Damage or Destruction. (a) If all or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 2 contracts
Samples: Agreement (Amerigroup Corp), Agreement (Amerigroup Corp)
Damage or Destruction. (a) 9.1 If all or any the Premises shall be partially damaged by fire of other cause, then the Premises shall be repaired by and at the expense of Lessor and the rent, until such repairs shall be made, shall be apportioned according to the part of the Building Premises which is usable by Lessee. No penalty shall be destroyed accrue for reasonable delay which may arise by reason of adjustment of fire insurance on the part of Lessor or Lessee, for reasonable delay on account of “labor troubles”, or any other cause beyond Lessor’s control. If (i) the Premises are totally damaged or are rendered wholly untenantable, (ii) the Premises are totally or partially damaged by uninsured fire or other casualty uninsured cause, or (iii) the Premises shall be so damaged that Lessor shall decide to demolish the entire Premises, then within ninety (90) days after the occurrence of the event or damage or destruction Lessor may elect, by written notice to Lessee, to terminate this Lease. In such event, the term of this Lease shall expire by lapse of time upon the third day after such notice is given, and Lessee shall vacate the Premises and surrender the same to the repair of the Premises, to substantially their condition immediately prior to the even tof damage or destruction; and rent shall be apportioned according to the part of the Premises which is usable by Lessee, until such restoration or rebuilding is complete. Notwithstanding anything to the contrary contained herein, if Lessor notifies Lessee of Lessor’s election to terminate this Lease pursuant to the foregoing, then for a period of ten (10) days following Lessee’s receipt of written notice of such election, Lessee may elect, by written notice to Lessor, at Lessee’s own cost and expense, to restore or rebuild the Premises to substantially their condition immediately prior to the event of damage or destruction, in which event: (i) this Lease shall continue thereafter in full force and effect, as if Lessor’s election to terminate had never been made; (ii) Lessee shall diligently cause the Premises to be restored or rebuilt in accordance with the foregoing; and (iii) rent shall be apportioned according to the part of the Premises which is usable by Lessee until such restoration or rebuilding is complete, to the extent of rental loss insurance available to Lessor. Notwithstanding anything to the contrary contained herein, in the event that Lessor does not or may not elect to terminate this Lease pursuant to the terms of this Paragraph 9.1, then within sixty (60) following the occurrence of any event of damage or destruction to the Premises, Lessor shall provide Lessee with written notice, prepared by a licensed California contractor, reasonably estimating the period of time which will be required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account repair or rebuild the time necessary Premises to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to substantially the condition that in which they existed immediately prior to such damage or destruction. If such reparation or rebuilding is not reasonable estimated to be complete within two hundred forty (240) days following the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party Lessee may terminate this Lease elect by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice to Lessor with ten ("Nullification Notice"10) to Landlord business days of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option Lessor’s notice to terminate this Lease in which event: (i) the term of this Lease shall expire by giving written lapse of time upon the third day after such notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructiongiven, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%ii) of the replacement cost of the Building, the "Restoration Date" Lessee shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for vacate the Premises and surrender the same to Lessor. No penalty shall accrue for reasonable delay which may arise by reason of adjustment of fire insurance on part of Lessor or Lessee, for reasonable delay on account of “labor troubles”, or any other improvements payable under Landlord's policies and derived from such damage cause beyond the control of Lessor or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Lessee.
Appears in 2 contracts
Damage or Destruction. If the Premises are partially damaged or destroyed by any casualty insured against under any insurance policy maintained by Landlord, Landlord shall, on receipt of the insurance proceeds, repair the Premises to substantially the condition in which the Premises were immediately prior to such damage or destruction. Landlord’s obligation under the preceding sentence shall not exceed the lesser of the cost of the standard improvements installed by Landlord in the Premises in accordance with the attached Exhibit C, or the proceeds received by Landlord from any insurance policy maintained by Landlord. Until such repair is complete, the Basic Monthly Rent and Tenant’s Share of Operating Expenses shall be abated proportionately commencing on the date of such damage or destruction as to that portion of the Premises rendered untenantable, if any. If (a) If all or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence reason of such casualty. If occurrence the damage Premises are rendered wholly untenantable, (b) the Premises are damaged as a result of a risk not covered by insurance, (c) the Premises are damaged in whole or destruction occurs in part during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after months of the Term existing as of the date of the immediately prior to such damage or destruction, then either party may terminate this Lease by giving (d) the other party notice of termination. Such termination shall be effective twenty Premises or the Building (20whether or not the Premises are damaged) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") is damaged to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) or more of the then-replacement cost value of either or to the extent that it would take, in Landlord’s opinion, in excess of ninety (90) days to complete the requisite repairs, or (e) insurance proceeds adequate to repair the Property are not available to Landlord for any reason, Landlord may either elect to repair the damage or cancel this Lease by written notice of cancellation within thirty (30) days after such event, so long at Landlord terminates leases in the Building covering an aggregate of at least seventy-five percent (75%) of the leased area of the Building, and on such notice, Tenant shall vacate and surrender the "Restoration Date" Premises to Landlord as soon as reasonably practicable, but in no event later than thirty (30) calendar days after Tenant receives such notice from Landlord. If Landlord elects to repair any such damage, any abatement of Basic Monthly Rent and Tenant’s Share of Operating Expenses shall end on a factually correct notice given by Landlord to Tenant that the Premises have been repaired. If the damage is caused by the negligence of Tenant or Tenant’s Occupants, Basic Monthly Rent shall not axxxx, except to the extent of rental income insurance proceeds relating to this Lease actually received by Landlord, or which would have been received by Landlord, had Landlord carried the rental income insurance required to be carried by Landlord pursuant to Paragraph 12. Landlord shall exercise good faith, commercially reasonable efforts to collect such insurance proceeds. Except for abatement of Basic Monthly Rent and Tenant’s Share of Operating Expenses, if any, Tenant shall have no claim against Landlord for any loss suffered by reason of any such damage, destruction, repair or restoration unless such loss is caused by the willful misconduct or gross negligence of Landlord or Landlord’s employees (but subject to the waiver of subrogation provisions set forth in Paragraph 12), nor may Tenant terminate this Lease as the result of any statutory provision in effect on or after the date of this Lease pertaining to the damage and destruction of the Premises or the Building. The proceeds of all insurance carried by Tenant on Tenant’s furnishings, trade fixtures, equipment and other personal property shall be held in trust by Tenant for the date purpose of the repair and replacement of the same. Landlord shall not be required to repair any damage to, or to make any restoration or replacement of, any furnishings, trade fixtures, equipment and other personal property installed in the Premises by Tenant. Unless this Lease is terminated by Landlord pursuant to this Paragraph, Tenant shall be required to restore or replace such furnishings, trade fixtures, equipment and other personal property on damage or destruction in at least a condition equal to that is existing prior to such event. If the Premises are damaged to the extent that it would take, according to Landlord’s reasonable estimate, in excess of six (6) months (or three (3) months if such damage occurs within the last twelve (12) months after the date of the damage or destructionTerm) to complete the requisite repairs, and if the extent of the damage or destruction is equal to or greater than twenty-five at least fifty percent (2550%) of the replacement cost Premises would be untenantable for such six (6) month (or three (3) month) period, Tenant may elect to cancel this Lease by written notice of cancellation given by Tenant to Landlord within ten (10) business days after Landlord provides to Tenant a written estimate of the Building, time required to complete the "Restoration Date" requisite repairs (which notice shall be the date that is eighteen given by Landlord to Tenant as soon as reasonably possible, but in no event later than thirty (1830) months calendar days after the date occurrence of such damage), and on such notice, Tenant shall vacate and surrender the damage or destructionPremises to Landlord in accordance with the applicable provisions of this Lease. If Unless this Lease is not terminated or if cancelled in accordance with this Pxxxxxxxx 00, Xxxxxxxx shall commence such repairs within a commercially reasonable period of time after the occurrence of such damage, and shall thereafter diligently prosecute such repairs to completion in a commercially reasonable, good and workmanlike manner, notwithstanding the fact that Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all ’s receipt of insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall may be paid solely delayed (as opposed to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenantunavailable).
Appears in 2 contracts
Samples: Office Lease (Cricut, Inc.), Office Lease (Cricut, Inc.)
Damage or Destruction. If the Project is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord’s sole opinion, be completed within two hundred seventy (a270) If all days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or any other premiums, and until such repairs are completed rent shall be abated in proportion to the part of the Building Premises which is unusable by Tenant in the conduct of its business (but there shall be destroyed no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If repairs cannot, in Landlord’s opinion, be completed within two hundred seventy (270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, either party may, at its option, elect to terminate this Lease by written notice to the other within thirty (30) days after Landlord’s determination of the anticipated time needed to complete the repairs. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty required to be insured against under Section 6(a) of this Leaseor cause, then Landlord shallwhether or not the Premises are affected, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. Finally, if the Premises or destruction occurs the Project is damaged to any substantial extent during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date months of the damage or destructionTerm, then notwithstanding anything contained in this Article 16 to the contrary, either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes other of the preceding sentence, if the extent exercise of such option within sixty (60) days after such party learns of the damage or necessity for repairs as the result of such damage. A total destruction is less than twenty-five percent (25%) of the replacement cost value of the BuildingProject shall automatically terminate this Lease. Except as provided in this Article 16, the "Restoration Date" there shall be the date that is twelve (12) months after the date no abatement of the damage or destruction, rent and if the extent no liability of the damage or destruction is equal Landlord by reason of any injury to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage interference with Tenant’s business or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived property arising from such damage or destruction shall be paid solely or the making of any repairs, alterations or improvements in or to Landlordany portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and all Rent that Landlord shall xxxxx not be obligated to repair any damage thereto or replace the same. Except for proceeds relating to Tenant’s furniture, furnishings, trade fixtures and be prorated equipment, Tenant acknowledges that Tenant shall have no right to any proceeds of insurance relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)California Civil Code.
Appears in 2 contracts
Samples: Office Lease (Thomas Weisel Partners Group, Inc.), Office Lease (Thomas Weisel Partners Group, Inc.)
Damage or Destruction. If the Project is damaged by fire or other insured casualty, the damage shall be repaired by Landlord and provided such repairs can, in Landlord’s sole opinion, be completed within two hundred seventy (a270) If all days after commencement of the necessity for repairs, without the payment of overtime or any other premiums. and until such repairs are completed. rent shall be abated in proportion to the part of the Building Premises which is unusable by Tenant in the conduct of its business (but there shall be destroyed no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). If repairs cannot, in Landlord’s opinion, be completed within two hundred seventy (270) days after the necessity for repairs this Lease shall instead terminate, by notifying Tenant in writing of such termination within sixty (60) days after Landlord makes such a determination, with such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition. Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty required to be insured against under Section 6(a) of this Leaseor cause, then Landlord shall, as promptly as feasible (taking into account whether or not the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualtyPremises are affected. If if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. Finally, if the Premises or destruction occurs the Project is damaged to any substantial extent during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date months of the damage or destructionTerm, then either party may terminate notwithstanding anything contained in this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior Article 16 to the applicable "Restoration Date" described below, Tenant contrary. Landlord shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes Tenant of the preceding sentence, if the extent exercise of such option within sixty (60) days after Landlord learns of the damage or necessity for repairs as the result of such damage. A total destruction is less than twenty-five percent (25%) of the replacement cost value Project shall automatically terminate this Lease. Tenant understands that Landlord will not carry insurance of the Buildingany kind on Tenant’s furniture, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage furnishings, trade fixtures or destructionequipment, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall not be obligated to restore repair any damage thereto or replace the Premises as provided abovesame. If this Lease is terminated, all Tenant acknowledges that Tenant shall have no right to any proceeds of insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely carried by Landlord relating to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)property damage.
Appears in 2 contracts
Samples: Office Lease (Castle Biosciences Inc), Office Lease (Castle Biosciences Inc)
Damage or Destruction. (a) If all or any part of the Building Property shall be destroyed damaged or damaged destroyed, in whole or in part, by fire or other casualty required property hazard or casualty, Borrower shall give prompt notice thereof to Lender and one hundred (100%) percent of the net amount of all insurance proceeds received by Lender or Borrower as a result of such damage or destruction after deduction of reasonable costs and the expenses, if any, in collecting the same, shall be insured against applied in reduction of the outstanding Principal Balance under Section 6(athe Note pertaining to the Damaged Property. Notwithstanding anything to the contrary set forth above, if a particular Property (a "DAMAGED PROPERTY") shall be damaged or destroyed, in whole or in part, by fire or other casualty, Lender shall, in accordance with the provisions of this LeaseSection hereinafter set forth, then Landlord shall, make the net amount of all insurance proceeds received by Lender pursuant to the provisions of this Agreement as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair result of such damage or destruction after deduction of its reasonable costs and restore expenses, if any, in collecting the Building same (hereinafter referred to as the "NET PROCEEDS") available for the repair and restoration of the Damaged Property, provided that (i) no default shall have occurred and shall be continuing under the Loan Documents, (ii) Borrower shall commence the repair and restoration of the Damaged Property, as nearly as possible to the condition that existed the Damaged Property was in immediately prior to such fire or other casualty, with such alterations as may be approved by Lender, as soon as reasonably practicable, and shall diligently pursue the same to satisfactory completion, (iii) Lender shall be satisfied that any operating deficits which will be incurred with respect to the Damaged Property as a result of the occurrence of any such casualty. If the damage fire or destruction occurs during the last two (2) years other casualty will be covered out of the Initial Term Net Proceeds or during any Renewal Termby Borrower out-of-pocket or with the proceeds, if any, of business interruption or rental interruption insurance, (iv) Lender shall be satisfied that, within a reasonable period of time, not to exceed one hundred eighty (180) days following the completion of such repair and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after Damaged Property, the date gross cash flow and the net cash flow of the damage or destructionDamaged Property will be restored to a level sufficient to cover all carrying costs and operating expenses of the Damaged Property, then either party may terminate this Lease by giving the other party notice of termination. Such termination (v) Lender shall be effective twenty satisfied that the repair and restoration of the Damaged Property will be completed on or before the earlier to occur of (20w) ninety (90) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the Maturity Date, or (x) the date on which the business interruption insurance covered by such Borrower shall expire, (vi) Lender shall be satisfied that all of the terms, covenants and provisions of this Agreement and the other Loan Documents will continue to be complied with during and subsequent to the completion of such repair and restoration and (vii) Borrower and ARC IV shall execute and deliver to Lender a completion guaranty in form and substance satisfactory to Lender pursuant to the provisions of which Borrower and ARC IV shall jointly and severally guaranty to Lender the lien-free completion of the repair and restoration of the Damaged Property in accordance with the provisions of this paragraph. The Net Proceeds shall be held by Lender in an interest-bearing account, and until disbursed in accordance with the provisions of this paragraph, shall constitute additional security for the payment of the Debt. The Net Proceeds together with interest earned thereon, shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the repair and restoration of the Damaged Property, upon receipt of evidence satisfactory to Lender (which evidence shall in each instance and to the full extent required by Lender include receipted bills, invoices, lien waivers and a continuation and date down of title to the Damaged Property in form satisfactory to Lender and issued by the title company insuring the lien of the Mortgage encumbering such Property or another title company satisfactory to Lender) that (i) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the repair and restoration of the Damaged Property have been paid for in full, and (ii) there exist no notice of pendency, stop order, notice of intention to file mechanic's or materialman's lien, mechanic's or materialman's lien or other lien or encumbrance of any nature whatsoever on the Damaged Property arising out of the repair and restoration of the Damaged Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the alternative fully insured over to the satisfaction of Lender by the title company insuring the lien of the Mortgage encumbering the Damaged Property. The repair and restoration of the Damaged Property shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable "Restoration Date" described belowgovernmental laws, Tenant rules and regulations (including, without limitation, all applicable Environmental Requirements), and all plans and specifications required in connection with the repair and restoration of the Damaged Property shall be subject to review and acceptance in all respects by Lender and by the Consultant. If Lender fails to respond within ten (10) Business Days following a request and submissions of plans and specifications for approval, such plans and specification shall be deemed approved by Lender. Upon the occurrence of an Event of Default, Lender shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to use of such plan and specifications and all permits, licenses and approvals required or obtained in connection with the commencement or completion repair and restoration of restorationthe Damaged Property. The identity of the contractors, subcontractors and materialmen engaged in the repair and restoration of the Damaged Property, as applicablewell as the contracts under which they have been engaged, shall be identified to Lender and Consultant, if any. For purposes All costs and expenses incurred by Lender in connection with making the Net Proceeds available for the repair and restoration of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).Damaged
Appears in 2 contracts
Samples: Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc)
Damage or Destruction. 18.1. If the Premises or the Building is totally or partially damaged or destroyed, thereby rendering the Premises totally or partially inaccessible or unusable, then Landlord shall diligently repair and restore the Premises and the Building to substantially the same condition they were in prior to such damage or destruction; provided, however, that if in Landlord's good faith reasonable judgment such repair and restoration cannot be completed within the lesser of (a) If all fifteen (15) months after the occurrence of such damage or any part of the Building shall be destroyed destruction or damaged by fire or other casualty required to be insured against under Section 6(a(b) of this Lease, then Landlord shall, as promptly as feasible twelve (taking into account the time necessary to conclude a satisfactory 12) months after settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence then Landlord shall promptly notify Tenant of such casualtydetermination. If the damage or destruction occurs during the last two For a period of thirty (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (2030) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described belowdetermination, Tenant shall have the option right to terminate this Lease by giving providing written notice to Landlord. If Tenant does not elect to terminate this Lease within such thirty (30) day period, Landlord at any time prior shall proceed to repair and restore the commencement Premises and the Building. In the event Landlord has not completed its repairs and restoration by the later of (i) the date by which it had been projected that Landlord's work would be completed, or completion (ii) the earlier of restoration, as applicable. For purposes (a) the date that is fifteen (15) months after the date of the preceding sentencecasualty, if the extent of the damage or destruction is less than twenty-five percent (25%b) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after settlement with any insurance company involved, then Tenant shall have the date right, at any time thereafter before the restoration has been completed, to terminate this Lease by delivering written notice of the damage or destructiontermination to Landlord; provided, however, that, if Landlord has diligently pursued restoration and if the extent of the damage or destruction Tenant is equal then able (practically and lawfully) to or greater than twentyoccupy at least seventy-five percent (2575%) of the replacement cost rentable area of the BuildingPremises for the normal conduct of Tenant's business, then Tenant shall not have the "Restoration Date" right to terminate this Lease unless Landlord fails to complete all of its repairs and restoration within an additional ninety (90) days, and during such extended restoration period Tenant shall be pay Base Rent and additional rent only for the date portion of the Premises that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds usable for the Premises and other improvements payable under Landlordnormal conduct of Tenant's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)business.
