or other casualty (whether or not nor insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, or (ii) at any time the Building (or any portion thereof, whether or not nor including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or alteration, reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment 's sole discretion be requiredappropriate, or (iii) at if any time damage casualty occurs to the Building occurs by fire or other insured casualty Premises during the last year of the Term and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the its repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require will reasonably cost more than twelve (12) months from the date of such casualty to complete$100,000, then and in any of such eventscase, this Lease and the term Term hereof may be terminated at the election of Landlord by a notice from Landlord in writing of its election so to terminate given to Tenant within six (6) monthsmonths following adjustment of such casualty loss with the insurer, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be being not less than thirty (30) nor more than sixty (60) days after thereafter which Landlord will use reasonable efforts to obtain. Tenant shall be entitled to a just abatement of Annual Fixed Rent (but nor for additional rent on account of Landlord's Taxes and Operating Expenses) during the day period of impaired use of the Premises, in no event, however, exceeding 12 months, but only if, as and to the extent that full payment is made to Landlord on which such termination notice is received by Tenantaccount thereof under any rent continuation insurance. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and or if neither Landlord, Landlord nor such mortgagee or ground lessor has commenced such replacement within 120 days five (5) months following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord Landlord. Except as provided in this paragraph, Tenant's obligation to pay all rent and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements perform and observe all other covenants and conditions of this Section 12.01, but said restoration Lease shall not observe a and the Term of the Premises is not substantially completed within twelve (12) months subsequent to said fire this Lease be affected by any damage or other casualty, then Tenant and rent hereunder shall have the right to terminate this Lease upon 30 days’ prior written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such datecontinue nonetheless.
Appears in 1 contract
DAMAGE OR DESTRUCTION OF PREMISES. A. If all or a substantial part of the leased Premises is destroyed or any part thereof shall be damaged by fire or other insured casualty, then, subject to unavoidable casualty (a substantial part of the last paragraph Premises for the purposes of this SectionArticle shall be deemed to be twenty-five (25) percent or more of its insurable value), then within thirty (30) days after such casualty either landlord or Tenant may elect in writing to terminate this Lease.
B. If Landlord elects to terminate this Lease as aforesaid, the termination shall be effective as of the time of such election; if Landlord elects to restore damaged areas, it shall commence the restoration of the Premises within forty five (45) days after such casualty and use its best efforts to coordinate the activities of contractors and material suppliers to accomplish the restoration within a period of time commensurate with the degree of damage sustained. In no event, however, shall Landlord be obligated to use any of its funds for such restoration other than from applicable fire insurance proceeds. Notwithstanding the foregoing, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) not be obliged to repair or cause replace Tenant's furniture, furnishings, personal property or equipment and shall not be obligated to be repaired such bear the costs of repairing any damage (other than caused by any act, omission or negligence of Tenant Workor of Tenant's employees, which Tenant shall promptly commencecontractees, invitees, or licensees, and proceed with diligence, to restore at Tenant’s sole cost and expense). All Landlord may make such repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If , and the Premises or any part cost thereof shall have been rendered unfit be collectable as additional rent due hereunder.
C. If any such restoration is delayed for use and occupation hereunder by reason causes beyond the control of Landlord, such as acts of God, war, civil insurrection or public disorder, strikes, unavailability of construction materials, shortages within the labor market, or acts of governmental authorities, then in such event, the completion of such damagerestoration shall be postponed for the period of time equal to the period of delay caused by such events.