Appears in 2 contracts
Samples: Lease Agreement (American Management Systems Inc), Lease Agreement (American Management Systems Inc)
Damage or Destruction. (a) If all A.- Total. In the event that the whole or any a substantial part of the Building shall be Leased Property is damaged or destroyed by fire, act of nature, or damaged by fire or any other casualty required cause, so as to be insured against under Section 6(a) make COMPANY unable to continue the operation of this Leaseits business, then Landlord IAMSA shall, as promptly as feasible within fifteen (taking into account 15) days from such destruction, determine whether the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualtyLeased Property can be restored within six (6) months. If IAMSA determines that the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises Leased Property cannot be diligently completed restored within a twelve six (126) month period after months, either IAMSA or COMPANY shall have the date of the damage or destruction, then either party may right and option to immediately terminate this Lease Agreement, by giving advising the other party notice of terminationthereof by written notice. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate If this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, Agreement is not terminated as applicable. For purposes of provided in the preceding sentence, if IAMSA shall proceed diligently to reconstruct the extent Leased Property, in that event the IAMSA will accept in lieu of the damage rent during this period the rental insurance or destruction bond acquired by the COMPANY. During the period of reconstruction the COMPANY will not be obliged to pay the rent. In the event that the Leased Property is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) not reconstructed within six months after the date of the damage or destruction, and if then IAMSA will have a cure period of thirty days to finish the extent restoration of the damage Improvements of IAMSA, such cure period beginning on the last day of such six month period. Upon IAMSA’s failure to deliver the restored premises and Improvements prior to the expiration of such thirty (30) day cure period, COMPANY will have the right to terminate this Lease Agreement by the delivery of written notice to IAMSA, or destruction is equal COMPANY may elect to or greater than twenty-five percent (25%) accept one day of free rent for each day of delay of the replacement cost delivery of the Building, the "Restoration Date" shall be the date that is eighteen (18) months Leased Property from and after the date end of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified sixth month (in addition to the abatement of rent during the period of restoration by a Nullification Notice, Landlord shall be obligated to restore the Premises IAMSA as provided above). If COMPANY’s right to terminate this Lease is terminated, all Agreement will be subject to the COMPANY forwarding to IAMSA any insurance proceeds paid to COMPANY for the Premises loss of Improvements constructed by the LESSOR, in accordance with the Insurance that the COMPANY is obliged to acquire under Section VII of this Agreement. In the event total damage occurs and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as the reconstruction of the date of premises commences, IAMSA will exercise its best efforts to re-locate COMPANY to another IAMSA property that is acceptable to COMPANY and suitable for COMPANY’s operations, subject to availability, only for the damage or destruction (reconstruction period, in order to help COMPANY with any surplus rent paid in advance being refunded to Tenant)its continuing operations at no charge during such reconstruction.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Masimo Corp)
Damage or Destruction. (a) If all any of the Premises, or any a substantial part of the Building building in which the Premises are located, shall be damaged or destroyed or damaged by fire or other casualty required to insured casualty, and repair of the damage cannot be insured against under Section 6(acompleted within one hundred twenty (120) days, following receipt by Lessor of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair actual notice of such damage or destruction, Lessor shall have the option either (a) to repair or rebuild within a reasonable time utilizing the insurance proceeds to effect such repair, or (b) not to repair or rebuild, and restore the Building as nearly as possible to the condition that existed immediately cancel this Lease on sixty (60) days’ prior to the occurrence of such casualtywritten notice. If Lessor fails to give Lessee written notice of its election within sixty (60) days from the damage date of damage, or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and if the restoration of the Premises cannot be diligently completed within a twelve one hundred twenty (12120) month period after the days from date of notice, Lessee may cancel this Lease at its option on fifteen (15) days’ prior written notice. During the period of untenantability, all rent shall xxxxx in the same ratio as the portion of the Premises rendered untenantable bears to the whole of the Premises; provided that if the damage is due to the fault or neglect of Lessee, there shall be no abatement of rent. If the Premises or the building in which the Premises are located shall be damaged or destroyed by fire or other insured casualty, and repair of the damage can be completed within one hundred twenty (120) days, Lessor shall repair or rebuild within a reasonable time utilizing the insurance proceeds to effect such repair. During the period of untenantability, all rent shall xxxxx in the same ratio as the portion of the Premises rendered untenantable bears to the whole of the Premises; provided that if the damage is due to the fault or neglect of Lessee, there shall be no abatement of rent. If any part of the Premises or the Building in which the Premises are located shall be damaged or destroyed by an uninsured casualty, Lessor shall have the option either (a) to repair or rebuild within a reasonable time, or (b) not to repair or rebuild, and to cancel this Lease on thirty (30) days’ prior written notice. In the event of cancellation by Lessor as a result of an uninsured casualty, Lessee shall have the right, in its sole and absolute discretion, within five (5) days following Lessor’s notice of cancellation, to override such cancellation by agreeing to repair the damage at Lessee’s sole cost and expense. In such event, the Lessee shall repair or rebuild within a reasonable time following the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 2 contracts
Samples: Office Lease (Microvision, Inc.), Office Lease (Microvision, Inc.)
Damage or Destruction. (a) If all the Premises are damaged or destroyed by fire or any part cause, Lessor shall restore the Premises (except for trade fixtures, and personal property which shall be restored by Lessee at Lessee’s sole expense) as nearly as practicable to their condition immediately prior to such damage or destruction. The obligations to restore provided in this paragraph shall be subject to Lessor’s termination rights provided below. Any restoration shall be promptly commenced and diligently prosecuted. Lessor shall not be liable for any consequential damages by reason of any such damage or destruction. Notwithstanding any of the Building foregoing provisions of this section, in the event the Premises shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasesuch an extent that Lessor deems that it is not economically feasible to restore the same, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party Lessor may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction by giving Lessee notice to that effect within sixty (60) days of such damage; provided, however, that Lessor may not terminate this Lease unless it also terminates the leases of all tenants in the Building who are affected by the damage. In the event that more than 25% of the Premises are damaged during the Lease Term, and either party reasonably estimates that it will take more than nine months to repair and restore the Premises to their condition prior to such damage, such party shall have the right to terminate this Lease upon written notice to the other within 60 days of such damage, with such termination becoming effective as of the date thirty (30) days after the date of delivery of such notice. During the period commencing on the date of the damage and terminating on the termination date as determined by the foregoing notice, the rent shall be abated in the same proportion as the untenantable portion of the Premises bears to the whole thereof, except that there shall be no abatement to the extent that any surplus such damage or destruction is caused solely by the negligence of Lessee, its employees, agents, invitees, or licensees (except to the extent such rent paid loss is covered by the proceeds of insurance, the cost of which was included in advance being refunded Operating Expenses.) If Lessor undertakes to Tenantrestore the Premises as provided above in this section, then commencing with the date of the damage or destruction and continuing through the period of restoration, the rent for the Premises shall be abated for such period in the same proportion as the untenantable portion of the Premises bears to the whole thereof, except that there shall be no abatement to the extent that any such damage or destruction is caused by negligence or intentional acts of Lessee, its employees, agents, invitees, or licensees (except to the extent such rent loss is covered by the proceeds of insurance, the cost of which was included in Operating Expenses).
Appears in 2 contracts
Samples: Commercial Lease (HouseValues, Inc.), Commercial Lease (HouseValues, Inc.)
Damage or Destruction. (a) If all or Tenant shall give prompt notice to Landlord of any part of the Building shall be destroyed or damaged damage by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition Premises or any portion thereof. In the event that existed immediately prior the Premises, or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured casualty (a "CASUALTY") that the Tenant shall not have reasonably convenient access to the occurrence Premises or any portion of such casualty. If the Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, and if in the judgment of the Landlord the damage or destruction occurs during may be repaired within one hundred and eighty (180) days with available insurance proceeds, then the last two Landlord shall so notify the Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date occurrence of the damage or destructiondestruction (the "NOTICE PERIOD") and shall repair such damage or destruction (except damage or destruction to Tenant's Property or Tenant's Alterations) with reasonable diligence. In the event that the Landlord shall not complete such repairs within one hundred and eighty (180) days after the elapse of the Notice Period, then either party may the Tenant shall have the right to terminate the term of this Lease lease by giving the other party written notice of termination. Such such termination shall be effective twenty (20) days following receipt of to the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt the end of such one hundred and eighty (180) day period; provided, however, that in the event that the completion of repairs shall be delayed by causes beyond the Landlord's control, including those events described in Section 16.11 hereof, the time for completion shall be extended by the period of such delay. If in the judgment of the Landlord the Premises, or means of access thereto, cannot be repaired within one hundred and eighty twenty (180) days after the elapse of the Notice Period with available insurance proceeds and the Landlord does not deliver the Tenant notice Tenant gives written notice of its decision to repair such damage within sixty ("Nullification Notice"60) to Landlord days after the occurrence of Tenant's exercise of any available renewal option. In additionthe Casualty, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant then either party shall have the option right to terminate the term of this Lease by giving written notice to Landlord at any time prior of such termination to the commencement or completion other party within the period of restoration, as applicable. For purposes sixty (60) to seventy-five (75) days after the occurrence of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Casualty.
Appears in 2 contracts
Samples: Lease (Greenfield Online Inc), Lease (Greenfield Online Inc)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all of either the Property or any part of the Building shall be Buildings is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within ninety (90) days after the then scheduled Closing Date at the time of the Purchaser's election. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to ninety (90) days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property or Buildings, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property or damaged Buildings but such election is ineffective because the Seller elects to repair such damage and completes such repair within such ninety (90) day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Property or the Buildings, the Purchaser shall close title as provided in this Agreement and, at the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restorationany insurance collected by the Seller, as applicable. For purposes plus an amount equal to any deductible attributable to such insurance policy, less the amount of all costs incurred by the preceding sentence, if Seller in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and (y) assign and transfer to the Purchaser all right, title and interest of the Seller in and to any uncollected insurance proceeds which the Seller may be entitled to receive from such damage or destruction. A "material" part of the Property or the Buildings shall be deemed to have been damaged or destroyed if the extent cost of repair or replacement shall be five percent (5%) or more of the Purchase Price, or if such damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)an insured casualty.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Dean Witter Realty Yield Plus Ii Lp), Purchase and Sale Agreement (Dean Witter Realty Yield Plus L P)
Damage or Destruction. If the Premises shall be (ai) If all materially damaged or any part destroyed during the last year of the Building shall be destroyed Lease Term (inclusive of any Extension Period for which an Extension Option was exercised prior to such damage or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involveddestruction), repair or (ii) damaged or destroyed to such damage and restore the Building as nearly as possible to the condition extent that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed repaired within a twelve period of three hundred sixty-five (12365) month period after days of the date of the such damage or destruction, then either party Landlord or Tenant may terminate this Lease by giving written notice delivered to the other party notice of termination. Such termination shall be effective twenty within sixty (2060) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt date of such notice Tenant gives written notice damage or destruction ("Nullification Notice") to Landlord and in such event this Lease shall terminate as of Tenant's exercise date of any available renewal optionsuch damage or destruction as if such date were the Expiration Date hereof). In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described belowLandlord, Tenant at its sole option, shall have the option right to cancel and terminate this Lease Lease, by giving written notice delivered to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less Tenant not later than twenty-five percent sixty (25%60) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months days after the date of damage or destruction, in the event the Premises is damaged or destroyed during the last five (5) years of the Lease Term (inclusive of any Extension Period for which an Extension Option was exercised prior to such damage or destruction) and Tenant shall fail to execute and deliver to Landlord upon request an extension of the Lease Term equal to the amount of time by which the remaining Lease Term (exclusive of any Extension Period for which the applicable Extension Option was not exercised prior to such damage or destruction, and if further excluding the extent estimated time to rebuild or restore the Premises) is less than five (5) years, upon the same terms and conditions set forth herein except that the Rent for the period of such extension shall equal the then-escalated Rent in effect immediately prior to the expiration of the damage or destruction is equal Lease Term, subject to or greater than twenty-five percent (25%) escalation in the same manner in effect immediately prior to the expiration of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destructionLease Term. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Noticeterminated, then Landlord shall be obligated to repair and restore the Premises (exclusive of Tenant's equipment, trade fixtures, inventory, fixtures and personal property) with all reasonable speed to substantially the same condition as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from immediately prior to such damage or destruction destruction, and the Rent or a just and proportionate part thereof, according to Tenant's ability to utilize the Premises in its damaged condition, shall be paid solely to abated until the Premises shall have been repaired and restored by Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 2 contracts
Samples: Deed of Lease (American Management Systems Inc), Deed of Lease (American Management Systems Inc)
Damage or Destruction. Prior to Closing, Seller shall bear the risk of loss to the Project. Seller shall not be liable to Buyer in any way if there is any damage or destruction (a) If all or any part of the Building shall be destroyed or damaged by due to fire or other casualty required to be insured against under Section 6(acasualty) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately Project prior to the occurrence of Closing. Seller, however, shall elect, by delivering written notice to Buyer and Title Company within fifteen (15) days after such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving to either: (a) repair said damage or destruction, or (b) assign to Buyer all insurance proceeds, or rights thereto, payable as a result of such damage or destruction and Buyer shall receive a credit for any deductible amount under the other party insurance coverage. If Seller fails to deliver the notice of termination. Such termination to Buyer and Title Company within the 15-day period, Seller shall be effective twenty deemed to have elected option (20) days following receipt of b). If Seller elects option (a), then Seller shall exercise reasonable diligence in making such repairs and shall restore the notice by the other party, except that a notice of termination by Landlord shall be of no force Project to an equal or effect if within twenty (20) days after receipt of better condition than existed prior to such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal optiondamage and destruction. In addition, if Landlord fails to complete If such restoration repair is effected prior to the applicable "Restoration Closing Date" described below, Tenant Closing shall have occur on the option to terminate this Lease by giving written notice to Landlord at any time terms and conditions provided for herein. If such repair cannot be effected prior to the commencement Closing Date, the Closing Date shall be extended, for a period not to exceed sixty (60) days, to the day after such repairs are completed. If Seller elects option (b), then the parties shall proceed to Closing with no reduction in the Purchase Price and Buyer shall receive a credit for any deductible amount under the insurance coverage. If Seller elects or completion of restoration, as applicable. For purposes of is deemed to have elected option (b) and the preceding sentence, if the extent of the total damage or and destruction is less than twenty-exceeds five percent (255%) of the replacement cost value Purchase Price, Buyer shall have the right to terminate this Contract by written notice to Seller and the Title Company on or before the earlier of (i) the BuildingClosing Date, the "Restoration Date" shall be the date that or (ii) ten (10) days after Seller elects or is twelve deemed to have elected option (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenantb).
Appears in 2 contracts
Samples: Contract of Sale (United Investors Realty Trust), Contract of Sale (United Investors Realty Trust)
Damage or Destruction. (a) If all or any a part of the Building shall be destroyed or Premises are --------------------- damaged by fire or other casualty casualty, or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, Landlord shall promptly give Tenant notice of Landlord's reasonable estimate of the time required to make such repairs (the "Damage Estimate"). If the Damage Estimate is one hundred twenty (120) days or less, then Landlord shall repair the damage and this Lease shall remain in full force and effect. If the Damage Estimate is more than one hundred twenty (120) days, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either (a) repair the damage, in which event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by Landlord in the notice, which date shall be insured against under Section 6(anot less than thirty (30) of days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice. If the Damage Estimate is more than one hundred eighty (180) days, and Landlord does not give notice terminating this Lease, then Tenant may give notice to Landlord, within thirty (30) calendar days after Tenant receives the Damage Estimate, terminating this Lease as of the date of such fire or casualty. Notwithstanding anything to the contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord shall, as promptly as feasible (taking into account reasonably anticipates the time necessary to conclude a satisfactory settlement with any insurance company involved), repair repairs of such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs will be completed is during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date months of the damage or destructionLease term, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, and Tenant shall each have the option to terminate this Lease as of the date of such damage by giving written notice to the other, in the case of Landlord at any time prior to together with the commencement or completion Damage Estimate, or, in the case of restorationTenant, as applicable. For purposes within thirty (30) days of Tenant's receipt of the preceding sentenceDamage Estimate. If the fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, if Tenant ceases to use any portion of the Premises as a result of such damage, and the damage does not result from the negligence or willful misconduct of Tenant or any other Tenant Parties, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent of to which the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructionand repair prevents Tenant from conducting, and if Tenant does not conduct, its business at the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destructionPremises. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall not be obligated to restore repair or replace any of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises as provided aboveby Tenant, and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant's sole cost and expense, repair and replace such items. If this Lease is terminated, all insurance proceeds for the Premises All such repair and other improvements payable under Landlord's policies and derived from such damage or destruction replacement of Alterations shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (constructed in accordance with any surplus rent paid in advance being refunded to Tenant)Paragraph 9 above regarding Alterations.
Appears in 2 contracts
Samples: Office Lease (Digital Island Inc), Office Lease (Digital Island Inc)
Damage or Destruction. (a) If all or any part of the Building shall be destroyed Premises or any material portion of the balance of the Real Property is damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible within sixty (taking into account 60) days following the date of the damage, give Tenant written notice of Landlord’s reasonable estimate of the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after required from the date of the damage to repair the damage (the “Damage Estimate”). Landlord shall use commercially reasonable efforts to diligently proceed to repair the damage and this Lease shall remain in full force and effect if (i) the damage is caused by a peril covered by Landlord’s insurance (or destructionrequired under this Lease to be covered by Landlord’s insurance), the proceeds from such insurance are sufficient (without considering any deductible amounts) to repair the damage (an “Insured Casualty”), and the Damage Estimate is two hundred seventy (270) days from the date of the casualty or less, or (ii) the damage is caused by a peril not covered (and not required to be covered) by Landlord’s insurance or the proceeds from Landlord’s insurance are not sufficient (without considering any deductible amounts) to repair the damage (an “Uninsured Casualty”), and the Damage Estimate is one hundred eighty (180) days from the date of casualty or less. If the Damage Estimate is more than two hundred seventy (270) days, in the case of an Insured Casualty, or more than one hundred eighty (180) days, in the case of an Uninsured Casualty, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either (a) diligently proceed to repair the damage, in which event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by Landlord in the notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice (provided, however, that as a condition to Landlord’s termination of this Lease, Landlord must concurrently terminate the leases of all other tenants of the Building similarly affected by the damage in question with whom Landlord has similar termination rights). Notwithstanding the foregoing, Landlord shall not be obligated to repair or replace any of Tenant’s movable furniture, equipment, trade fixtures, and other personal property, nor any Specialty Alterations or Above Building Standard Alterations installed in the Premises by or at the request of Tenant (including those installed by Landlord at Tenant’s request, whether prior or subsequent to the commencement of the Lease term), and no damage to any of the foregoing shall entitle Tenant to any rent abatement, and Tenant shall, at Tenant’s sole cost and expense, repair and replace such items. All such repair and replacement of Specialty Alterations and Above Building Standard Alterations by Tenant shall be performed in accordance with Paragraph 9 above regarding Alterations. If the damage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, the Damage Estimate is more than three hundred sixty-five (365) days, and Landlord does not give notice terminating this Lease within the sixty (60) day period provided above, then either party Tenant may give notice to Landlord, within fifteen (15) calendar days after the expiration of the aforesaid sixty (60) day period, terminating this Lease as of the date specified in Tenant’s termination notice, which date shall not be before the date of such notice or more than thirty (30) days after the date of Tenant’s termination notice. If this Lease was not terminated pursuant to the above and Landlord is required by the terms hereof to repair the subject damages, then, if Landlord does not complete the repairs by the date that is three hundred sixty-five days (365) days following the date of the damage (such period to be extended by any delays caused by Tenant or its agents), then Tenant may terminate this Lease by giving the other party providing Landlord with written notice of termination. Such such termination shall be effective twenty within thirty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (2030) days after receipt the end of such 365-day period, but in any event, prior to the date the repairs are completed, which written notice shall specify the termination date, which termination date shall not be before the date of such notice Tenant gives written notice nor more than thirty ("Nullification Notice"30) days after the date of such notice. Notwithstanding anything to Landlord of Tenant's exercise of any available renewal option. In additionthe contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord fails to complete reasonably anticipates the repairs of such restoration prior to damage will be completed is during the applicable "Restoration Date" described belowlast twelve (12) months of the Lease term, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to the other, in the case of Landlord at any time prior to together with the commencement or completion Damage Estimate, or, in the case of restorationTenant, as applicable. For purposes within thirty (30) days of Tenant’s receipt of the preceding sentenceDamage Estimate, if the extent and this Lease shall terminate as of the damage or destruction is less than twenty-five percent (25%) of date specified by the replacement cost value of the Buildingparty in its termination notice, the "Restoration Date" which date shall not be before the date that is twelve of such notice or more than thirty (1230) months days after the date of such notice. Notwithstanding the foregoing, if Landlord exercises its right to terminate this Lease pursuant to the provisions of this subparagraph and Tenant has an unexpired, unexercised option to renew the term of this Lease, Tenant may cause Landlord’s termination exercise to be rescinded by exercising such option to renew within ten (10) Business Days following delivery of notice of Landlord’s exercise of its right to terminate this Lease, provided that all other conditions for the effectiveness of the exercise of such option to renew are satisfied. Notwithstanding anything to the contrary in this Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or Tenant, the party from whose misconduct such damage results shall have no right to terminate this Lease. If the fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant’s use and occupancy of the Premises, Tenant ceases to use any portion of the Premises as a result of such damage, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant’s Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage or destructionand repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises; provided, however, if the extent damage results from the negligence or willful misconduct of Tenant or Tenant’s agents, employees, contractors or licensees, then Tenant’s Monthly Rent and Additional Rent will not xxxxx unless Tenant reimburses Landlord for the deductible required under Landlord’s property damage/rental loss insurance. Tenant’s abatement period provide for herein shall continue until Tenant has been given reasonably sufficient time (as reasonably determined by Landlord, taking into account customary construction time frames for the construction of tenant improvements in space of similar size in comparable buildings in San Francisco) and sufficient access to the Premises, to rebuild the portion of the damage or destruction Premises it is equal required to or greater than twentyrebuild, to install its property, furniture, fixtures, data and telecommunications cabling and equipment and to move in to the Premises over the course of one (1) full weekend (during which weekend Tenant shall be provided with the exclusive use (except for de-five percent (25%minimus use by others) of the replacement cost Building’s freight elevator). A total destruction of the BuildingBuilding shall automatically terminate this Lease. In no event shall Tenant be entitled to any compensation or damages from Landlord for loss of use of the whole or any part of the Premises or for any inconvenience occasioned by any such destruction, rebuilding or restoration of the Premises, the "Restoration Date" shall be Building or access thereto, except for the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as rent abatement expressly provided above. If this Lease is terminatedTenant hereby waives California Civil Code Sections 1932(2) and 1933(4), all insurance proceeds providing for the Premises and other improvements payable under Landlord's policies and derived from such damage or termination of hiring upon destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date thing hired and Sections 1941 and 1942, providing for repairs to and of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)premises.
Appears in 2 contracts
Samples: Office Lease (Twitter, Inc.), Office Lease (Twitter, Inc.)
Damage or Destruction. (a) If all Section 7.01. If, at any time during the term of this Lease, the Building or the Premises, or any part of the Building thereof, shall be damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leaseany kind or nature, ordinary or extraordinary, foreseen or unforeseen (collectively, a “Casualty”), then Landlord whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or witness, then Landlord, without regard to the availability of proceeds for repairs and restoration, shall, as promptly as feasible (taking into account the time necessary at its sole cost and expense, proceed to conclude a satisfactory settlement with any insurance company involved), repair such damage and or restore the Building Premises, as nearly as possible provided in Section 7.02; provided, however, that (i) if the Casualty causes damage or destruction to such a degree that (1) the condition that existed immediately prior estimated time to complete the necessary repairs or restoration is one hundred eighty (180) days or more or (2) 20% or more “of the Parking Areas shall have been damaged or destroyed and substitute parking spaces within a reasonable distance from the Premises are not available, then Tenant shall have the right, within sixty (60) days after the occurrence of such casualty. If Casualty, to cancel this Lease by written notice to Landlord, or (ii) if the Casualty causes damage or destruction occurs during to such a degree that the last estimated time to complete the necessary repairs or restoration is two hundred seventy (2270) years of days or more, then Landlord shall have the Initial Term or during any Renewal Termright, and the restoration of the Premises cannot be diligently completed within a twelve sixty (1260) month period days after the date occurrence of the damage or destructionsuch Casualty, then either party may terminate to cancel this Lease by giving the other party written notice of termination. Such termination shall be effective twenty to Tenant (20) days following receipt a Casualty of the notice by the other partydegree described in either clause (i) or clause (ii) above, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of “Substantial Casualty”). Upon Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option ’s election to terminate this Lease by giving written notice following a Substantial Casualty described in (i) above or Landlord’s election to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent terminate this Lease following a Substantial Casualty described in (25%ii) of the replacement cost value of the Buildingabove, the "Restoration Date" estate hereby granted shall automatically be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the Substantial Casualty and Tenant shall vacate and surrender the Premises to Landlord as soon as possible thereafter; provided, however, that Tenant shall pay to Landlord as and for the Fixed Rent hereunder, for the period between the date of the Substantial Casualty and the date Tenant shall vacate and surrender the Premises to Landlord, an amount equal to the Fixed Rent which would otherwise be due hereunder for such period multiplied by a fraction, the numerator of which is the number of usable rentable square feet in the Premises immediately after the Substantial Casualty and the denominator of which is the total number of rentable square feet in the Premises immediately before the Substantial Casualty. If neither Landlord nor Tenant shall elect to cancel this Lease pursuant to his Section, Landlord shall, at its sole cost and expense (i) proceed to repair or restore the Building and the Premises, as the case may be, as provided in Section 7.02 hereof, and (ii) in the case of damage or destruction (with any surplus rent paid in advance being refunded of the Parking Areas, provide to Tenant), during the period of repair or restoration, substitute parking spaces within a reasonable distance from the Building. In the event that the parties hereto cannot agree as to whether or not a Substantial Casualty has occurred, either party may submit such issue to arbitration pursuant to Article 12 hereof.
Appears in 1 contract
Samples: Agreement of Lease (Primerica, Inc.)
Damage or Destruction. (a) If all any of the Premises, or any a substantial part of the Building building in which the Premises are located, shall be damaged or destroyed or damaged by fire or other casualty required to insured casualty, and repair of the damage can not be insured against under Section 6(acompleted within one hundred eighty (180) days, following receipt by Lessor of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence actual notice of such casualty. If the damage or destruction occurs during Lessor shall have the last two option either (2a) years of to repair or rebuild within a reasonable time utilizing the Initial Term insurance proceeds to effect such repair, or during any Renewal Term(b) not to repair or rebuild, and to cancel this Lease on thirty (30) days notice. If Lessor fails to give Lessee written notice of its election within thirty (30) days from the date of damage, or if the restoration of the Premises cannot be diligently completed within a twelve one hundred eighty (12180) month period after the days from date of notice, Lessee may cancel this Lease at its option on three (3) days notice. During the period of untenantability, rent shall xxxxx in the same ratio as the portion of the Premises rendered untenantable bears to the whole of the Premises; provided that if the damage is due to the fault or neglect of Lessee, there shall be no abatement of rent. If the Premises or the building in which the Premises are located shall be damaged or destroyed by fire or other insured casualty, and repair of the damage can be completed within one hundred eighty (180) days, Lessor shall repair or rebuild within a reasonable time utilizing the insurance proceeds to effect such repair. If any part of the Premises or the building in which the Premises are located shall be damaged or destroyed by an uninsured casualty Lessor shall have the option either (a) to repair or rebuild within a reasonable time, or (b) not to repair or rebuild, and to cancel this Lease on thirty (30) days notice. In the event of cancellation by Lessor as a result of an uninsured casualty, Lessee shall have the right, within five (5) days following Lessor’s notice of cancellation, to override such cancellation by agreeing to repair the damage at Lessee’s sole cost and expense. In such event, the Lessee shall repair or rebuild within a reasonable time following the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 1 contract
Samples: Industrial Lease Single Tenant (Tullys Coffee Corp)
Damage or Destruction. (a) If all In the event the Premises (or any part a portion of the Building shall be destroyed or Project which, in Landlord’s reasonable discretion is necessary for Tenant’s use and occupancy of the Premises) are damaged by fire or other casualty required casualty, Landlord shall retain a reputable, independent third-party contractor reasonably acceptable to be insured against under Section 6(aTenant who, within ninety (90) days of this Leasesuch casualty, then shall give written notice (the “Determination Notice”) to Landlord shall, as promptly as feasible (taking into account the time necessary and Tenant of its determination of how long it will take to conclude a satisfactory settlement with any insurance company involved), repair such damage rebuild and restore the Building as nearly as possible damaged Premises or portion of the Project to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two Delivery Condition (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal optionas hereafter defined). In addition, Landlord shall, within such ninety (90) day period, obtain written confirmation from the mortgagee of the Premises, if any, as to whether it will make all or substantially all of the insurance proceeds payable in connection with such casualty available for restoration (the “Mortgagee Notice”), and Landlord fails shall promptly deliver the Mortgagee Notice to complete such restoration prior Tenant. In the event that the Premises or portion of the Project is so destroyed that it cannot be repaired or rebuilt to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is Delivery Condition within twelve (12) months after the date expiration of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent ninety (25%90) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months days after the date of the damage or destruction. If this Lease is not terminated such casualty, or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore there are less than twelve (12) months remaining in the Term and the Premises as provided above. If this Lease is terminated, all insurance proceeds for so damaged that it cannot be repaired or rebuilt within sixty (60) days after the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as expiration of ninety (90) days after the date of such casualty, or the damage mortgagee of the Premises has informed Landlord that such mortgagee will not make all or destruction substantially all of the insurance proceeds payable in connection with such casualty available for restoration, then, within thirty (30) days of delivery of the Determination Notice and Mortgagee Notice, by delivery of a notice to the other, either Landlord or Tenant may terminate this Lease. Upon the giving of any termination notice pursuant to this Section, all obligations hereunder with any surplus rent respect to periods from and after the effective date of termination shall thereupon cease and terminate, and in such event the Base Rent and all Additional Rent and other sums payable under this Lease shall be apportioned and paid in advance being refunded full by Tenant to Tenant).Landlord to that date, and neither party shall thereafter have any liability hereunder, except that any obligation or liability of either party, actual or contingent, under this Lease which has accrued on or prior to such termination shall survive. For purposes of this Lease, the term the “
Appears in 1 contract
Samples: Lease Agreement (INSMED Inc)
Damage or Destruction. (a) If all or any part of the Building Improvements shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence Closing, and if either the estimated cost of such casualty. If repair or replacement exceeds Two Million and No/100th Dollars ($2,000,000.00) or the damage is such that either the T-Mobile Building I Lease or destruction occurs during the last two T-Mobile Building II Lease is terminated or terminable at the option of T-Mobile (2) years of unless the Initial Term or during any Renewal Termtermination option is waived in writing), and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destructionPurchaser may, then either party may terminate this Lease by giving the other party written notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if given to Seller within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord from Seller of Tenant's exercise of any available renewal option. In additionsuch damage or destruction, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option elect to terminate this Agreement, in which event the Deposit shall immediately be returned by Escrow Agent to Purchaser and the rights, duties, obligations, and liabilities of all parties hereunder shall immediately terminate and be of no further force or effect, except for the obligations of the parties hereunder which expressly survive the termination of this Agreement. If Purchaser does not elect to terminate this Agreement pursuant to this Section 8.1, or has no right to terminate this Agreement (because the damage or destruction does not exceed $2,000,000.00 and would not give rise to a right by T-Mobile to terminate either the T-Mobile Building I Lease or the T-Mobile Building II Lease), and the sale of the Property is consummated, Purchaser shall be entitled to receive all insurance proceeds paid or payable to Seller by giving reason of such destruction or damage under the insurance required to be maintained by Seller pursuant to Section 6.4(h) hereof or insurance maintained by the Tenants under the Leases (less amounts of insurance theretofore received and applied by Seller to costs actually incurred for restoration). Seller shall not settle or release any damage or destruction claims without obtaining Purchaser’s prior written notice consent in each case, such consent not to Landlord be unreasonably withheld. All said insurance proceeds received by Seller by the date of Closing shall be paid by Seller to Purchaser at any Closing, together with the amount of the deductible under Seller’s all risk property damage insurance policy. If the amount of said casualty proceeds is not settled by the date of Closing, Seller shall execute at Closing all proofs of loss, assignments of claim, and other similar instruments reasonably required to enable Purchaser to receive all of Seller’s right, title, and interest in and under said insurance proceeds for the period of time commencing on the date of Closing, but Seller shall be entitled to sums paid for the period of time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Closing.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Wells Core Office Income Reit Inc)
Damage or Destruction. (a) If all or any part Except as provided below, in the event of the Building shall be destroyed or damaged by fire or other casualty required damage to be insured against under Section 6(a) of this Leasethe Improvements, then Landlord shall, as promptly as feasible (taking into account the time Lessee shall take all steps necessary to conclude a satisfactory settlement with any insurance company involved), ensure the repair of such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Improvements to their condition immediately prior to the damage. All such repairs and restoration shall be completed as promptly as possible. Lessee shall also promptly take all steps necessary to ensure that the Leased Premises canare safe and that the damaged Improvements do not be diligently completed within constitute a twelve danger to persons or property. If Xxxxxx, using reasonable judgment and relying on professional estimates, determines either (12a) month period after that full repair and restoration is physically impossible, or (b) that the date available insurance proceeds will pay for less than eighty percent (80%) of the damage or destructioncost of repair and restoration (provided Lessee has fulfilled all the hazard insurance requirements set forth in section 9.4 above), then either party Lessee may terminate this Lease by giving the other party written notice of termination. Such termination shall be effective twenty to Lessor given not later than sixty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (2060) days after receipt the event that caused the damage. However, such termination shall not be effective until forty-five (45) days after the date upon which the notice is received by Lessor. During this 45-day period Lessor may seek an adjustment from the insurer so as to increase the available insurance proceeds to an amount covering at least 80 percent of the cost of repair and restoration. If successful in securing such adjustment, Lessor may render Xxxxxx’s termination notice null and void by written notice to Lessee within such 45-day period. If Lessor fails to nullify the termination notice in this way, then this Lease shall terminate at the expiration of the 45- day period, and any insurance proceeds payable to Lessee on account of such notice Tenant gives written notice damage shall be paid as provided below. The insurance proceeds shall be paid first to cover any expenses of collecting the proceeds. Remaining proceeds shall be paid to the Lessee ("Nullification Notice"or its Permitted Mortgagee to the extent required by the Permitted Mortgage) up to Landlord the then applicable Lessor’s Purchase Option Price (as of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration immediately prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior damage) calculated according to the commencement or completion provisions of restoration, as applicableArticle 10 below. For purposes The balance of the preceding sentencesuch proceeds, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Buildingany, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Lessor.
Appears in 1 contract
Samples: Lease Agreement
Damage or Destruction. (a) If all or Tenant shall give prompt notice to Landlord of any part of the Building shall be destroyed or damaged damage by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition Premises or any portion thereof. In the event that existed immediately prior the Premises, or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured casualty (a "Casualty") that the Tenant shall not have reasonably convenient access to the occurrence Premises or any portion of such casualty. If the Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, and if in the judgment of the Landlord the damage or destruction occurs during may be repaired within one hundred eighty (180) days with available insurance proceeds, then the last two Landlord shall so notify the Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date occurrence of the damage or destructiondestruction (the "Notice Period") and shall repair such damage or destruction (except damage or destruction to Tenant's Property or Tenant's Alterations) with reasonable diligence. In the event that the Landlord shall not complete such repairs within one hundred eighty (180) days after the elapse of the Notice Period, then either party may the Tenant shall have the right to terminate the term of this Lease lease by giving the other party written notice of termination. Such such termination shall be effective twenty (20) days following receipt of to the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt the end of such one hundred eighty (180) day period; provided, however, that in the event that the completion of repairs shall be delayed by causes beyond the Landlord's control, including those events described in Section 16.11 hereof, the time for completion shall be extended by the period of such delay, but not to exceed an additional thirty (30) days. If in the judgment of the Landlord the Premises, or means of access thereto, cannot be repaired within one hundred eighty (180) days after the elapse of the Notice Period with available insurance proceeds and the Landlord does not deliver the Tenant notice Tenant gives written notice of its decision to repair such damage within sixty ("Nullification Notice"60) to Landlord days after the occurrence of Tenant's exercise of any available renewal option. In additionthe Casualty, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant then either party shall have the option right to terminate the term of this Lease by giving written notice to Landlord at any time prior of such termination to the commencement or completion other party within the period of restoration, as applicable. For purposes sixty (60) to seventy-five (75) days after the occurrence of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Casualty.
Appears in 1 contract
Samples: Lease (Startech Environmental Corp)
Damage or Destruction. (a) If all or any a part of the Building shall be destroyed or Premises are damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore or if the Building as nearly as possible is so damaged that access to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, use and the restoration occupancy of the Premises cannot be diligently completed is materially impaired, within a twelve thirty (1230) month period after days of the date of the damage Landlord shall give Tenant notice of Landlord's reasonable estimate of the time required from the date of the damage to repair the damage (the "Damage Estimate"). If the Damage Estimate is one hundred twenty (120) days or destructionless, then Landlord shall repair the damage and this Lease shall remain in full force and effect. If the Damage Estimate is more than one hundred twenty (120) days, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either party may (a) repair the damage, in which event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by giving Landlord in the other party notice of termination. Such termination notice, which date shall be effective twenty not less than thirty (2030) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty nor more than sixty (2060) days after receipt the date such notice is given, and this Lease shall terminate on the date specified in the notice. If the Damage Estimate is more than one (1) year, and Landlord does not give notice terminating this Lease, then Tenant may give notice to Landlord, within thirty (30) calendar days after Tenant receives the Damage Estimate, terminating this Lease as of the date specified in Tenant's termination notice, which date shall not be before the date of such notice Tenant gives written notice or more than thirty ("Nullification Notice"30) to Landlord days after the date of Tenant's exercise of any available renewal optiontermination notice. In additionNotwithstanding anything to contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord fails to complete reasonably anticipates the repairs of such restoration prior to damage will be completed is during the applicable "Restoration Date" described belowlast twelve (12) months of the Lease term, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to the other, in the case of Landlord at any time prior to together with the commencement or completion Damage Estimate, or, in the case of restorationTenant, as applicable. For purposes within thirty (30) days of Tenant's receipt of the preceding sentenceDamage Estimate, if the extent and this Lease shall terminate as of the damage or destruction is less than twenty-five percent (25%) of date specified by the replacement cost value of the Buildingparty in its termination notice, the "Restoration Date" which date shall not be before the date that is twelve of such notice or more than thirty (1230) months days after the date of such notice. Notwithstanding the foregoing, if Landlord shall purport to exercise its termination right pursuant to this paragraph, and within fifteen (15) days thereafter Tenant shall validly exercise any theretofore unexercised renewal option under Paragraph 52 below, Landlord's exercise of such termination right shall be deemed void and of no force and effect, but the remaining provisions of this Paragraph 26 shall fully apply with respect to such fire or other casualty, and any rights of Landlord (but not Tenant) to terminate this Lease pursuant to the first Paragraph of this Paragraph 26 shall survive and remain exercisable in accordance with the terms of such first paragraph. Notwithstanding anything to the contrary in the Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or Tenant, the party from whose misconduct such damage results shall have no right to terminate this Lease. If the fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, and Tenant ceases to use any portion of the Premises as a result of such damage, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage or destructionand repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises; provided, however, if the extent damage results from the negligence or willful misconduct of Tenant or Tenant's agents, employees, contractors, licensees or invitees, then Tenant's Monthly Rent and Additional Rent will not xxxxx unless Tenant reimburses Landlord for the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if deductible required under Landlord's termination is nullified by a Nullification Notice, property damage/rental loss insurance. Landlord shall not be obligated to restore repair or replace any of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises as by Tenant (other than those of the Initial Alterations which are normal and customary general office improvements), and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant's sole cost and expense, repair and replace such items. All such repair and replacement of Alterations shall be constructed in accordance with Paragraph 9 above regarding Alterations. A total destruction of the Building shall automatically terminate this Lease. In no event shall Tenant be entitled to any compensation or damages from Landlord for loss of use of the whole or any part of the Premises or for any inconvenience occasioned by any such destruction, rebuilding or restoration of the Premises, the Building or access thereto, except for the rent abatement expressly provided above. If this Lease is terminatedTenant hereby waives California Civil Code Sections 1932(2) and 1933(4), all insurance proceeds providing for the Premises and other improvements payable under Landlord's policies and derived from such damage or termination of hiring upon destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date thing hired and Sections 1941 and 1942, providing for repairs to and of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)premises.