D. If this Lease is not terminated, the Base Rent and Additional Rent or a just and proportionate part thereofportion of the rent, according to the nature and extent to which of the Premises shall have been so rendered unfitdamage, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the put into proper condition in which they were immediately prior to such fire or other casualtyfor use and occupation by Tenant; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage or casualty is caused because of some action the negligence of Tenant, its employees, contractees, invitees or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Leaselicensees, the cost of repairing such damage shall be paid by Tenant and there shall be no such abatement of in rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) E. Notwithstanding the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Termforegoing, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage willmay, in Landlord’s reasonable judgment's sole discretion, require more than twelve (12) months from repair and/or rebuild the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant shall have the right to terminate this Lease upon 30 days’ prior written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such date.Building in
Appears in 1 contract
Samples: Lease Agreement (Sabratek Corp)
DAMAGE OR DESTRUCTION OF PREMISES. If In the event all or part of the Premises is damaged (except de minimis damage) or any part destroyed, the Grantee shall promptly give notice thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord Government and the Parties shall proceed as follows:
10.6.1. In the event that the Government in consultation with diligencethe Grantee determines that the magnitude of damage is so extensive that the Premises cannot be used by the Grantee for its operations and the repairs, subject rebuilding, or replacement of the Premises cannot reasonably be expected to then applicable statutesbe substantially completed within three (3) months of the occurrence of the casualty (“Extensive Damage or Destruction of Premises”), building codeseither Party may terminate this Lease as provided herein. If this Lease is terminated, zoning ordinances and regulations any insurance proceeds received as a result of any governmental authority, and at the expense of Landlord (but only casualty loss to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until applied to the restoration of the Premises (except as prior to Tenant Property and any Tenant Work) being afforded to the Grantee.
10.6.2. In the event that the Government in consultation with the Grantee shall determine that Extensive Damage or Destruction of the Premises has not occurred, neither Party shall have been restored the right to terminate this Lease. The Grantee shall, as soon as reasonably practicable after the casualty, restore the Premises as nearly as practicable possible to the condition in which they were that existed immediately prior to such fire loss or damage. Any insurance proceeds received as a result of any casualty loss to the Premises shall be applied first to restoring the damaged area and removing any related debris to the reasonable satisfaction of the Government and second, to repairing, rebuilding, and/or replacing the Premises to the reasonable satisfaction of the Government.
10.6.3. Notwithstanding any other casualtyprovision of this Lease, the Grantee may, with the prior consent of the Government, self-insure any risk for which insurance coverage is required under this Lease; provided, however, that if and the Grantee’s statutory limits of liability or other impediments to the extent Landlord shall be unable to collect assumption of liability are less than the limits of insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of required in this Lease, the cost of repairing such damage Grantee shall be paid by Tenant obtain commercial coverage which is sufficient in amount and there shall be no abatement of rent. Landlord shall not be liable for delays in nature to satisfy the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration Lease when added to any such self-insurance. In order to obtain the consent of the Premises Government to self-insure, the Grantee shall provide the Government with a writing setting forth the limitations and impediments, if any, to which the Grantee’s self- insurance is not substantially completed within twelve (12) months subsequent subject, the Grantee’s source of funds to said fire or other casualty, then Tenant shall have the right to terminate pay any claim from any risk for which insurance is required under this Lease upon 30 days’ prior written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to such fire or casualty are settledLease, and proceeded diligently any other information which the Government may require to complete said repair or restoration of assess the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises Grantee’s request. If commercial insurance is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of required for any terminationpurpose, the Term total amount of commercial insurance and self-insurance shall expire as though such effective termination date were meet the date originally stipulated dollar limitations provided in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such datethis Lease.
Appears in 1 contract
Samples: Lease Agreement
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business, subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Tenant Work, which Tenant damage to leasehold improvements or personal property) to be repaired without unreasonable delay and the Annual Rental shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall not be made by and at the expense of Tenantabated. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, casualty the Base Rent and Additional Rent Building or a just and proportionate part thereof, according to the nature and extent to which the Premises are rendered substantially untenantable, either in whole or in part, Landlord shall have been so rendered unfit, shall be abated until the Premises right to elect by giving Tenant written notice within ninety (except as to Tenant Property and any Tenant Work90) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such days of said fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
casualty either to: (i) terminate this Lease as of the Premises are so damaged by date of the fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time cause the Building damage (other than damage to leasehold improvements or any portion thereofpersonal property) to be repaired or replaced without unreasonable delay, whether or not including any and, in the interim, the Annual Rental shall be proportionately reduced as to such portion of the Premises) Premises as is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Building (or a portion thereof) shall in Landlord’s judgment be requiredterm of this Lease. Provided, (iii) at any time damage to the Building occurs however, if by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement reason of such property casualty, the Premises are rendered untenantable in some material portion, and Landlord determines not the amount of time required to repair such damage, or the damage using due diligence is in excess of one hundred eighty (iv180) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to completedays, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises termination within ninety (90) days after all insurance claims with respect the date of casualty. Notwithstanding the other provisions of this Section, 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 such rebuild or repair in case of fire or casualty are settledother casualty, and proceeded diligently to complete said repair no termination under this Section shall affect any rights of Landlord or restoration Tenant hereunder because of prior defaults of the demised premises thereafterother 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 have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said promptly and with due diligence repair or restoration of and restore its personal property previously used in the Premises is not substantially completed within eighteen (18) months from sufficient to carry on its operations in the date all insurance claims arising from such casualty are settled. In the event normal course of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such datebusiness.