Appears in 1 contract
Samples: Embarcadero Technologies Inc
Damage or Destruction. In the event that Lessee’s Equipment is damaged by fire, earthquake, act of war, or other extraordinarily casualty (aany of the foregoing referred to herein as a “Casualty Event”), District shall not be obligated to repair or rebuild any portion of the Reservoir or Lessee’s Equipment or the functionality thereof, or to compensate Lessee for any loss resulting therefrom. Within forty-five (45) If days following the date of any such Casualty Event, District agrees to notify Xxxxxx in writing as to whether District will restore all or any part portion of the Building Reservoir Site (District’s “Election Notice”), which decision shall be destroyed or damaged by fire or other casualty based solely on District’s need therefor. If District elects to restore the Reservoir Site, District shall include with its Election Notice District’s reasonable estimate of the time required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair complete such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualtyrestoration. If the damage or destruction occurs during the last two estimated time to complete such restoration shall exceed one hundred eighty (2180) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after days from the date of the damage Casualty Event and if, as a result of the Casualty Event, Lessee’s Equipment shall have been rendered unusable in whole or destructionsubstantial part, then either party may terminate this Lease by giving the other party Lessee may, upon written notice of termination. Such termination shall be effective twenty given to District no later than thirty (2030) days following receipt of the notice by the other partyElection Notice, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option elect to terminate this Lease by giving Agreement. In the event that District elects not to restore the Reservoir Site, either Party may terminate this Agreement upon thirty (30) days’ prior written notice to Landlord at any time prior to the commencement or completion of restorationother, in which event this Agreement shall terminate on the thirtieth (30th) day following the terminating Party’s notice, as applicableif such date were originally set forth as the termination date herein. For purposes of Termination pursuant to this Section shall not relieve Xxxxxx from the preceding sentenceobligation to surrender the Premises and Lease Area as required pursuant to Section 16 below. In the event neither Party so elects to terminate this Agreement, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" this Agreement shall be the date that is twelve (12) months continue in full force and effect. From and after the date of any Casualty Event until the damage or destruction, and if the extent earlier of the damage effective date of any termination pursuant to the terms hereof or destruction the date the Reservoir is equal to rebuilt or greater than twenty-five percent (25%) of the replacement cost of the Buildingrestored, the "Restoration Date" Lessee’s obligation for Base Rent shall be abated in proportion to Xxxxxx’s inability to use the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by Reservoir as a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Communications Site.
Appears in 1 contract
Damage or Destruction. (a) If all In case the premises shall be partially or any part totally destroyed by fire or other casualty insurable under standard extended risk insurance so as to become partially or totally untenantable, the same shall be repaired or rebuilt as speedily as possible at the expense of the Building Lessor, unless Lessor shall elect not to repair or rebuild as provided in the following paragraph, and should there be a substantial interference with the business. The rent shall be reduced in the proportion that the area of the premises that are not usable bears to the total area of the premises until the premises are repaired or rebuilt. If more than fifty percent (50%) of the premises shall be destroyed or so damaged by fire or other casualty required insurable under full standard extended risk insurance as to be insured against under Section 6(a) of this Leasebecome totally destroyed by a cause or casualty other than those covered by fire and extended coverage risk insurance, then Landlord shallthen, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved)in either event, repair such damage Lessor may, if it so elects, rebuild or put said building in good condition and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed fit for occupancy within a twelve reasonable time after such destruction or damage, or it may give notice terminating this lease as of a date not later than thirty (1230) month period days after the date of the any such damage or destruction, then either party may terminate this Lease by giving If Sublessor elects to rebuild or repair the other party notice of termination. Such termination shall be effective twenty building it shall, within thirty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (2030) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, give Lessee notice of its intention to repair or rebuild and if then shall proceed with reasonable speed to make the extent repairs or to rebuild. Unless Lessor elects to terminate this lease, this lease shall remain in full force and effect and the rent shall be reduced in the proportion that the area of the damage or destruction is equal premises that are not usable bears to or greater than twenty-five percent (25%) the total area of the replacement cost of premises until the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage premises are repaired or destructionrebuilt. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).0100
Appears in 1 contract
Samples: Lease Agreement
Damage or Destruction. (a) If all or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either Each party may terminate this Lease by giving if the other party notice of termination. Such termination shall be effective twenty (20) days following receipt Premises or the Building are damaged to an extent exceeding 50% of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the then replacement cost of the BuildingPremises (in the event of damage limited to the Premises) or 33% of the Building (in the event of damage not limited to the Premises). Landlord may also terminate this Lease if the Premises or the Building are damaged by an uninsured peril to an extent exceeding 33% of the then replacement cost of the Premises (in the event of damage limited to the Premises) or 25% of the Building (in the event of damages not limited to the Premises). If a party elects Termination under this section, the "Restoration Date" terminating party shall be deliver written notice to the date that is eighteen (18) months after the date non-terminating party within 30 Days of the damage or destructionoccurrence of the damage. Tenant shall have 30 Days to vacate the Premises unless they are unsafe for occupancy, in which case, Tenant shall immediately vacate. TENANT WAIVES SECTION 1932(2), AND SECTION 1933(4) OF THE CALIFORNIA CIVIL CODE. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Noticepursuant to this Section, Landlord shall, within 90 Days of the occurrence of the damage, proceed to repair the Building, on substantially the same plan as existed immediately before the occurrence of damage. Tenant shall be obligated liable for repair and replacement of all fixtures, leasehold improvements, furnishings, merchandise, equipment and Tenant's personal property not covered by insurance. If Tenant is able to restore continue to conduct its business during the making of repairs, the Base Monthly Rent will be reduced during the repair period in the proportion that the unusable part of the Premises as provided abovebears to the whole. If Notwithstanding any other provision of this Lease is terminatedLease, all insurance proceeds if the discounted present value of the Base Monthly Rent due for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlordremaining Term, and all Rent shall xxxxx and be prorated using as the discount rate the prime commercial lending rate in effect at the Bank of America, NT&SA, as of the date of the damage or destruction (with any surplus rent paid in advance being refunded is less than the cost of repairing the damage to the Premises, Landlord may terminate this Lease on 10 Days' written notice to Tenant).
Appears in 1 contract
Samples: Premises Lease (Pixar \Ca\)
Damage or Destruction. If (ai) If all the Premises shall be materially damaged or any part destroyed during the last year of the Building Lease Term (it being agreed that, if the Extension Option was exercised prior to such damage or destruction and Tenant’s right of rescission thereof has lapsed or is waived in writing by Tenant not later than the earlier of (x) 315 days in advance of the Expiration Date, or (y) thirty (30) days after the date of such damage or destruction, the last year of the Lease Term shall be destroyed or damaged by fire or other casualty required deemed to be insured against under Section 6(athe last year of the Extension Period), or (ii) the Premises is damaged or destroyed to such extent that the damage or destruction cannot be repaired within a period of three hundred sixty-five (365) days of the date of such damage or destruction, either Landlord or Tenant may terminate this Lease by written notice (the “Damage Notice”) delivered to the other within sixty (60) days of the date of such damage or destruction (and in such event this Lease shall terminate as of date of such damage or destruction as if such date were the Expiration Date hereof). In addition, Landlord, at its sole option, shall have the right to cancel and terminate this Lease, then Landlord shallby written notice (the “Section 10 Notice”) delivered to Tenant not later than sixty (60) days after the date of damage or destruction, as promptly as feasible in the event (taking into account i) the Premises is materially damaged or destroyed, (ii) the unexpired portion of the Lease Term which will remain after completion of rebuilding or restoration of the Premises (based on the estimated time necessary for rebuilding or restoration from a reputable, independent contractor) is less than forty-two (42) months [it being agreed that, for purposes of the foregoing calculation, if the Extension Option was exercised prior to conclude a satisfactory settlement with any insurance company involved), repair such damage or destruction and Tenant’s right of rescission thereof has lapsed or is waived in writing by Tenant not later than the earlier of (x) 315 days in advance of the Expiration Date, or (y) thirty (30) days after the date of such damage or destruction, less than forty-two (42) months of the Extension Period will remain unexpired after completion of rebuilding or restoration of the Premises, based upon the estimated time for such rebuilding or restorationl, and (iii) Tenant shall fail to execute and deliver to Landlord within thirty (30) days after the date that Tenant received the Section 10 Notice an extension of the Lease Term equal to the amount of time by which the remaining Lease Term (which, if the Extension option is not exercised prior to such damage or destruction or if Tenant’s right of rescission thereof has not lapsed or is not waived in writing by Tenant within thirty (30) days after the date of such damage or destruction, shall exclude the Extension Period, and in all events shall exclude the estimated time to rebuild or restore the Building as nearly as possible to Premises) is less than forty-two (42) months, upon the condition same terms and conditions set forth herein except that existed the Rent for the period of such extension shall equal the then-escalated Rent in effect immediately prior to the occurrence expiration of such casualtythe Lease Term, subject to escalation in the same manner in effect immediately prior to the expiration of the Lease Term. If Landlord delivers neither the damage Damage Notice or destruction occurs during the last two Section 10 Notice to Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date of the damage or destructioncasualty, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") deemed to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option waived its right to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the in connection with such damage or destruction destruction. If this Lease is less not terminated, then Landlord shall repair and restore the Premises (exclusive of Tenant’s equipment, trade fixtures, inventory, fixtures and personal property) with all reasonable speed (but in all events not later than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage) to substantially the same condition as immediately prior to such damage or destruction, and if the extent of Rent and Additional Rent or a just and proportionate part thereof, according to Tenant’s ability to utilize the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the BuildingPremises in its damaged condition, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore abated until the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises shall have been repaired and other improvements payable under restored by Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 1 contract
Samples: Lease Agreement (Gtsi Corp)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all of any Property is damaged or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Sellers shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Sellers given not later than ten (10) days after receipt of the Sellers' notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Sellers' receipt of the Purchaser's election notice, the Sellers shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within 90 days after the then scheduled Closing Date at the time of the Purchaser's election. If the Sellers make such election to repair, the Sellers shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Sellers may be entitled to receive as a result of such damage or destruction. Purchaser shall not be obligated to complete Closing unless such repairs shall have been completed within such ninety (90) day period. If (i) the Purchaser does not elect to terminate this Agreement due to the damaged Property, (ii) the Purchaser elects to terminate this Agreement due to the damaged Property but such election is ineffective because the Sellers elect to repair such damage and completes such repair within such 90-day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at the Closing, the Sellers shall, unless the Sellers have repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restorationany insurance collected by the Sellers, as applicable. For purposes together with an amount equal to any deductible under the relevant insurance policies, less the amount of all costs incurred by the preceding sentence, if Sellers in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and if (y) assign and transfer to the extent Purchaser all right, title and interest of each of the damage or destruction is equal Sellers in and to or greater than twenty-five percent (25%) any uncollected insurance proceeds which any of the replacement cost of the Building, the "Restoration Date" shall Sellers may be the date that is eighteen (18) months after the date of the entitled to receive from such damage or destruction. A "material" part of a Property shall be deemed to have been damaged or destroyed if the cost of repair or replacement shall be fifteen percent (15%) or more of the Purchase Price allocable to such Property. Condemnation. If, prior to the Closing Date, all or any "significant" portion (as hereinafter defined) of a Property is taken by eminent domain or condemnation (or is the subject of a pending taking which has not been consummated), the Sellers shall notify the Purchaser of such fact and the Purchaser shall have the option to terminate this Agreement upon notice to the Sellers given not later than ten (10) days after receipt of the Sellers' notice. If the Purchaser does not elect to terminate this Lease Agreement, or if an "insignificant" portion ("insignificant" is herein deemed to be any taking which is not terminated "significant", as such term is herein defined) of a Property is taken by eminent domain or if Landlord's termination is nullified by a Nullification Noticecondemnation, Landlord at the Closing the Sellers shall assign and turnover, and the Purchaser shall be obligated entitled to restore receive and keep, all awards or other proceeds for such taking by eminent domain or condemnation. A "significant" portion of a Property means (i) 10% or more of the Premises as provided aboverentable area of the Building(s) on such Land, (ii) a portion of the parking areas if the taking thereof reduces the remaining available number of parking spaces below the minimum legally required, or (iii) a legally required driveway on such Land. Termination. If the Purchaser effectively terminates this Lease is terminatedAgreement pursuant to Section 12.1 or 12.2, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction this Agreement shall be paid solely to Landlord, terminated and all Rent shall xxxxx and be prorated as the rights of the date parties shall be the same as if notice of the damage or destruction (with any surplus rent paid in advance being refunded termination were given pursuant to Tenant)Section 14.1.
Appears in 1 contract
Samples: 73 Purchase and Sale Agreement (Dean Witter Realty Income Partnership Iii Lp)
Damage or Destruction. (a) If all or any a part of the Building shall be destroyed or Premises are damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore or if the Building as nearly as possible is so damaged that access to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, use and the restoration occupancy of the Premises cannot be diligently completed is materially impaired, within a twelve thirty (1230) month period after days of the date of the damage Landlord shall give Tenant notice of Landlord's reasonable estimate of the time required from the date of the damage to repair the damage (the "Damage Estimate"). If the Damage Estimate is one hundred fifty (150) days or destructionless, then Landlord shall repair the damage and this Lease shall remain in full force and effect. If the Damage Estimate is more than one hundred fifty (150) days, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either party may (a) repair the damage, in which event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by giving Landlord in the other party notice of termination. Such termination notice, which date shall be effective twenty not less than thirty (2030) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty nor more than sixty (2060) days after receipt the date such notice is given, and this Lease shall terminate on the date specified in the notice. If the Damage Estimate is more than one (1) year, and Landlord does not give notice terminating this Lease, then Tenant may give notice to Landlord, within thirty (30) calendar days after Tenant receives the Damage Estimate, terminating this Lease as of the date specified in Tenant's termination notice, which date shall not be before the date of such notice Tenant gives written notice or more than thirty ("Nullification Notice"30) to Landlord days after the date of Tenant's exercise of any available renewal optiontermination notice. In additionNotwithstanding anything to contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord fails to complete reasonably anticipates the repairs of such restoration prior to damage will be completed is during the applicable "Restoration Date" described belowlast twelve (12) months of the Lease term, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to the other, in the case of Landlord at any time prior to together with the commencement or completion Damage Estimate, or, in the case of restorationTenant, as applicable. For purposes within thirty (30) days of Tenant's receipt of the preceding sentenceDamage Estimate, if the extent and this Lease shall terminate as of the damage or destruction is less than twenty-five percent (25%) of date specified by the replacement cost value of the Buildingparty in its termination notice, the "Restoration Date" which date shall not be before the date that is twelve of such notice or more than thirty (1230) months days after the date of such notice. Notwithstanding the foregoing, if Landlord shall purport to exercise its termination right pursuant to this paragraph, and within fifteen (15) days thereafter Tenant shall validly exercise any theretofore unexercised renewal option under Paragraph 52 below, Landlord's exercise of such termination right shall be deemed void and of no force and effect, but the remaining provisions of this Paragraph 26 shall fully apply with respect to such fire or other casualty, and any rights of Landlord (but not Tenant) to terminate this Lease pursuant to the first paragraph of this Paragraph 26 on account of such fire or other casualty shall survive and remain exercisable in accordance with the terms of such first paragraph. Notwithstanding anything to the contrary in the Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or Tenant, the party from whose misconduct such damage results shall have no right to terminate this Lease. If the fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, and Tenant ceases to use any portion of the Premises as a result of such damage, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage or destructionand repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises; provided, however, if the extent damage results from the gross negligence or willful misconduct of Tenant or Tenant's agents, employees, contractors, licensees or invitees, then Tenant's Monthly Rent and Additional Rent will not abate unless Tenant reimburses Landlord for the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if deductible required uxxxx Landlord's termination is nullified by a Nullification Notice, property damage/rental loss insurance. Landlord shall not be obligated to restore repair or replace any of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises by Tenant which are not normal and customary general office improvements, and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant's sole cost and expense, repair and replace such items. All such repair and replacement of Alterations shall be constructed in accordance with Paragraph 9 above regarding Alterations. Where Landlord is obligated to repair any damage pursuant to this Paragraph 26, Landlord's obligation shall include the obligation to repair (or replace, as applicable) any Alterations installed in the Premises which are normal and customary general office improvements. A total destruction of the Building shall automatically terminate this Lease. In no event shall Tenant be entitled to any compensation or damages from Landlord for loss of use of the whole or any part of the Premises or for any inconvenience occasioned by any such destruction, rebuilding or restoration of the Premises, the Building or access thereto, except for the rent abatement expressly provided above. If this Lease is terminatedTenant hereby waives California Civil Code Sections 1932(2) and 1933(4), all insurance proceeds providing for the Premises and other improvements payable under Landlord's policies and derived from such damage or termination of hiring upon destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date thing hired and Sections 1941 and 1942, providing for repairs to and of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)premises.
Appears in 1 contract
Samples: Office Lease (Critical Path Inc)
Damage or Destruction. (a) 8.1 If all the Subleased Premises or the Building or any part of the Building shall be portion thereof are damaged or destroyed or damaged by fire or other casualty required covered by Overlandlord’s fire and extended coverage insurance policy, Sublandlord shall notify Subtenant of Sublandlord’s receipt of Overlandlord’s good faith completion date to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years pursuant to Section 10.10 of the Initial Term or during any Renewal Term, and Xxxxxxxxx . In the restoration event such date is more than 240 days after the date of the Premises cannot be diligently completed within a twelve damage, the Xxxxxxxxx provides that Subtenant shall have ten (1210) month period days from the date of such notice to notify Sublandlord in writing whether it wishes to terminate this Sublease, whereupon this Sublease shall terminate thirty (30) days following such election. In the event (i) Overlandlord’s good faith completion date is less than 240 days after the date of the damage, or (ii) such good faith completion date is more than 240 days after the date of the damage or destructionand neither Overlandlord nor Landlord elects to terminate the Xxxxxxxxx within the notice period provided in Xxxxxxxxx, then either party may terminate (if Subtenant has not terminated this Lease by giving Sublease), the other party notice Xxxxxxxxx provides that Overlandlord shall commence repair or restoration as soon as practicable and shall diligently pursue such repair and restoration to completion. Notwithstanding the foregoing, however, Overlandlord shall have no obligation to repair any damage to, or restore, Sublandlord’s or Subtenant’s property located on the Premises. The Xxxxxxxxx provides that Overlandlord shall pay the cost of termination. Such termination shall be effective twenty (20) days following receipt repair of any damage or destruction of the notice Building or the Premises caused by the other partynegligence or willful misconduct of Overlandlord or its agents. Subtenant shall pay the reasonable cost of repair of any damage or destruction of the Premises, except that a notice to the extent caused by defects in construction of termination by Landlord the Building or the negligence or willful misconduct of Overlandlord or its agents. Subtenant shall be pay the reasonable cost of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise repair of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement damage or completion of restoration, as applicable. For purposes destruction of the preceding sentenceBuilding caused by the negligence or willful misconduct of Subtenants or its agents. The Xxxxxxxxx provides that the costs of Overlandlord’s repair of the Premises or the Building shall include a reasonable overhead and profit charge by Overlandlord, if the extent damage is the result of Subtenant’s negligence or willful act. Subtenant’s obligation to pay the cost of repairs for damage or destruction is less than twenty-five percent (25%) of to the replacement cost value of Premises or the Building, the "Restoration Date" Building shall be the date that is twelve (12) months after the date of the reduced by any insurance proceeds payable to Overlandlord for such damage or destruction, and if but only to the extent such insurance provides for a waiver of subrogation which permits such reduction of Subtenant’s obligations. Subtenant shall vacate such portion of the damage Premises for such period of time as Overlandlord reasonably requires to enable Overlandlord to repair the Premises or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 1 contract
Samples: Tessco Technologies Inc
Damage or Destruction. If the Project is damaged by fire or other insured casualty, the damage shall be repaired by Landlord and provided such repairs can, in Landlord's sole opinion, be completed within two hundred seventy (a270) If all days after commencement of the necessity for repairs, without the payment of overtime or any other premiums, and until such repairs are completed, rent shall be abated in proportion to the part of the Building Premises which is unusable by Tenant in the conduct of its business (but there shall be destroyed no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). If repairs cannot, in Landlord's opinion, be completed within two hundred seventy (270) days after the necessity for repairs this Lease shall instead terminate, by notifying Tenant in writing of such termination within sixty (60) days after Landlord makes such a determination, with such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. In addition, Landlord may elect to terminate this Lease if the Project shall be damaged by fire or other casualty required to be insured against under Section 6(a) of this Leaseor cause, then Landlord shallwhether or not the Premises are affected, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If if the damage is not fully covered, except for deductible amounts, by Landlord's insurance policies. Finally, if the Premises or destruction occurs the Project is damaged to any substantial extent during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date months of the damage or destructionTerm, then either party may terminate notwithstanding anything contained in this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior Article 16 to the applicable "Restoration Date" described belowcontrary, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to the other party of the exercise of such option within sixty (60) days after Landlord at any time prior to the commencement or completion of restorationTenant, as applicable. For purposes , learns of the preceding sentence, if necessity for repairs as the extent result of such damage. A total destruction of the damage Project shall automatically terminate this Lease. Tenant understands that Landlord will not carry insurance of any kind on Tenant's furniture, furnishings, trade fixtures or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructionequipment, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall not be obligated to restore repair any damage thereto or replace the Premises same. Except as provided above. If otherwise expressly set forth in this Lease is terminatedLease, all Tenant acknowledges that Tenant shall have no right to any proceeds of insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely carried by Landlord relating to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)property damage.