Appears in 1 contract
Samples: Lease Agreement (Amber Road, Inc.)
DAMAGE OR DESTRUCTION OF PREMISES. If the Premises or any part thereof shall be are damaged by fire or other insured casualty, thenbut are not rendered untenantable for Tenant’s business (as mutually determined by Landlord and Tenant in their reasonable discretion), subject to the last paragraph of this Sectioneither in whole or in part, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause such damage to be repaired such damage (other than any Tenant Work, which Tenant without unreasonable delay and the Annual Rental shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenantnot xxxxx. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) casualty the Premises are so damaged rendered untenantable for Tenant’s business (as mutually determined by fire Landlord and Tenant in their reasonable discretion), either in whole or other casualty (whether or not insured) at any time during in part, Landlord shall cause the last thirty (30) months of damage to the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition physical structure of the Building (excluding any Tenant improvements or a portion thereofalterations therein) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair repaired or replacement of such property and Landlord determines not to repair such damagereplaced without unreasonable delay, or (iv) the repair of such damage willand, in Landlord’s reasonable judgmentthe interim, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may Annual Rental shall be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period proportionately reduced as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration portion of the Premises as is not substantially completed within twelve (12) months subsequent to said fire or other rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term. Provided, however, if by reason of such casualty, the Premises are rendered untenantable in some material portion (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 eighty (180) days, then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises termination within ninety thirty (9030) days after all insurance claims with respect the date of casualty and, except for those obligations accruing prior to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration the effective date of the demised premises thereaftertermination, Tenant shall have no further obligation or liability hereunder. 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 upon 30 days’ prior written notice Lease. Notwithstanding the other provisions of this paragraph, in the event there should be a casualty loss to Landlord only if said repair the Premises to the extent of fifty percent (50%) or restoration more of the replacement value of the Premises or if the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 rendered untenantable for the end conduct of Tenant’s business operations during the last Lease Year of the 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 thirty (30) days after the date of the casualty and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) Annual Rental shall be apportioned xxxxx as of the date of such datenotice. 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 or any part thereof shall be are damaged by fire or other insured casualty, theneither in whole or in part, subject to but no part of the last paragraph of this SectionPremises is rendered untenantable for Tenant’s business, Landlord shall proceed with diligence, subject cause such damage to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord be repaired (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Base Building (as hereinafter defined) and any ground lessorLandlord’s Work) to repair or cause to without unreasonable delay and the Annual Rental shall not be repaired such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenantabated. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damagecasualty the Premises 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 Base Rent and Additional Rent or a just and proportionate part thereof, according Annual Rental shall be proportionately reduced as to the nature and extent to which such portion of the Premises as is rendered untenantable. Any such abatement of rent shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; providednot, however, that if and to create an extension of the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions term of this Lease. Provided, the cost however, if by reason of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulationcasualty, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any rendered untenantable in some material portion, and the amount of time during the last thirty (30) months of the Term that the cost required to repair such the damage using due diligence is reasonably estimated to exceed one-third in excess of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, one hundred twenty (ii120) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to completedays, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant either party shall have the right to terminate this Lease upon 30 days’ prior by giving written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises termination within ninety sixty (9060) days after all insurance claims with respect to such fire or casualty are settledthe date of casualty, and proceeded diligently to complete said repair or restoration the Annual Rental shall xxxxx as of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration date of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settled. In in the event of any such termination. Notwithstanding the other provisions of this paragraph, in the Term shall expire as though such effective termination date were event there should be a casualty loss to the date originally stipulated in Article 1 for the end of the Term and the Base Rent and Additional Rent for Total Operating Costs (Premises to the extent not abated as set forth aboveof 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 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 Annual Rental shall be apportioned xxxxx as of the date of such datenotice. 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 the Premises or any part thereof shall be damaged by fire or other insured casualty, then, subject to the last paragraph of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authority, and at the expense of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be repaired such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last thirty (30) months of the Term that the cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder for the period from the estimated completion date of repair until the end of the Term, (ii) at any time the Building (or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after the day on which such termination notice is received by Tenant. If any mortgagee or ground lessor refuses without fault by Tenant to permit insurance proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on the date specified if such replacement has not then commenced. In the event Landlord is obligated or elects to repair or restore that the Premises in accordance with the requirements of this Section 12.01, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said above- described premises are destroyed by fire or other casualty, and as the result of which the premises are untenantable, and in the further event that the LANDLORD is unable to restore said premises to a tenantable condition during the sixty (60) day period thereafter, then Tenant and in that event, the LANDLORD or TENANT shall each have the right option to cancel and terminate this Lease upon 30 days’ prior written notice to Landlord; providedLease. If said premises is restored and made tenantable within said 60-day period, howeverthen and in that event, so long as Landlord commenced the rent shall xxxxx only during said period of repair or restoration of the Premises within ninety (90) days after all insurance claims with respect to such fire or casualty are settledand restoration, and proceeded diligently to complete said repair or restoration this Lease shall continue in full force and effect through the balance of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising from such casualty are settledits stated term and any extension thereof. In the event that the premises are not rendered untenantable by fire or other casualty, the LANDLORD shall repair and replace said premise, provided that the cost of such repairs or restoration by the LANDLORD which are attributable to said premises. FURTHERMORE, if the damage is caused by TENANT’S negligence, the cost of any terminationwork performed to repair damage caused by TENANT’S negligence, misuse of equipment in the Term shall expire as though such effective termination date were duplex or damage that exceeds fair wear and tear, will be charged to the date originally stipulated in Article 1 TENANT. TENANT is responsible for the end behavior of TENANT’S guests, acquaintances or unknown persons on the premises at the request or with the approval of TENANT where damages are caused, including but not limited to doors, windows, interiors and exteriors. All repairs shall be done by the LANDLORD or by workers or licensed contractors approved by LANDLORD and under LANDLORD'S directions and supervision. Damages will be repaired through LANDLORD using contractors of LANDLORD'S choice and those services will be rebilled to and be the responsibility of the Term and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) shall be apportioned as of such dateTENANT.
Appears in 1 contract
Samples: Lease Agreement
DAMAGE OR DESTRUCTION OF PREMISES. If either the Premises Facility or any part thereof shall be damaged by fire or other insured casualtystructures therein are partially damaged, then, subject to but not rendered unusable for the last paragraph purposes of this Section, Landlord shall proceed with diligence, subject to then applicable statutes, building codes, zoning ordinances and regulations of any governmental authorityConcession Agreement, and at the expense capable of Landlord (but only to the extent of insurance proceeds made available to Landlord by any mortgagee of the Building and any ground lessor) to repair or cause to be being repaired such damage (other than any Tenant Work, which Tenant shall promptly commence, and proceed with diligence, to restore at Tenant’s sole cost and expense). All repairs to and replacements of Tenant Property and any Tenant Work shall be made by and at the expense of Tenant. If the Premises or any part thereof shall have been rendered unfit for use and occupation hereunder by reason of such damage, the Base Rent and Additional Rent or a just and proportionate part thereof, according to the nature and extent to which the Premises shall have been so rendered unfit, shall be abated until the Premises (except as to Tenant Property and any Tenant Work) shall have been restored as nearly as practicable to the condition in which they were immediately prior to such fire or other casualty; provided, however, that if and to the extent Landlord shall be unable to collect the insurance proceeds (including rent insurance proceeds) applicable to such damage because of some action or inaction on the part of Tenant triggering Tenant’s duty to indemnify Landlord pursuant to the provisions of this Lease, the cost of repairing such damage shall be paid by Tenant and there shall be no abatement of rent. Landlord shall not be liable for delays in the making of any such repairs that are due to government regulation, casualties, and strikes, unavailability of labor and materials, delays in obtaining insurance proceeds, and other causes beyond the reasonable control of Landlord.