Appears in 1 contract
Damage or Destruction. (a) If all or Tenant shall give prompt notice to Landlord of any part of the Building shall be destroyed or damaged damage by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition Premises or any portion thereof. In the event that existed immediately prior the Premises, or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured casualty (a "Casualty") that the Tenant shall not have reasonably convenient access to the occurrence Premises or any portion of such casualty. If the Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, and if in the judgment of the Landlord the damage or destruction occurs during may be repaired within one hundred and eighty (180) days with available insurance proceeds, then the last two Landlord shall so notify the Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date occurrence of the damage or destructiondestruction (the "Notice Period") and shall repair such damage or destruction (except damage or destruction to Tenant's Property or Tenant's Alterations) with reasonable diligence. In the event that the Landlord shall not complete such repairs within one hundred and eighty (180) days after the elapse of the Notice Period, then either party may the Tenant shall have the right to terminate the term of this Lease lease by giving the other party written notice of termination. Such such termination shall be effective twenty (20) days following receipt of to the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt the end of such one hundred and eighty (180) day period; provided, however, that in the event that the completion of repairs shall be delayed by causes beyond the Landlord's control, including those events described in Section 16.11 hereof, the time for completion shall be extended by the period of such delay. If in the judgment of the Landlord the Premises, or means of access thereto, cannot be repaired within one hundred and eighty twenty (180) days after the elapse of the Notice Period with available insurance proceeds and the Landlord does not deliver the Tenant notice Tenant gives written notice of its decision to repair such damage within sixty ("Nullification Notice"60) to Landlord days after the occurrence of Tenant's exercise of any available renewal option. In additionthe Casualty, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant then either party shall have the option right to terminate the term of this Lease by giving written notice to Landlord at any time prior of such termination to the commencement or completion other party within the period of restoration, as applicable. For purposes sixty (60) to seventy-five (75) days after the occurrence of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Casualty.
Appears in 1 contract
Samples: Lease (Greenfield Online Inc)
Damage or Destruction. 19.01. (a) If all or any part of the Building or the Premises shall be partially or totally damaged or destroyed or damaged by fire or other casualty required to (and if this Lease shall not be insured against under Section 6(a) of terminated as in this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involvedArticle 19 hereinafter provided), (a) Landlord shall diligently repair such the damage to and restore and rebuild the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration core and shell of the Premises cannot be diligently completed within a twelve (12excluding the Tenant’s Work, Alterations, leasehold improvements, Tenant’s improvements and betterments and the property which is deemed Tenant’s Property pursuant to Section 12.02 hereof) month period with reasonable dispatch after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent it of the damage or destruction and the collection of the insurance proceeds attributable to such damage (herein called “Landlord’s Restoration Work”), and (b) Tenant shall diligently repair the damage to and restore and repair the Tenant’s Work, Alterations, leasehold improvements, Tenant’s improvements and betterments and the property which is less deemed Tenant’s Property pursuant to Section 12.02 hereof with reasonable dispatch after the substantial completion of Landlord’s repairs and restoration of the core and shell of the Premises provided for in clause (a) above (herein called “Tenant’s Restoration Work”). Such work by Tenant shall be deemed Alterations for the purposes of Article 11 hereof. Provided that this Lease shall not be terminated by Landlord or Tenant, in connection with any Tenant’s Restoration Work costing in excess of $500,000.00 (as reasonably estimated by Landlord) the proceeds of policies providing coverage for leasehold improvements and Tenant’s improvements and betterments (other than twenty-five for Tenant’s Property) shall, subject to the rights of any Superior Lessor or Superior Mortgagee, be paid to Landlord and segregated by Landlord for the purpose of the casualty in question and shall be disbursed therefrom in payment of the cost of Tenant’s Restoration Work as the performance of such work progresses, against certificates, in form and substance and certified by a person satisfactory to Landlord, showing that the disbursement to be made represents not more than ninety percent (2590%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, work and materials described in the "certificate and that the estimated cost of completion of Tenant’s Restoration Date" shall be Work does not exceed the date that is eighteen undisbursed balance of such proceeds (18) months after the date exclusive of the damage or destruction. If ten percent (10%) retention); provided, however, no such proceeds need be paid over to Landlord if the Tenant under this Lease is not terminated the Named Tenant and such Named Tenant has a net worth (as defined in Article 7 above) or if market capitalization at least equal to the Named Tenant as of the Effective Date (and reasonable proof thereof is provided to Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above). If this Lease is terminated, all insurance The balance of such proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to LandlordTenant upon the presentation of a like certificate, evidencing that Tenant’s Restoration Work has been completed and all Rent that there are no mechanics’ or other liens outstanding relating thereto (unless the balance of said proceeds shall xxxxx be used to make final payments to release the same). Notwithstanding anything to the contrary contained herein, if this Lease shall be terminated by Landlord or Tenant pursuant to this Article 19, the proceeds of policies providing coverage for the Tenant’s Work, Alterations, leasehold improvements and Tenant’s improvements and betterments shall be prorated paid to Landlord in an amount not to exceed the unamortized portion of the Work Allowance (determined as of the date of such casualty) (which amortization shall be determined over a period of time commencing on the damage or destruction Rent Commencement Date and ending on the initially-scheduled Expiration Date). Tenant shall be solely responsible for (i) the amount of any deductible under the policy insuring leasehold improvements and Tenant’s improvements and betterments and (ii) the amount, if any, by which the cost of repairing and restoring the leasehold improvements and Tenant’s improvements and betterments exceeds the available insurance proceeds therefor. The amount due in accordance with any surplus rent paid in advance being refunded subparagraph (i) above shall be Additional Charges under this Lease and payable by Tenant to Landlord upon demand. The proceeds of Tenant’s insurance policies with respect to Tenant)’s Property shall be payable to Tenant.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building shall be destroyed Premises or any material portion of the balance of the Real Property is damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible within sixty (taking into account 60) days of the date of the damage, give Tenant written notice of Landlord’s reasonable estimate of the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after required from the date of the damage to repair the damage (the “Damage Estimate”). Landlord shall use commercially reasonable efforts to diligently proceed to repair the damage (including the repair of Landlord’s Work, the Initial Alterations and subsequent Alterations, but not above Building standard Alterations) and this Lease shall remain in full force and effect if (i) the damage is caused by a peril covered by Landlord’s insurance, the proceeds from such insurance (together with Landlord’s deductible under the policy, if any) are sufficient to repair the damage (an “Insured Casualty”), and the Damage Estimate is six (6) months or destructionless, then or (ii) the damage is caused by a peril not covered by Landlord’s insurance or the proceeds from Landlord’s insurance (together with Landlord’s deductible under the policy, if any) are not sufficient to repair the damage (an “Uninsured Casualty”), and the Damage Estimate is ninety (90) days or less. If the Damage Estimate is more than six (6) months, in the case of an Insured Casualty, or more than ninety (90) days, in the case of an Uninsured Casualty, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either party may (a) diligently proceed to repair the damage, in which event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by giving Landlord in the notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice. Notwithstanding the foregoing, Landlord shall not be obligated to repair or replace any of Tenant’s movable furniture, equipment, trade fixtures, and other party personal property, nor any above Building standard Alterations installed in the Premises by or at the request of Tenant (including those installed by Landlord at Tenant’s request, whether prior or subsequent to the commencement of the Lease term), and no damage to any of the foregoing shall entitle Tenant to any rent abatement, and Tenant shall, at Tenant’s sole cost and expense, repair and replace such items. All such repair and replacement of above Building standard Alterations by Tenant shall be constructed in accordance with Paragraph 9 above regarding Alterations. If the damage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, the Damage Estimate is more than nine (9) months and Landlord does not give notice terminating this Lease within the sixty (60) day period provided above, then Tenant may give notice to Landlord, within fifteen (15) calendar days after the later of the expiration of the aforesaid sixty (60) day period or the date of Tenant’s receipt of the Damage Estimate, terminating this Lease as of the date specified in Tenant’s termination notice, which date shall not be before the date of such notice or more than thirty (30) days after the date of Tenant’s termination notice. If this Lease was not terminated pursuant to the above and Landlord is required by the terms hereof to repair the subject damages, then, if Landlord does not complete the repairs by the date that is nine (9) months following the date of the damage (such period to be extended by any delays caused by Tenant or its agents), then Tenant may deliver to Landlord a thirty (30) day notice of termination. Such termination and this Lease shall terminate as of the last day of the thirty (30) day period unless Landlord completes the repairs on or before such date, in which event Tenant’s notice of termination shall be effective twenty void and this Lease shall continue in effect. Notwithstanding anything to contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (2090) days following receipt days, and the date on which Landlord reasonably anticipates the repairs of such damage will be completed is during the last twelve (12) months of the notice by the other partyLease term, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, and Tenant shall each have the option to terminate this Lease by giving written notice to the other, in the case of Landlord at any time prior to together with the commencement or completion Damage Estimate, or, in the case of restorationTenant, as applicable. For purposes within thirty (30) days of Tenant’s receipt of the preceding sentenceDamage Estimate, if the extent and this Lease shall terminate as of the damage or destruction is less than twenty-five percent (25%) of date specified by the replacement cost value of the Buildingparty in its termination notice, the "Restoration Date" which date shall not be before the date that is twelve of such notice or more than thirty (1230) months days after the date of such notice. Notwithstanding anything to the contrary in this Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or destructionTenant, and if the extent party from whose misconduct such damage results shall have no right to terminate this Lease. If the fire or other casualty damages the Premises or the Common Areas of the damage or destruction is equal to or greater than twenty-five percent (25%) Real Property necessary for Tenant’s use and occupancy of the replacement cost Premises, Tenant ceases to use any portion of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as a result of such damage, and the damage does not result from the negligence or willful misconduct of Tenant or any other Tenant Parties, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant’s Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises. A total destruction of the Building shall automatically terminate this Lease. In no event shall Tenant be entitled to any compensation or damages from Landlord for loss of use of the whole or any part of the Premises or for any inconvenience occasioned by any such destruction, rebuilding or restoration of the Premises, the Building or access thereto, except for the rent abatement expressly provided above. If this Lease is terminatedTenant hereby waives California Civil Code Sections 1932(2) and 1933(4), all insurance proceeds providing for the Premises and other improvements payable under Landlord's policies and derived from such damage or termination of hiring upon destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date thing hired and Sections 1941 and 1942, providing for repairs to and of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)premises.
Appears in 1 contract
Damage or Destruction. In the event of a partial destruction of (a) If all the Premises, (b) the Building, (c) the Common Area or any part of (d) the Building shall be destroyed or damaged Project ((a)-(d) collectively, the “Affected Areas”) by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any perils covered by extended coverage insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof, and provided that the damage thereto is such that the Affected Areas may be repaired, reconstructed or restored within a period of twelve (12) months from the date of the Buildinghappening of such casualty, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration of the Affected Areas and this Lease shall continue in full force and effect. In the event of any damage to or destruction of the Affected Areas other than as described in Section 23.1, Landlord shall repair, reconstruct and restore the Affected Areas, as applicable, in which case this Lease shall continue in full force and effect. In the event of any damage or destruction (regardless of whether such damage is governed by Section 23.1 or this Section), if (a) in Landlord’s reasonable determination as set forth in the Damage Repair Estimate (as defined below), the "Restoration Date" shall Affected Areas cannot be the date that is repaired, reconstructed or restored within twelve (12) months after the date of the damage or destructionDamage Repair Estimate, and if the extent of the damage or destruction is equal (b) subject to or greater than twenty-five percent (25%) of the replacement cost of the BuildingSection 23.6, the "Restoration Date" shall be the date that is Affected Areas are not actually repaired, reconstructed and restored within eighteen (18) months after the date of the Damage Repair Estimate, or (c) the damage and destruction occurs within the last twelve (12) months of the then-current Term, then Tenant shall have the right to terminate this Lease, effective as of the date of such damage or destruction, by delivering to Landlord its written notice of termination (a “Termination Notice”). As soon as reasonably practicable, but in any event within sixty (60) days following the date of damage or destruction, Landlord shall notify Tenant of Landlord’s good faith estimate of the period of time in which the repairs, reconstruction and restoration will be completed (the “Damage Repair Estimate”), which estimate shall be based upon the opinion of a contractor selected by Landlord and experienced in comparable repair, reconstruction and restoration of similar buildings. Upon any termination of this Lease under any of the provisions of this Article, the parties shall be released thereby without further obligation to the other from the date possession of the Premises is surrendered to Landlord, except with regard to (a) items occurring prior to the damage or destruction and (b) provisions of this Lease that, by their express terms, survive the expiration or earlier termination hereof. In the event of repair, reconstruction and restoration as provided in this Article, all Rent to be paid by Tenant under this Lease shall be abated proportionately based on the extent to which Tenant’s use of the Premises is impaired during the period of such repair, reconstruction or restoration, unless Landlord provides Tenant with other space during the period of repair, reconstruction and restoration that, in Tenant’s reasonable opinion, is suitable for the temporary conduct of Tenant’s business. Notwithstanding anything to the contrary contained in this Article, should Landlord be delayed or prevented from completing the repair, reconstruction or restoration of the damage or destruction to the Premises after the occurrence of such damage or destruction by Force Majeure, then the time for Landlord to commence or complete repairs, reconstruction and restoration shall be extended on a day-for-day basis. Landlord’s obligation, should it elect or be obligated to repair, reconstruct or restore, shall be limited to the Affected Areas, and shall be conditioned upon Landlord receiving any permits or authorizations required by Applicable Laws. Tenant shall, at its expense, replace or fully repair all of Tenant’s personal property and any Alterations installed by Tenant existing at the time of such damage or destruction. If this Lease is not terminated Affected Areas are to be repaired, reconstructed or if Landlord's termination is nullified by a Nullification Noticerestored in accordance with the foregoing, Landlord shall be obligated make available to restore Tenant any portion of insurance proceeds it receives that are allocable to the Premises as Alterations constructed by Tenant pursuant to this Lease; provided above. If Tenant is not then in default under this Lease is terminated, all insurance proceeds for and subject to the Premises requirements of any Lender of Landlord. This Article sets forth the terms and other improvements payable under Landlord's policies and derived from such conditions upon which this Lease may terminate in the event of any damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)destruction.
Appears in 1 contract
Samples: Lease
Damage or Destruction. (a) If all In the event that the Property should be damaged or any part of the Building shall be destroyed or damaged by fire or any other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence Closing Date, then Seller shall promptly provide Buyer with written notice of such casualty. If the damage cost of repairing such damage, as estimated by an architect or destruction occurs during contractor retained pursuant to the last two (2) years mutual agreement of the Initial Term Parties (the “Cost of Repairs”), is (a) less than Two Hundred Thousand Dollars ($200,000), then the Closing shall proceed as scheduled and (i) Seller shall cause all collected insurance proceeds, plus the cash amount of all associated deductibles, to be paid over to Buyer (or during any Renewal Termcredited against the Purchase Price) at Closing, (ii) Seller shall assign to Buyer all right, title and interest in and to all claims and proceeds Seller may have with respect to all policies of insurance relating to the Property at Closing, and the restoration of the Premises cannot be diligently completed within a twelve (12iii) month period Seller shall pay over to Buyer all insurance proceeds collected after the date of the damage Closing by Seller promptly upon receipt thereof; or destruction(b) greater than Two Hundred Thousand Dollars ($200,000), then Buyer may in its discretion either party (i) elect to terminate this Agreement in its entirety, in which case the Deposit shall be returned to Buyer without any further action required from either Party, Buyer and Seller shall each be liable for one-half of any escrow fees or charges and neither Party shall have any further obligation to the other, or (ii) proceed as scheduled and (x) Seller shall cause all collected insurance proceeds, plus the cash amount of all associated deductibles, to be paid over to Buyer (or credited against the Purchase Price) at Closing, (y) Seller shall assign to Buyer all right, title and interest in and to all claims and proceeds Seller may have with respect to all policies of insurance relating to the Property at Closing, and (z) Seller shall pay over to Buyer all insurance proceeds collected after the Closing by Seller promptly upon receipt thereof. In the event that the casualty is uninsured, Buyer may terminate this Lease by giving Agreement in its entirety unless Buyer receives a credit against the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior Purchase Price equal to the applicable "Restoration Date" described belowCost of Repairs. The foregoing notwithstanding, Tenant in the event any casualty results in the cancellation of, or rental abatement under, any Lease, Buyer shall have the option to terminate this Lease by giving written notice to Landlord at any time prior Agreement without regard to the commencement or completion Cost of restoration, as applicableRepairs. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" Any notice required to terminate this Agreement pursuant to this Section shall be delivered no later than thirty (30) days following Buyer’s receipt of Seller’s notice of such casualty. The provisions of this Section 10 shall survive the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destructionClosing. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)11.