(i) the Premises are so damaged by fire or other casualty (whether or not insured) at any time during the last within thirty (30) months days, the damage shall be repaired with due diligence by the CONCESSIONAIRE from the proceeds of the Term that the insurance coverage policy and/or at its own cost to repair such damage is reasonably estimated to exceed one-third of the total Base Rent payable hereunder and expense, and for the period from of CONCESSIONAIRE'S business interruption a pro rata adjustment shall be made as to the estimated completion date of repair until Rent set forth above in Article 9 and other, similar payment guarantees. In the end of event the Term, (ii) at any time the Building (Facility is completely destroyed or any portion thereof, whether or not including any portion of the Premises) is so damaged by fire or other casualty (whether or not insured) that substantial alteration or reconstruction or demolition of the Building (or a portion thereof) shall in Landlord’s judgment be required, (iii) at any time damage to the Building occurs by fire or other insured casualty and any mortgagee or ground lessor shall refuse to permit insurance proceeds to be utilized it will remain unusable for the repair or replacement of such property and Landlord determines not to repair such damage, or (iv) the repair of such damage will, in Landlord’s reasonable judgment, require more than twelve (12) months from the date of such casualty to complete, then and in any of such events, this Lease and the term hereof may be terminated at the election of Landlord by a notice from Landlord to Tenant within six (6) months, or such longer period as is required to complete arrangements with any mortgagee or ground lessor regarding such situation, following such fire or other casualty; the effective termination date pursuant to such notice shall be not less than thirty (30) days after days, the day on CONCESSIONAIRE and the CITY shall be under no obligation to repair and reconstruct the Facility, and adjustment of the rent payable hereunder shall be proportionately made up to the time of such damage or destruction, and this Concession Agreement shall cease and terminate, and all adjustments which are proper including restoration of the Property to a clean, neat, and usable condition shall be made accordingly. Notwithstanding the foregoing, the CONCESSIONAIRE may, at its sole discretion at its own cost, elect to reconstruct the Facility at its own cost and expense in which case, this Concession Agreement shall abatx, xxt not terminate until such termination reconstruction is completed and written notice of such completion is received by Tenantgiven in accordance with the requirement hereof to the other party. If any mortgagee such damage or ground lessor refuses without fault destruction is covered by Tenant to permit insurance insurance, the proceeds to be applied to replacement of the Premises, and neither Landlord, such mortgagee or ground lessor has commenced such replacement within 120 days following adjustment of such casualty loss with the insurer, then Tenant may, until any such replacement commences, terminate this Lease by giving at least thirty (30) days prior written notice thereof to Landlord and such termination shall be effective on made available to CONCESSIONAIRE for the date specified if such replacement has not then commencedpurpose of reconstruction. In the event Landlord is obligated or CONCESSIONAIRE, elects to repair or restore reconstruct the Premises in accordance with the requirements Facility, CONCESSIONAIRE shall promptly, after notifying CITY of this Section 12.01such election, but said restoration of the Premises is not substantially completed within twelve (12) months subsequent to said fire or other casualty, then Tenant shall have the right to terminate this Lease upon 30 days’ prior written notice to Landlord; provided, however, so long as Landlord commenced said repair or restoration of the Premises within ninety (90) days after remove all insurance claims with respect to such fire or casualty are settled, and proceeded diligently to complete said repair or restoration of the demised premises thereafter, Tenant shall have the right to terminate this lease upon 30 days’ prior written notice to Landlord only if said repair or restoration of the Premises is not substantially completed within eighteen (18) months from the date all insurance claims arising debris resulting from such casualty are settled. In damage to the event of any termination, the Term shall expire as though such effective termination date were the date originally stipulated in Article 1 for the end of the Term Facility and the Base Rent and Additional Rent for Total Operating Costs (to the extent not abated as set forth above) that the removal of debris under such circumstances is covered by insurance, the proceeds thereof shall be apportioned as made available to CONCESSIONAIRE. CONCESSIONAIRE shall promptly commence and diligently prosecute reconstruction of such datethe Facility to completion.
Appears in 1 contract
Samples: Concession Agreement (Florida Panthers Holdings Inc)