Appears in 1 contract
Samples: Purchase and Sale Agreement
Damage or Destruction. (a) If all In the event of any damage to or any part destruction of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately Property prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal TermClosing, Seller shall promptly notify Buyer and the restoration of Closing shall nevertheless occur as otherwise provided for in this Agreement except (i) if, in Seller's reasonable judgment, the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of cost to repair such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-$100,000 and such repairs can be completed within seventy five percent (25%75) days of the replacement cost value scheduled Closing Date, Seller shall, at Seller's sole cost, promptly commence and diligently pursue to completion the repair of such damage and destruction, and the Building, the "Restoration Date" date of Closing shall be extended until the date that is twelve five (125) months days after the date Seller shall have notified Buyer in writing of the completion of such repairs (but not later than seventy five (75) days after the originally scheduled Closing Date), and (ii) if, in Seller's reasonable judgment, the cost to repair such damage or destruction equals or exceeds $100,000 or such repairs cannot be completed within seventy five (75) days of the scheduled Closing Date, then within ten (10) business days after Buyer's receipt of such notice, Buyer shall deliver written notice to Seller and Escrow Holder, electing either: (a) to proceed with this transaction and Closing in accordance with this Agreement notwithstanding such damage or destruction, and if the extent in which case all proceeds of the damage insurance paid or destruction is equal payable to or greater than twenty-five percent (25%) Seller by reason of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely or assigned to Landlord, Buyer and all Rent the Purchase Price shall xxxxx be reduced by an amount equal to the deductible under Seller's insurance policy; or (b) to terminate this Agreement in accordance with the terms of Section 3.4. Buyer's failure to deliver either of such notices to Seller and be prorated as of the date of the Escrow Holder within such ten (10) business day period shall constitute Buyer's election to terminate this Agreement. If damage or destruction occurs as contemplated in clause (i) above, Buyer shall have the right, exercisable by written notice to Seller within ten (10) business days after receipt of Seller's notice of such damage, to elect to proceed to Closing without Seller performing the repairs as contemplated in said clause (i), in which case Buyer and Seller shall proceed with any surplus rent paid this transaction as set forth in advance being refunded to Tenant).clause (a) above. 4.8
Appears in 1 contract
Samples: Purchase and Sale Agreement and Joint Escrow Instructions (Price T Rowe Realty Income Fund Ii)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within 90 days after the then scheduled Closing Date at the time of the Purchaser's election. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is ineffective because the Seller elects to repair such damage and completes such repair within such 90-day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restoration, as applicable. For purposes any insurance collected by the Seller plus an amount equal to any deductible less the amount of all costs incurred by the preceding sentence, if Seller in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and (y) assign and transfer to the Purchaser all right, title and interest of the Seller in and to any uncollected insurance proceeds which the Seller may be entitled to receive from such damage or destruction. A "material" part of the Property shall be deemed to have been damaged or destroyed if the extent cost of the damage repair or destruction is replacement shall be equal to or greater than twenty-five percent $500,000. Condemnation. If, prior to the Closing Date, all or any "significant" portion (25%as hereinafter defined) of the replacement cost Property is taken by eminent domain or condemnation (or is the subject of a pending taking which has not been consummated), the Seller shall notify the Purchaser of such fact and the Purchaser shall have the option to terminate this Agreement upon notice to the Seller given not later than ten (10) days after receipt of the BuildingSeller's notice. If the Purchaser does not elect to terminate this Agreement, or if an "insignificant" portion ("insignificant" is herein deemed to be any taking which is not "significant", as such term is herein defined) of the Property is taken by eminent domain or condemnation, at the Closing the Seller shall assign and turnover, and the Purchaser shall be entitled to receive and keep, all awards or other proceeds for such taking by eminent domain or condemnation. A "Restoration Datesignificant" portion of the Property means (i) 10% or more of any of the three main buildings on the Land, (ii) a portion of the parking areas if the taking thereof reduces the remaining available number of parking spaces below the minimum legally required, or (iii) a legally required driveway on the Land if such driveway is the predominant means of ingress thereto or egress therefrom. Termination. If the Purchaser effectively terminates this Agreement pursuant to Section 12.1 or 12.2, this Agreement shall be terminated and the rights of the parties shall be the date that same as if notice of termination were given pursuant to Section 14.1. Conditions Precedent to Closing. Conditions Precedent to the Purchaser's Obligations to Perform. The Purchaser's obligation under this Agreement to purchase the Property is eighteen (18) months after subject to the date fulfillment of each of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord following conditions: (i) the representations and warranties of the Seller contained herein shall be obligated to restore the Premises as provided above. If this Lease is terminatedmaterially true, all insurance proceeds for the Premises accurate and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated correct as of the date Closing Date except to the extent they relate only to an earlier date; (ii) the Seller shall be ready, willing and able to deliver title to the Property in accordance with the terms and conditions of this Agreement; (iii) any conditions precedent to the Purchaser's obligation to purchase the Property which is validly listed in the Purchaser's Termination Notice as being unsatisfied has been satisfied; (iv) the Seller shall have delivered all the documents and other items required pursuant to Section 8, and shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement to be performed or complied with by the Seller at or prior to the Closing; and (v) the physical condition of the damage or destruction (with any surplus rent paid Property shall be substantially the same on the Closing Date as on the date hereof, reasonable wear and tear excepted, unless the alteration of said physical condition is the result of a casualty described in advance being refunded to Tenant)Section 12 hereof.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building shall premises and/or the property described on Exhibit “B” attached hereto should be totally destroyed or damaged by fire fire, tornado, or other casualty required to casualty, of if they should be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition so damaged that existed immediately prior to the occurrence of such casualty. If the damage rebuilding or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises repairs cannot reasonably be diligently completed within a twelve (12) month period after 120 working days from the date of the damage occurrence of the damage, either Lessor or destruction, then either party Lessee may terminate this Lease by giving written notice to the other party notice of termination. Such termination shall be effective twenty given within thirty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (2030) days after receipt the occurrence of such notice Tenant gives written notice ("Nullification Notice") the casualty in question, whereupon this Lease shall terminate and all building insurance proceeds payable as it relates to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior damage to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" Premises shall be the date that is twelve (12) months after the date of the damage or destruction, retained by Lessor and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" rent shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds abated for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlordunexpired portion of this Lease, and all Rent shall xxxxx and be prorated effective as of the date of said occurrence. In the event Lessor or Lessee does not terminate, Lessee may retain all insurance proceeds and shall repair all of the damaged or destroyed portion of the Premises at Lessee’s sole cost and expense and the Lease shall continue for the remainder of the unexpired term with abatement of rent during the period the Premises are rendered untenantable. Each party hereto waives any and every claim which arises or may arise in its favor against the other party hereto during the term of this Lease or any renewal or extension thereof for any and all loss of, or damage to, any of its property located within or destruction upon, or constituting a part of, the Premises, which loss or damage is covered by valid and collectible fire and extended coverage insurance policies. Such mutual waivers shall be in addition to, and not in limitation or derogation of, any other waiver or release contained in this Lease with respect to any loss of, or damage to, property of the parties hereto. In as much as such mutual waivers will preclude the assignment of any aforesaid claim by way of subrogation or otherwise to an insurance company (with or any surplus rent paid in advance being refunded other person), each party hereby agrees immediately to Tenant).give to each insurance company which has issued to it policies of fire and extended coverage insurance, written notice of the terms of such mutual waivers, and to cause such insurance policies to be property endorsed, if necessary, to prevent the invalidation of such insurance coverages by reason of such waivers. If the Premises and/or the property described on Exhibit “B” attached hereto should be damaged by fire, tornado or other casualty but such that rebuilding or repair can reasonably be completed within 120 working days from the date of the occurrence of the damage, then:
Appears in 1 contract
Damage or Destruction. 7.0 Landlord's Obligation to Rebuild. In the event the Leased Premises are damaged by fire, explosion or other casualty, Landlord shall commence the repair, restoration or rebuilding thereof within sixty (a60) If all days after such damage and shall complete such restoration, repair or any part rebuilding within one hundred fifty (150) days after the commencement thereof, provided that if construction is delayed because of changes, deletions, or additions in construction requested by Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the Building control of Landlord, the period for restoration, repair or rebuilding shall be destroyed extended for the amount of time Landlord is so delayed. If the casualty or damaged the repair, restoration or rebuilding caused thereby shall render the Leased Premises untenantable, in whole or in part, an equitable abatement in rent shall be allowed from the date when the damage occurred until the date on which the Leased Premises are again fit for occupancy by fire Tenant. If such a fire, explosion or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account damages the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore building in which the Building as nearly as possible Leased Premises are located to the condition that existed immediately prior to extent of fifty percent (50%) or more thereof, Landlord may, in lieu of repairing, restoring or rebuilding the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Termsame, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty within sixty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (2060) days after receipt occurrence of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal optionthe event causing the damage. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Buildingevent, the "Restoration Date" shall be the date that is twelve (12) months after the date obligation of the damage or destruction, and if the extent of the damage or destruction is equal Tenant to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises pay rent and other improvements payable under Landlord's policies and derived from such damage or destruction charges hereunder shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated end as of the date when the damage occurred. In the event Landlord's fire and extended coverage insurance provides for a "deductible" and a loss occurs which is the kind of risk otherwise insured under the policy, then Tenant shall pay to Landlord, promptly upon being billed therefor, the lesser of (a) the amount of the damage loss or destruction (with any surplus rent paid in advance being refunded to Tenant)b) the amount of the deductible.
Appears in 1 contract
Samples: Industrial Space Lease (Tekgraf Inc)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within 90 days after the then scheduled Closing Date at the time of the Purchaser's election. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is ineffective because the Seller elects to repair such damage and completes such repair within such 90-day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restoration, as applicable. For purposes any insurance collected by the Seller less the amount of all costs incurred by the preceding sentence, if Seller in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and if (y) assign and transfer to the extent Purchaser all right, title and interest of the damage or destruction is equal Seller in and to or greater than twenty-five percent (25%) of any uncollected insurance proceeds which the replacement cost of the Building, the "Restoration Date" shall Seller may be the date that is eighteen (18) months after the date of the entitled to receive from such damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord A "material" part of the Property shall be obligated deemed to restore have been damaged or destroyed if the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage cost of repair or destruction replacement shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as ten percent (10%) or more of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Purchase Price.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building Improvements shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence Closing, and if either the estimated cost of such casualty. If repair or replacement exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) or the damage results in the termination of one or destruction occurs during the last two (2) years more of the Initial Term or during any Renewal TermLeases, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destructionPurchaser may, then either party may terminate this Lease by giving the other party written notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if given to Seller within twenty (20) days after receipt of such notice Tenant gives written notice from Seller of such damage or destruction, elect to terminate this Agreement, in which event the Xxxxxxx Money shall immediately be returned by Escrow Agent to Purchaser and the rights, duties, obligations, and liabilities of all parties hereunder shall immediately terminate and be of no further force or effect. If Purchaser does not elect to terminate this Agreement pursuant to this Paragraph 18, or has no right to terminate this Agreement ("Nullification Notice"because the damage or destruction does not exceed $250,000.00 and has not resulted in the termination of one or more of the Leases), and the sale of the Property is consummated, Purchaser shall be entitled to receive all insurance proceeds paid or payable to Seller by reason of such destruction or damage under the insurance required to be maintained by Seller pursuant to Paragraph 9 hereof (less amounts of insurance theretofore received and applied by Seller to costs actually incurred for restoration). Seller shall not settle or release any damage or destruction claims without obtaining Purchaser’s prior written consent in each case. All said insurance proceeds received by Seller by the date of Closing shall be paid by Seller to Purchaser at Closing, together with the lesser of (i) that amount necessary to Landlord cover any difference between the amount of Tenant's exercise such proceeds and the estimated cost of any available renewal optionrepair or replacement, or the amount of the deductible under Seller’s all-risk property damage insurance policy. In addition, if Landlord fails at Closing, Seller shall pay over to complete such restoration prior Purchaser, and assign to Purchaser, all proceeds of any rent loss insurance for the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any period of time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after commencing on the date of Closing. If the damage amount of said casualty or destruction, and if the extent of the damage or destruction rent loss insurance proceeds is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after not settled by the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification NoticeClosing, Landlord Seller shall be obligated to restore the Premises as provided above. If this Lease is terminatedexecute at Closing all proofs of loss, all insurance proceeds for the Premises assignments of claim, and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlordsimilar instruments in order that Purchaser receive all of Seller’s right, title, and all Rent shall xxxxx interest in and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)under said insurance proceeds.
Appears in 1 contract
Samples: Agreement for the Purchase and Sale of Property (Wells Real Estate Investment Trust Ii Inc)
Damage or Destruction. (a) If all or any a part of the Building shall be destroyed or Premises are damaged by fire or other casualty casualty, or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, Landlord shall promptly give Tenant notice of Landlord's reasonable estimate of the time required to be insured against under Section 6(amake such repairs (the "Damage Estimate"). If the Damage Estimate is one hundred eighty (180) of this Leasedays or less, then Landlord shall, as shall use diligent and commercially reasonable efforts to commence promptly as feasible (taking into account and pursue to completion the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such the damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualtythis Lease shall remain in full force and effect. If the Damage Estimate is more than one hundred eighty (180) days, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either (a) repair the damage, in which event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by Landlord in the notice, 29 which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice. Notwithstanding anything to the contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord reasonably anticipates the repairs of such damage or destruction occurs will be completed is during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date months of the damage or destructionLease term, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, and Tenant shall each have the option to terminate this Lease as of the date of such damage by giving written notice to the other, in the case of Landlord at any time prior together with the Damage Estimate, or, in the case of Tenant, within thirty (30) days of Tenant's receipt of the Damage Estimate. Notwithstanding anything to the commencement contrary in this Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or completion of restorationTenant, as applicablethe party from whose misconduct such damage results shall have no right to terminate this Lease. For purposes If the fire or other casualty damages the Premises or the common areas of the preceding sentenceReal Property necessary for Tenant's use and occupancy of the Premises, if Tenant ceases to use any portion of the Premises as a result of such damage, and the damage does not result from the negligence or willful misconduct of Tenant or any other Tenant Parties, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent of to which the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructionand repair prevents Tenant from conducting, and if Tenant does not conduct, its business at the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destructionPremises. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall not be obligated to restore repair or replace any of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises as provided aboveby Tenant, and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant's sole cost and expense, repair and replace such items. If this Lease is terminated, all insurance proceeds for the Premises All such repair and other improvements payable under Landlord's policies and derived from such damage or destruction replacement of Alterations shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (constructed in accordance with any surplus rent paid in advance being refunded to Tenant)Paragraph 9 above regarding Alterations.
Appears in 1 contract
Samples: Norcal Waste Systems Inc
Damage or Destruction. (a) If all or any part portion of the Building Improvements is damaged or destroyed by casualty prior to Closing, then Seller shall be give Buyer prompt written notice thereof. If any portion of the Improvements is damaged or destroyed by casualty on or damaged by fire before the Due Diligence Date, and Buyer has not elected to terminate this Agreement pursuant to Section 4(b), 5 or other casualty required to be insured against under Section 6(a) of this Leasehereof, then Landlord shall, as promptly as feasible (taking into account the time necessary Buyer shall have no right to conclude a satisfactory settlement with any insurance company involved), repair terminate this Agreement by reason of such damage or destruction. If any portion of the Improvements is damaged or destroyed by casualty after the Due Diligence Date and restore prior to Closing, the Building as nearly as possible cost of repair of such damage or destruction is reasonably estimated to the condition that existed immediately exceed $1,000,000.00 and such damage or destruction cannot be restored or repaired prior to the occurrence of Closing Date (provided, that Seller may extend the Closing Date day for day to restore or repay such casualty. If the damage or destruction occurs during casualty for a period not to exceed one hundred twenty (120) days in the last two aggregate) (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction“Threshold”), then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Buyer shall have the option right, at Buyer’s option, to terminate this Lease Agreement by giving written notice to Landlord at Seller on or before the date ten (10) days after the date upon which Seller gives Buyer written notice of such casualty, in which event the Xxxxxxx Money shall be refunded to Buyer promptly upon request, all rights and obligations of the parties under this Agreement shall cease and terminate without any time prior further liability of either party to the commencement or completion other (except for those that expressly survive termination as provided in this Agreement), and this Agreement shall become null and void. In the event of restoration, as applicable. For purposes of the preceding sentence, if the extent of the lesser damage or destruction is less than twenty-five percent (25%) of after the replacement cost value of the Building, the "Restoration Date" shall be the date Due Diligence Date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is not equal to or greater than twenty-five percent (25%) the Threshold, Buyer shall have no right to terminate this Agreement by reason of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the such damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord however (i) the Purchase Price shall be obligated to restore reduced by the Premises as provided above. If this Lease is terminated, all total of any insurance proceeds actually received by Seller on or before the Closing Date with respect to such casualty and not expended by Seller prior to Closing for the Premises and other improvements payable under Landlord's policies and derived from such damage repair or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as restoration of the date Improvements; and (ii) at Closing, Seller shall assign to Buyer all rights of Seller in and to any insurance proceeds payable thereafter by reason of such casualty and Buyer shall receive a credit for the damage or destruction (amount of any deductible with any surplus rent paid in advance being refunded to Tenant)respect thereto.
Appears in 1 contract
Samples: Purchase and Sale Agreement (J.P. Morgan Real Estate Income Trust, Inc.)
Damage or Destruction. (a) If all a Building or Building Equipment, or any part portion thereof or of the Building shall be an Individual Property, is damaged or destroyed or damaged by fire or other casualty required casualty, (a) Tenant shall proceed with reasonable diligence to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the damage in accordance with the provisions of Articles 11 and 12, or, at Tenant’s election, if a Building is destroyed, to demolish the destroyed Building and design and build a new Building as nearly a Major Alteration in accordance with the provisions of Articles 11 and 12, and in any event after Tenant’s repair, restoration and/or building, the affected Individual Property shall meet the Property Value Requirements; (b) the proceeds of property insurance, whether maintained by Landlord or Tenant, shall be paid to and held by Depository (as possible described in Section 16.3) provided (i) the Depository agrees to hold and disburse such proceeds in accordance with the provisions of this Lease and (ii) the Depository disburses the same (net of expenses of collection, or relating to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years adjustment of the Initial Term or during any Renewal Terminsurance claim, and reasonably incurred by such Depository if it is the restoration of the Premises cannot be diligently completed within a twelve (12Leasehold Mortgagee) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior subject to the applicable "Restoration Date" conditions for disbursement set forth in the First Leasehold Mortgage (provided such conditions are consistent with conditions for construction loan advances customarily found in construction loan documents for construction loans made by Institutional Lenders, and are generally consistent with the procedures described in Section 17.2 below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, ) and (c) if the extent cost of the restoring such damage or destruction is less than twenty-five percent (25%) reasonably estimated by Tenant to exceed $500,000, then Tenant shall deliver notice of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction to Landlord; the parties agreeing that so long as no Event of Default shall have occurred and remain uncured hereunder, such property insurance proceeds of $1,000,000 or less relating to a single casualty may, subject to the rights of Leasehold Mortgagees, be paid solely directly to Landlord, Tenant and all Rent shall xxxxx need not be paid to a Depository and be prorated as of applied by Tenant in accordance with Section 17.2 below. The work required under this Section 17.1 is herein called the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)“Restoration”.
Appears in 1 contract
Damage or Destruction. If any portion of the Hangar or the appurtenances thereto shall be damaged or destroyed by a fire or any other cause, and this Lease is not terminated as hereinafter provided, Tenant shall, at its expense, remove the debris and restore the Premises to a complete architectural unit. Should such damage or destruction (a) If all exceed $10,000; or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against (b) result from a cause not covered under Section 6(astandard extended coverage insurance, Tenant may, not later than sixty (60) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date of the such damage or destruction, then either party may elect to terminate this Lease by giving notice to City, such termination to be effective not later than 120 days after the other party notice date of such damage or destruction. In the event of such termination. Such termination , city shall be effective entitled to all insurance proceeds in excess of Tenant's unamortized cost of the Hangar (which shall be computed on the basis of straight-line depreciation over a twenty (20) days year period beginning six (6) months following receipt the first day of the notice by the other partyoriginal term of this Lease), except provided, however, that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the repair such damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the and if Tenant elects to repair such damage or destruction, then City and if Tenant shall apply all insurance proceeds to the extent repair of the such damage or destruction is equal and Tenant shall pay the excess over the insurance proceeds to or greater than twenty-five percent (25%) complete such repair. In the event of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the such damage or destruction, Tenant shall be entitled to all property salvaged from the Premises prior to the expiration of this Lease and if terminated, Tenant shall not be required to restore the Hangar, but upon request from City, Tenant shall raze and remove all structures on the Premises, safely cap all utilities and pave the Premises. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is so terminated, all insurance proceeds for the Premises it shall continue and other improvements payable under Landlord's policies and derived from such damage Tenant shall not be entitled to any reduction or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as abatement of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)rent.
Appears in 1 contract
Damage or Destruction. (a) 14.1. If all or at any part time during the Term of this Lease, the Building shall be destroyed or Premises are damaged by fire or other casualty required to be insured against under Section 6(acasualty, Landlord shall notify Tenant within thirty (30) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair days after such damage and or destruction as to the amount of time Landlord reasonably estimates it will take to restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualtyPremises. If the damage or destruction occurs during the last two restoration time is estimated to exceed one hundred twenty (2120) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after days from the date of the such damage or destruction, then either Landlord or Tenant may elect to terminate this Lease upon written notice to the other party given no later than thirty (30) days after Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take one hundred twenty (120) days or less, then, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the Premises excluding the improvements installed by Tenant or by Landlord and paid for by Tenant, subject to delays arising from the collection of insurance proceeds or from Force Majeure events. Tenant, at Tenant's expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, all repairs or restorations not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease by giving if the other party notice of termination. Such termination shall be effective twenty Premises are damaged during the last nine (209) days following receipt months of the notice Lease Term and Landlord reasonably estimates that it will take more than one (1) month to repair such damage. Tenant shall pay to Landlord with respect to any damage to the Premises caused by the other partynegligent or intentional act or omission of Tenant, except that a notice or any employee, agent, contractor or invitee of termination by Landlord Tenant, the amount of the commercially reasonable deductible (which shall be of no force or effect if not exceed $10,000.00) under Landlord's insurance policy within twenty ten (2010) days after receipt presentment of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Landlord's invoice. If the damage caused by Tenant, or Tenant's exercise employees, agents, contractors or invitees, involves the premises of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described belowother tenants, Tenant shall have pay the option to terminate this Lease by giving written notice to Landlord at any time prior portion of the deductible that the cost of the restoration of the Premises bears to the commencement or completion total cost of restoration, as applicabledetermined by Landlord. For purposes Base Rent and Operating Expenses shall be abated for the period of repair and restoration proportionately based upon the area of the preceding sentencePremises which is not usable by Tenant. Notwithstanding the foregoing, in no event shall Base Rent or Operating Expenses abate or shall any termination occur if damage to or destruction of xxx Xremises is the result of the negligence or willful act or omission of Tenant, or Tenant's employees, agents, contractors or invitees; provided that if Landlord maintains rental insurance (which Landlord shall have no obligation to maintain under this Lease), and such rental insurance actually pays insurance benefits to Landlord for such Base Rent or Operating Expenses, then such Base Rent or Operating Expenses shall be abated, but only to the extent of such insurance payments. To the damage or destruction extent Tenant is less than twenty-five percent (25%) of the replacement cost value of the Buildingentitled to such abatement, the "Restoration Date" such abatement shall be the date that is twelve (12) months after sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the date of the Lease based upon such damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 1 contract
Damage or Destruction. (a) If all or Tenant shall give prompt notice to Landlord of any part of the Building shall be destroyed or damaged damage by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition Premises or any portion thereof. In the event that existed immediately prior the Premises, or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured casualty (a "CASUALTY") that the Tenant shall not have reasonably convenient access to the occurrence Premises or any portion of such casualty. If the Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, and if in the judgment of the Landlord the damage or destruction occurs during may be repaired within one hundred and eighty (180) days with available insurance proceeds, then the last two Landlord shall so notify the Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date occurrence of the damage or destructiondestruction (the "NOTICE PERIOD") and shall repair such damage or destruction (except damage or destruction to Tenant's Property or Tenant's Alterations) with reasonable diligence. In the event that the Landlord shall not complete such repairs within one hundred and eighty (180) days after the elapse of the 15 <PAGE> Notice Period, then either party may the Tenant shall have the right to terminate the term of this Lease lease by giving the other party written notice of termination. Such such termination shall be effective twenty (20) days following receipt of to the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt the end of such one hundred and eighty (180) day period; provided, however, that in the event that the completion of repairs shall be delayed by causes beyond the Landlord's control, including those events described in Section 16.11 hereof, the time for completion shall be extended by the period of such delay. If in the judgment of the Landlord the Premises, or means of access thereto, cannot be repaired within one hundred and eighty twenty (180) days after the elapse of the Notice Period with available insurance proceeds and the Landlord does not deliver the Tenant notice Tenant gives written notice of its decision to repair such damage within sixty ("Nullification Notice"60) to Landlord days after the occurrence of Tenant's exercise of any available renewal option. In additionthe Casualty, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant then either party shall have the option right to terminate the term of this Lease by giving written notice to Landlord at any time prior of such termination to the commencement or completion other party within the period of restoration, as applicable. For purposes sixty (60) to seventy-five (75) days after the occurrence of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destructionCasualty. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).10.02
Appears in 1 contract
Samples: www.sec.gov
Damage or Destruction. (a) If all or any a part of the Building shall be destroyed or Premises are damaged --------------------- by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore or if the Building as nearly as possible is so damaged Chat access to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, use and the restoration occupancy of the Premises cannot be diligently completed is materially impaired, within a twelve thirty (1230) month period after days of the date of the damage Landlord shall give Tenant notice of Landlord's reasonable estimate of the time required from the date of the damage to repair the damage (the "Damage Estimate"). If the Damage Estimate is one hundred twenty (120) days or destructionless, then Landlord shall repair the damage and this Lease shall remain in full force and effect. If the Damage Estimate is more than one hundred twenty (120) days, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either party may (a) repair the damage, in which event this Lease shall continue in full force and effect, or (b) terminate this Lease as of the date specified by giving Landlord in the other party notice of termination. Such termination notice, which date shall be effective twenty not less than thirty (2030) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty nor more than sixty (2060) days after receipt the date such notice is given, and this Lease shall terminate on the date specified in the notice. If the Damage Estimate is more than one (1) year, and Landlord does not give notice terminating this Lease, then Tenant may give notice to Landlord, within thirty (30) calendar days after Tenant receives the Damage Estimate, terminating this Lease as of the date specified in Tenant's termination notice, which date shall not be before the date of such notice Tenant gives written notice or more than thirty ("Nullification Notice"30) to Landlord days after the date of Tenant's exercise of any available renewal optiontermination notice. In additionNotwithstanding anything to contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord fails to complete reasonably anticipates the repairs of such restoration prior to damage will be completed is during the applicable "Restoration Date" described belowlast twelve (12) months of the Lease term, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice to the other, in the case of Landlord at any time prior to together with the commencement or completion Damage Estimate, or, in the case of restorationTenant, as applicable. For purposes within thirty (30) days of Tenant's receipt of the preceding sentenceDamage Estimate, if the extent and this Lease shall terminate as of the damage or destruction is less than twenty-five percent (25%) of date specified by the replacement cost value of the Buildingparty in its termination notice, the "Restoration Date" which date shall not be before the date that is twelve of such notice or more than thirty (1230) months days after the date of such notice. Notwithstanding the foregoing, if Landlord shall purport to exercise its termination right pursuant to this paragraph, and within fifteen (15) days thereafter Tenant shall validly exercise any theretofore unexercised renewal option under Paragraph 52 below, Landlord's exercise of such termination right shall be deemed void and of no force and effect, but the remaining provisions of this Paragraph 26 shall fully apply with respect to such fire or ether casualty, and any rights of Landlord (but not Tenant) to terminate this Lease pursuant to the first paragraph of this Paragraph 26 shall survive and remain exercisable in accordance with the terms of such first paragraph. Notwithstanding anything to the contrary in the Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or Tenant, the party from whose misconduct such damage results shall have no right to terminate this Lease. If the fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, and Tenant ceases to use any portion of the Premises as a result of such damage, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage or destructionand repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises; provided, however, if the extent damage results from the negligence or willful misconduct of Tenant or Tenant's agents, employees, contractors, licensees or invitees, then Tenant's Monthly Rent and Additional Rent will not xxxxx unless Tenant reimburses Landlord for the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if deductible required under Landlord's termination is nullified by a Nullification Notice, property damage/rental loss insurance. Landlord shall not be obligated to restore repair or replace any of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises as provided aboveby Tenant (other than those of the Initial Alterations which are normal and customary general office improvements), and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant's sole cost and expense, repair and replace such items. If this Lease is terminated, all insurance proceeds for the Premises All such repair and other improvements payable under Landlord's policies and derived from such damage or destruction replacement of Alterations shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (constructed in accordance with any surplus rent paid in advance being refunded to Tenant)Paragraph 9 above regarding Alterations.
Appears in 1 contract
Samples: Office Lease (Bea Systems Inc)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than ten (10) days after receipt of the Seller's notice. If an "immaterial" part (as hereinafter defined) of the Property is damaged or destroyed by fire or other casualty, the Seller shall notify the Purchaser of such fact and the Purchaser shall have the option to terminate this Agreement upon notice to the Seller given not later than ten (10) days after receipt of the Seller's notice provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within ninety (90) days after the then scheduled Closing Date at any the time of the Purchaser's election. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to ninety (90) days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, or (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is ineffective because the damaged part of the Property is immaterial and the Seller elects to repair such damage and completes such repair within such 90-day period provided above the Purchaser shall close title as provided in this Agreement and, at the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restoration, as applicable. For purposes any insurance collected by the Seller less the amount of all costs incurred by the preceding sentence, if Seller in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, (y) assign and if transfer to the extent Purchaser all right, title and interest of the Seller in and to any uncollected insurance proceeds which the Seller may be entitled to receive from such damage or destruction is and (z) give the Purchaser a credit against the Purchase Price for the amount of any deductible not paid by the Seller in connection with such insurance. A "material" part of the Property shall be deemed to have been damaged or destroyed if (i) the cost of repair or replacement shall be equal to or greater than twenty-five percent Two Million Dollars or (25%ii) if the insurance available to make any repairs is insufficient to pay for such repairs. An "immaterial" part is any part which is not material. Condemnation. If, prior to the Closing Date, all or any "significant" portion (as hereinafter defined) of the replacement cost Property is taken by eminent domain or condemnation (or is the subject of a pending taking which has not been consummated), the Seller shall notify the Purchaser of such fact and the Purchaser shall have the option to terminate this Agreement upon notice to the Seller given not later than ten (10) days after receipt of the BuildingSeller's notice. If the Purchaser does not elect to terminate this Agreement, or if an "insignificant" portion ("insignificant" is herein deemed to be any taking which is not "significant", as such term is herein defined) of the Property is taken by eminent domain or condemnation, at the Closing the Seller shall assign and turnover, and the Purchaser shall be entitled to receive and keep, all awards or other proceeds for such taking by eminent domain or condemnation. A "significant" portion of the Property means (i) ten percent (10%) or more of the Property, (ii) any portion of either of the two main buildings on the Land, (iii) a portion of the parking areas if the taking thereof reduces the remaining available number of parking spaces below the minimum legally required, or (iv) a legally required driveway on the Land if such driveway is the predominant means of ingress thereto or egress therefrom. Termination. If the Purchaser effectively terminates this Agreement pursuant to Section 12.1 or 12.2, this Agreement shall be terminated and the rights of the parties shall be the same as if notice of termination were given pursuant to Section 14.1. Conditions Precedent to Closing. Conditions Precedent to the Purchaser's Obligations to Perform. The Purchaser's obligation under this Agreement to purchase the Property is subject to the fulfillment of each of the following conditions: (i) the representations and warranties of the Seller contained herein shall be materially true, accurate and correct as of the Closing Date except to the extent they relate only to an earlier date; (ii) the Seller shall be ready, willing and able to deliver title to the Property in accordance with the terms and conditions of this Agreement; (iii) any conditions precedent to the Purchaser's obligation to purchase the Property which is validly listed in the Purchaser's Termination Notice as being unsatisfied has been satisfied; and (iv) the Seller shall have delivered all the documents and other items required pursuant to Section 8, and shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement to be performed or complied with by the Seller at or prior to the Closing. Conditions Precedent to the Seller's Obligations to Perform. The Seller's obligation under this Agreement to sell the Property to the Purchaser is subject to the fulfillment of each of the following conditions: (i) the representations and warranties of the Purchaser contained herein shall be materially true, accurate and correct as of the Closing Date; (ii) the Purchaser shall have delivered the funds required hereunder and all the documents to be executed by the Purchaser set forth in Section 9 and shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement to be performed or complied with by the Purchaser at or prior to the Closing; (iii) all consents and approvals of governmental authorities and parties to agreements to which the Purchaser is a party or by which the Purchaser's assets are bound that are required with respect to the consummation of the transactions contemplated by this Agreement shall have been obtained and copies thereof shall have been delivered to the Seller at or prior to the Closing; and (iv) the additional matters set forth in Schedule 11 annexed hereto and made a part hereof shall have occurred or been delivered to the Seller, as applicable, at or prior to the Closing. Remedies Upon Failure to Satisfy Conditions. In the event that any condition contained in Sections 13.1 or 13.2 is not satisfied, the party entitled to the satisfaction of such condition as a condition to its obligation to close title shall have as its sole remedy hereunder the right to elect to (i) waive such unsatisfied condition whereupon title shall close as provided in this Agreement or (ii) proceed as provided in Section 14 hereof. Remedies. Seller's Inability to Perform. If the Closing fails to occur by reason of the Seller's inability to perform its obligations under this Agreement which has not been waived pursuant to Section 13.3, then the Purchaser, as its sole remedy for such inability of the Seller, may terminate this Agreement by notice to the Seller. If the Purchaser elects to terminate this Agreement, then this Agreement shall be terminated and neither party shall have any further rights, obligations or liabilities hereunder, except as otherwise expressly provided herein (collectively, the "Restoration Date" Surviving Obligations"), and except that the Purchaser shall be entitled to a return of the Deposit. Except as set forth in this Section 14.1, the Purchaser hereby expressly waives, relinquishes and releases any other right or remedy available to it at law, in equity or otherwise by reason of the Seller's inability to perform its obligations hereunder. Notwithstanding anything to the contrary herein, if the Seller's inability to perform its obligations under this Agreement is a result of any action of, or failure to act by, the Purchaser or any of the Purchaser's Representatives, the Purchaser shall not be relieved of its obligations under this Agreement and Purchaser shall not be entitled to any right or remedy provided in this Section 14.1 or elsewhere in this Agreement. Purchaser's Failure to Perform. In the event of a default hereunder by the Purchaser or if the Closing fails to occur by reason of the Purchaser's failure or refusal to perform its obligations hereunder, then the Seller's sole and exclusive remedy shall be to terminate this Agreement by notice to the Purchaser, in which case the Seller may retain the Deposit as liquidated damages for all loss, damage and expenses suffered by the Seller, it being agreed that the Seller's damages are impossible to ascertain, and neither party shall have any further rights, obligations or liabilities hereunder, except for the Surviving Obligations. Nothing contained herein shall limit or restrict the Seller's ability to pursue any rights or remedies it may have against the Purchaser with respect to the Surviving Obligations. Except as set forth in this Section 14.2 and the Surviving Obligations, the Seller hereby expressly waives, relinquishes and releases any other right or remedy available to them at law, in equity or otherwise by reason of the Purchaser's default hereunder or the Purchaser's failure or refusal to perform its obligations hereunder. Notwithstanding anything to the contrary herein, if the Purchaser's default or the Purchaser's failure or refusal to perform its obligations under this Agreement is a result of any action of, or failure to act by, the Seller or any of the Seller's Affiliates, the Seller shall not be relieved of its obligations under this Agreement and the Seller shall not be entitled to any right or remedy provided in this Section 14.2 or elsewhere in this Agreement. Seller's Failure to Perform. If the Closing fails to occur by reason of the Seller's failure or refusal to perform its obligations hereunder which has not been waived by the Purchaser, then the Purchaser, as its sole remedy hereunder, may (i) terminate this Agreement by notice to the Seller or (ii) seek specific performance from the Seller. As a condition precedent to the Purchaser exercising any right it may have to bring an action for specific performance as the result of the Seller's failure or refusal to perform their obligations hereunder, the Purchaser must commence such an action within ninety (90) days after the occurrence of such default. The Purchaser agrees that its failure to timely commence such an action for specific performance within such ninety (90) day period shall be deemed a waiver by it of its right to commence such an action. Notwithstanding anything to the contrary herein, if the Seller's failure or refusal to perform its obligations under this Agreement is a result of any action of, or failure to act by, the Purchaser or any of the Purchaser's Representatives, the Purchaser shall not be relieved of its obligations under this Agreement and Purchaser shall not be entitled to any right or remedy provided in this Section 14.3 or elsewhere in this Agreement. Escrow. The Escrow Agent shall hold the Downpayment and all interest accrued thereon, if any (collectively, the "Deposit") in escrow and shall dispose of the Deposit only in accordance with the provisions of that certain Escrow Agreement of even date herewith by and among the Escrow Agent, the Purchaser and the Seller relating to the Property (the "Escrow Agreement") in the form of Exhibit I hereto. Simultaneously with their execution and delivery of this Agreement, the Purchaser and the Seller shall furnish the Escrow Agent with their true Federal Taxpayer Identification Numbers so that the Escrow Agent may file appropriate income tax information returns with respect to any interest earned on or credited to the Deposit. The party entitled to the economic benefit of the Deposit representing interest earned on the Downpayment shall be the date that is eighteen (18) months after party responsible for the date payment of any tax due thereon. The provisions of the damage or destruction. If Escrow Agreement shall survive the termination of this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore Agreement and the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Closing.
Appears in 1 contract
Samples: Purchase and Sale Agreement Purchase and Sale Agreement (Witter Dean Realty Income Partnership I Lp)
Damage or Destruction. If (ai) If all the Premises shall be materially damaged or any part destroyed during the last year of the Building Lease Term (it being agreed that, if the Extension Option was exercised prior to such damage or destruction and Tenant's right of rescission thereof has lapsed or is waived in writing by Tenant not later than the earlier of (x) 315 days in advance of the Expiration Date, or (y) thirty (30) days after the date of such damage or destruction, the last year of the Lease Term shall be destroyed or damaged by fire or other casualty required deemed to be insured against under Section 6(athe last year of the Extension Period), or (ii) the Premises is damaged or destroyed to such extent that the damage or destruction cannot be repaired within a period of three hundred sixty-five (365) days of the date of such damage or destruction, either Landlord or Tenant may terminate this Lease by written notice (the "Damage Notice") delivered to the other within sixty (60) days of the date of such damage or destruction (and in such event this Lease shall terminate as of date of such damage or destruction as if such date were the Expiration Date hereof). In addition, Landlord, at its sole option, shall have the right to cancel and terminate this Lease, then Landlord shallby written notice (the "Section 10 Notice") delivered to Tenant not later than sixty (60) days after the date of damage or destruction, as promptly as feasible in the event (taking into account i) the Premises is materially damaged or destroyed, (ii) the unexpired portion of the Lease Term which will remain after completion of rebuilding or restoration of the Premises (based on the estimated time necessary for rebuilding or restoration from a reputable, independent contractor) is less than forty-two (42) months [it being agreed that, for purposes of the foregoing calculation, if the Extension Option was exercised prior to conclude a satisfactory settlement with any insurance company involved), repair such damage or destruction and Tenant's right of rescission thereof has lapsed or is waived in writing by Tenant not later than the earlier of (x) 315 days in advance of the Expiration Date, or (y) thirty (30) days after the date of such damage or destruction, less than forty-two (42) months of the Extension Period will remain unexpired after completion of rebuilding or restoration of the Premises, based upon the estimated time for such rebuilding or restoration], and (iii) Tenant shall fail to execute and deliver to Landlord within thirty (30) days after the date that Tenant received the Section 10 Notice an extension of the Lease Term equal to the amount of time by which the remaining Lease Term (which, if the Extension Option is not exercised prior to such damage or destruction or if Tenant's right of rescission thereof has not lapsed or is not waived in writing by Tenant within thirty (30) days after the date of such damage or destruction, shall exclude the Extension Period, and in all events shall exclude the estimated time to rebuild or restore the Building as nearly as possible to Premises) is less than forty-two (42) months, upon the condition same terms and conditions set forth herein except that existed the Rent for the period of such extension shall equal the then-escalated Rent in effect immediately prior to the occurrence expiration of such casualtythe Lease Term, subject to escalation in the same manner in effect immediately prior to the expiration of the Lease Term. If Landlord delivers neither the damage Damage Notice or destruction occurs during the last two Section 10 Notice to Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date of the damage or destructioncasualty, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") deemed to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option waived its right to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the in connection with such damage or destruction destruction. If this Lease is less not terminated, then Landlord shall repair and restore the Premises (exclusive of Tenant's equipment, trade fixtures, inventory, fixtures and personal property) with all reasonable speed (but in all events not later than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage) to substantially the same condition as immediately prior to such damage or destruction, and if the extent of Rent and Additional Rent or a just and proportionate part thereof, according to Tenant's ability to utilize the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the BuildingPremises in its damaged condition, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore abated until the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises shall have been repaired and other improvements payable under restored by Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).
Appears in 1 contract
Damage or Destruction. (a) If all Lessee assumes and shall bear the ----------------------------------- entire risk of partial or any part complete loss, damage, theft, destruction, condemnation, requisition or taking by eminent domain or other interruption or termination of use of the Building shall be destroyed Equipment from any cause, whether or damaged by fire or other casualty required to be insured against under Section 6(a) not through any fault of this LeaseLessee, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after from the date of on which the damage or destruction, then either party may terminate this Lease Equipment is shipped until the Equipment is returned to and received by giving Lessor (the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification NoticePossession Period") to Landlord of Tenant's exercise of any available renewal option. In additionfrom the Manufacturer, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described belowSupplier, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restorationLessor, as applicable. For purposes If any Leased Item is damaged and is capable of being repaired, Lessee shall promptly notify Lessor in writing and within sixty (60) days of such damage shall, at its sole expense, make any repairs necessary to return the preceding sentenceLeased Item to its previous condition. Provided Lessee is not in default under this Master Lease or any Supplementary Schedule and has paid in full for the repairs (which repairs shall be deemed accessions to the Equipment) Lessee shall be entitled to receive any insurance proceeds received by Lessor or any Assignee in connection with such damage. If Lessee has not paid in full for the repairs, if any insurance proceeds shall be fIrst applied to pay for such repairs. In the extent event that any Leased Item is taken or condemned by a governmental authority, destroyed, damaged beyond repair, lost, or stolen ("Event of Loss"), Lessee must promptly notify Lessor and Assignee in writing and Lessee shall elect either to (i) pay to Lessor or Assignee, as the damage or destruction is less than twenty-five percent case may be, on the next Basic Rent payment date following the Event of Loss, an amount equal to: (25%a) of the full replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated Leased Item measured as of the date of the damage Event of Loss, plus (b) all Rent accrued on such Leased Item up to the date of payment, plus ( c) all unpaid Rent allocated to such item for the balance of the Lease Term discounted at the Prime Rate as reported by the Wall Street Journal ------------------- on the Acceptance Date as defined in the Supplementary Schedule of such item (together ( a)(b )( c ), "Casualty Value") and upon payment in full, Lessee's obligation to pay Rent for the Leased Item shall cease; or destruction (ii) continue all Rent payments under the applicable Supplementary Schedule, without interruption, and replace the damaged Equipment with Equipment of identical model, manufacturer and condition ("Replacement Equipment") as soon as practicable after the occurrence of the Event of Loss. Lessee shall cause the Replacement Equipment to be delivered to a location acceptable to Lessor and shall convey title (lien free) to the Replacement Equipment to Lessor whereupon the Replacement Equipment shall become subject to all of the terms and conditions of this Master Lease and the applicable Supplementary Schedule. Provided Lessee is not in default under this Master Lease and any surplus rent Supplementary Schedule and has paid in advance being refunded full the Casualty Value or has paid in full for the Replacement Equipment, Lessee shall be entitled to Tenant)receive any insurance proceeds or other recovery received by Lessor or any Assignee of Lessor in connection with such Event of Loss. If Lessee elects to replace the Equipment, Lessee shall immediately reimburse Lessor in an amount reasonably determined by Lessor to make Lessor whole on an after tax basis for any loss, recapture or unavailability of any tax credit and/or deduction.
Appears in 1 contract
Damage or Destruction. (a) If Subject to all the terms of this Agreement, in the event of any damage to or any part destruction of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately Project prior to the Closing, which in Seller’s good faith estimate will cost less than One Hundred and Fifty Thousand and 00/100 Dollars ($150,000.00), to repair, the Closing shall nevertheless occur as otherwise provided for in this Agreement (and Seller shall have no obligation to repair such damage) except that Seller shall assign to Buyer upon the Closing all insurance proceeds paid or payable to Seller in connection with such occurrence and provide Buyer with a credit against the Purchase Price in the amount of any deductible or any amount not covered by insurance; and if such casualty. If the damage or destruction occurs during is the last two result of an uninsured casualty, which in Seller’s good faith estimate will cost less than One Hundred and Fifty Thousand and 00/100 Dollars (2) years $150,000.00), to repair, then Seller shall provide Buyer with a credit against the Purchase Price in the amount of such estimated cost to repair. In the event of any damage to or destruction of the Initial Term Project prior to the Closing, which in Seller’s good faith estimate will cost One Hundred and Fifty Thousand and 00/100 Dollars ($150,000.00), or during any Renewal Termmore to repair, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the Seller shall have no obligation to repair such damage or destruction, then either party may terminate this Lease by giving the other party notice but Seller shall promptly notify Buyer of termination. Such termination shall be effective twenty such damage and within ten (2010) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) business days after receipt of such notice Tenant gives (but not later than two (2) business days before the Closing Date), Buyer shall deliver written notice to Seller and Escrow Holder, electing either: ("Nullification Notice"i) to Landlord of Tenant's exercise of any available renewal option. In additionproceed with this transaction and the Closing in accordance with this Agreement notwithstanding such damage or destruction; or (ii) to terminate this Agreement; provided, however, that if Landlord fails such notice is delivered by Seller to complete such restoration Buyer within two (2) business days prior to the applicable "Restoration Closing Date" described below, Tenant shall have the option then Buyer may elect to proceed or to terminate this Lease by giving written notice to Landlord Agreement at any time prior up to and including the commencement or completion Closing Date. If Buyer elects to proceed (and Buyer’s failure to timely deliver such written notice of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" termination to Seller and Escrow Holder shall be deemed to constitute Buyer’s election to proceed), then Seller shall assign to Buyer upon Closing all insurance proceeds paid or payable to Seller in connection with such occurrence and provide Buyer with a credit against the date that is twelve Purchase Price in the amount of any deductible in the case of an insured loss. If Buyer does exercise such termination right by timely delivering such written notice of termination to Seller and Escrow Holder, then: (12i) months after this Agreement and the rights of Buyer and Seller hereunder shall terminate and be of no further force and effect except for any surviving obligations; (ii) Escrow Holder shall return the Xxxxxxx Money Deposit to Buyer and shall return to each party which placed such items in Escrow all other funds (and any interest thereon) and documents held by Escrow Holder on the date of the damage or destruction, termination; and if the extent of the damage or destruction is equal to or greater than twenty(iii) Buyer and Seller shall each bear one-five percent half (25%1/2) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises any Escrow and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)title cancellation fees.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building Improvements shall be --------------------- destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence Closing, and if either the estimated cost of such casualty. If repair or replacement exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) or the damage is such that the Lease is terminated or destruction occurs during terminable at the last two (2) years option of the Initial Term or during any Renewal TermTenant (unless the termination option is waived in writing), and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destructionPurchaser may, then either party may terminate this Lease by giving the other party written notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if given to Seller within twenty (20) days after receipt of such notice Tenant gives written notice from Seller of such damage or destruction, elect to terminate this Agreement, in which event the Xxxxxxx Money shall immediately be returned by Escrow Agent to Purchaser and the rights, duties, obligations, and liabilities of all parties hereunder shall immediately terminate and be of no further force or effect, except for the obligations of the parties which are herein expressly stated to survive the termination of this Agreement. If Purchaser does not elect to terminate this Agreement pursuant to this Paragraph 18, or has no right to terminate this Agreement ("Nullification Notice"because the damage or destruction does not exceed $250,000.00 and would not give rise to a right by Tenant to terminate its Lease), and the sale of the Property is consummated, Purchaser shall be entitled to receive all insurance proceeds paid or payable to Seller by reason of such destruction or damage under the insurance required to be maintained by Seller pursuant to Paragraph 9(d) hereof (less amounts of insurance theretofore received and applied by Seller to Landlord costs actually incurred for restoration). Seller shall not settle or release any damage or destruction claims without obtaining Purchaser's prior written consent in each case. All said insurance proceeds received by Seller by the date of TenantClosing shall be paid by Seller to Purchaser at Closing, together with the lesser of (i) that amount necessary to cover any difference between the amount of such proceeds and the estimated cost of repair or replacement, or (ii) the amount of the deductible under Seller's exercise of any available renewal optionall-risk property damage insurance policy. In addition, if Landlord fails at Closing, Seller shall pay over to complete such restoration prior Purchaser, and assign to Purchaser, all proceeds of any rent loss insurance for the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any period of time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after commencing on the date of Closing. If the damage amount of said casualty or destruction, and if the extent of the damage or destruction rent loss insurance proceeds is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after not settled by the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification NoticeClosing, Landlord Seller shall be obligated to restore the Premises as provided above. If this Lease is terminatedexecute at Closing all proofs of loss, all insurance proceeds for the Premises assignments of claim, and other improvements payable under Landlordsimilar instruments in order that Purchaser receive all of Seller's policies and derived from such damage or destruction shall be paid solely to Landlordright, title, and all Rent shall xxxxx interest in and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)under said insurance proceeds.
Appears in 1 contract
Samples: Agreement for Purchase and Sale (Wells Real Estate Investment Trust Inc)
Damage or Destruction. (a) If all or any part of In the Building event the Premises shall be partially or totally damaged or destroyed or damaged by fire or other casualty required so as to be insured against under Section 6(a) become partially or totally untenantable during the term of this Lease, then Landlord shall, the same shall be rebuilt or repaired as promptly as feasible possible at the expense of LESSOR unless such damage shall be substantial or total (taking into account i.e., rendering the time necessary to conclude a satisfactory settlement with any insurance company involvedPremises untenantable by LESSEE), repair such damage and restore the Building as nearly as possible in which event LESSOR may elect not to the condition that existed immediately prior to the occurrence rebuild or repair. LESSOR shall notify LESSEE, in writing, of its election to, or not to, rebuild within sixty (60) days of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If LESSOR elects not to rebuild, then this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated terminate as of the date of such damage or destruction. If, from the date of the destruction or damage to the date of substantial completion of the rebuilding or repairing, LESSEE is deprived of the occupancy of all of the Premises, then the rent shall xxxxx for the entire period of such deprivation, and if LESSEE is deprived of the occupancy of only a portion of the Premises, LESSEE shall be entitled to a reduction of the rental for the period of such deprivation of an amount proportionate to the space of which LESSEE is deprived. If the damage to the Premises is such that the LESSEE is unable to conduct any of its business therein, then it shall be deemed that the LESSEE is deprived of the occupancy of the entire Premises. Notwithstanding the foregoing, in the event the Premises are substantially or destruction entirely damaged by casualty and either such restoration cannot be completed within six months following the date of casualty or such damage shall occur during the last year of the term of this Lease, LESSEE shall have the right to terminate this Lease upon thirty (with any surplus rent paid in advance being refunded 30) days written notice to Tenant)LESSOR.
Appears in 1 contract
Samples: Lease (Transoma Medical Inc)
Damage or Destruction. If a "MATERIAL" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than fifteen (15) days after receipt of the Seller's notice. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, or (ii) there is damage to or destruction of an "IMMATERIAL" part ("IMMATERIAL" is herein deemed to be any damage or destruction which is not "MATERIAL", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at any time the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restorationany insurance collected by the Seller, as applicable. For purposes and (y) assign and transfer to the Purchaser all right, title and interest of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, Seller in and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all any uncollected insurance proceeds for which the Premises and other improvements payable under Landlord's policies and derived Seller may be entitled to receive from such damage or destruction plus the applicable deductible amount under the Seller's insurance policy. A "MATERIAL" part of the Property shall be paid solely deemed to Landlord, and all Rent have been damaged or destroyed if (i) the cost of repair or replacement shall xxxxx and be prorated as five percent (5%) or more of the date of Purchase Price, or (ii) any tenant (other than Equity One, Inc.) could cancel its lease or permanently reduce its rent thereunder and either (1) the damage time frame provided in such tenant's lease for such cancellation or destruction rent reduction will not lapse on or prior to the Closing, or (with 2) the Seller has not been able to obtain, on or prior to the Closing, written confirmation from any surplus such tenant that such tenant will not seek such lease cancellation or rent paid in advance being refunded to Tenant)reduction.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Witter Dean Realty Income Partnership I Lp)
Damage or Destruction. (a) If all or any part of 14.1 In the event the Building shall be destroyed or and/or the Building Standard Work is damaged by fire or other casualty required to be insured against under Section 6(aperils covered by Lessor's insurance Lessor shall: a. In the event of total destruction, at Lessor's option, within a period of ninety (90) of this Leasedays thereafter, then Landlord shallcommence repair, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage reconstruction and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of said Building and/or Building Standard Work and prosecute the Premises cansame diligently to completion, in which event this Lease shall remain in full force and effect; or within said ninety (90) day period elect not to so repair, reconstruct or restore said Building and/or Building Standard Work in which event this Lease shall terminate. In either event, Lessor shall give Lessee written notice of its intention within said ninety (90) day period. In the event Lessor elects not to restore said Building and/or Building Standard Work, this Lease shall be diligently completed within a twelve (12) month period after deemed to have terminated as of the date of such total destruction. b. In the damage or destruction, then either party may terminate this Lease by giving the other party notice event of termination. Such termination shall be effective twenty (20) days following receipt a partial destruction of the notice by the other partyBuilding and/or Building Standard Work, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the an extent of the damage or destruction is less than not exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof and if the damage thereto is such that the Building and/or the Building Standard Work may be repaired, reconstructed or restored within a period of the Building, the "Restoration Date" shall be the date that is twelve ninety (1290) months after days from the date of the damage happening of such casualty and Lessor will receive insurance proceeds sufficient to cover the cost of such repairs, Lessor shall commence and proceed diligently with the work of repair, reconstruction and restoration and the Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration is such as to require a period longer than ninety (90) days or destruction, and if the extent of the damage or destruction is equal to or greater than exceed twenty-five percent (25%) of the replacement full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, Lessor either may elect to so repair, reconstruct or restore and the BuildingLease shall continue in full force and effect or Lessor may elect not to repair, reconstruct or restore and the "Restoration Date" Lease shall in such event terminate. Under any of the conditions of this Subparagraph 14.1(a), Lessor shall give written notice to Lessee of its intention within said ninety (90) day period. In the event Lessor elects not to restore said Building and/or Building Standard Work, this Lease shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not deemed to have terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of such partial destruction. 14.2 Upon any termination of this Lease under any of the provisions of this Paragraph 14, the parties shall be released thereby without further obligation to the other from the date possession of the Premises is surrendered to Lessor except for items which have therefore accrued and are then unpaid. 14.3 In the event of repair, reconstruction and restoration by Lessor as herein provided, the rental provided to be paid under this Lease shall be abated proportionately with the degree to which Lessee's use of the Premises is impaired during the period of such repair, reconstruction or restoration. Lessee shall not be entitled to any compensation or damages for loss in the use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair, reconstruction or restoration. 14.4 Lessee shall not be released from any of its obligations under this Lease except to the extent and upon the conditions expressly stated in this Paragraph 14. Notwithstanding anything to the contrary contained in this Paragraph, should Lessor be delayed or prevented from repairing or restoring the damaged Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, war, governmental restrictions, inability to procure the necessary labor or materials, or other cause beyond the control of Lessor, Lessor shall be relieved of its obligation to make such repairs or restoration and Lessee shall be released from its obligations under this Lease as of the end of said one (with 1) year period. 14.5 In the event that damage is due to any surplus rent paid cause other than fire or other peril covered by extended or all-risk coverage insurance, Lessor may elect to terminate this Lease. 14.6 It is hereby understood that if Lessor is obligated to or elects to repair or restore as herein provided, Lessor shall be obligated to make repair or restoration only to those portions of the Building and the Premises which were originally provided at Lessor's expense, and the repair and restoration of items not provided at Lessor's expense shall be the obligation of Lessee. 14.7 Notwithstanding anything to the contrary contained in advance being refunded this Paragraph 14, Lessor shall not have any obligation whatsoever to Tenant)repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Paragraph occurs during the last twelve (12) months of the Term of this Lease, or any extension hereof.
Appears in 1 contract
Samples: Lynnwood Corporate Center Office Space Lease (Chicago Pizza & Brewery Inc)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Agreement upon notice to the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, (i) the Seller shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within 90 days after the then scheduled Closing Date at the time of the Purchaser's election, and (ii) no tenant(s) aggregating more than 8,000 square feet have exercised, or have the right to exercise, any right to terminate its Lease by giving written notice reason of such damage, destruction or other casualty. If the Seller makes such election to Landlord repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is ineffective because the Seller elects to repair such damage and completes such repair within such 90-day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any damage or destruction which is not "material", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at any time the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the deductible and the proceeds of restoration, as applicable. For purposes any insurance collected by the Seller less the amount of all costs incurred by the preceding sentence, if Seller in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and if (y) assign and transfer to the extent Purchaser all right, title and interest of the damage or destruction is equal Seller in and to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all any uncollected insurance proceeds for which the Premises and other improvements payable under Landlord's policies and derived Seller may be entitled to receive from such damage or destruction destruction, provided that any such casualty insurance settlement shall have been approved by the Purchaser, such approval not to be unreasonably withheld or delayed. A "material" part of the Property shall be paid solely deemed to Landlordhave been damaged or destroyed if the cost of repair or replacement shall be five percent (5%) or more of the Purchase Price. Condemnation. If, prior to the Closing Date, all or any "significant" portion (as hereinafter defined) of the Property is taken by eminent domain or condemnation (or is the subject of a pending taking which has not been consummated), the Seller shall notify the Purchaser of such fact and the Purchaser shall have the option to terminate this Agreement upon notice to the Seller given not later than ten (10) days after receipt of the Seller's notice. If the Purchaser does not elect to terminate this Agreement, or if an "insignificant" portion ("insignificant" is herein deemed to be any taking which is not "significant", as such term is herein defined) of the Property is taken by eminent domain or condemnation, at the Closing the Seller shall assign and turnover, and the Purchaser shall be entitled to receive and keep, all Rent awards or other proceeds for such taking by eminent domain or condemnation. A "significant" portion of the Property means (i) 10% or more of the building on the Land, (ii) a portion of the parking areas if the taking thereof reduces the remaining available number of parking spaces below the minimum legally required, or (iii) a legally required driveway on the Land if such driveway is the predominant means of ingress thereto or egress therefrom. Termination. If the Purchaser effectively terminates this Agreement pursuant to Section 12.1 or 12.2, this Agreement shall xxxxx be terminated and the rights of the parties shall be prorated the same as if notice of termination were given pursuant to Section 14.1. Conditions Precedent to Closing. Conditions Precedent to the Purchaser's Obligations to Perform. The Purchaser's obligation under this Agreement to purchase the Property is subject to the fulfillment of each of the following conditions: (i) the representations and warranties of the Seller contained herein shall be materially true, accurate and correct as of the date Closing Date except to the extent they relate only to an earlier date; (ii) no condition shall have first occurred subsequent to the expiration of the damage Due Diligence Period which, if it had occurred prior thereto, would have permitted the Purchaser to give a valid Purchaser's Termination Notice; (iii) the Seller shall be ready, willing and able to deliver title to the Property in accordance with the terms and conditions of this Agreement; (iv) any conditions precedent to the Purchaser's obligation to purchase the Property which is validly listed in the Purchaser's Termination Notice as being unsatisfied has been satisfied; (v) Purchaser shall have obtained an Owner's Policy of Title Insurance on an ALTA Standard form from the Title Company insuring Purchaser's right, title and interest in the Property in the amount of the Purchase Price and excepting no encumbrances other than Permitted Encumbrances; (vi) Purchaser shall have received the original executed Estoppel Certificates; and (vii) the Seller shall have delivered all the documents and other items required pursuant to Section 8, and shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement to be performed or destruction complied with by the Seller at or prior to the Closing. Conditions Precedent to the Seller's Obligations to Perform. The Seller's obligation under this Agreement to sell the Property to the Purchaser is subject to the fulfillment of each of the following conditions: (i) the representations and warranties of the Purchaser contained herein shall be materially true, accurate and correct as of the Closing Date; (ii) the Purchaser shall have delivered the funds required hereunder and all the documents to be executed by the Purchaser set forth in Section 9 and shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement to be performed or complied with by the Purchaser at or prior to the Closing; (iii) all consents and approvals of governmental authorities and parties to agreements to which the Purchaser is a party or by which the Purchaser's assets are bound that are required with respect to the consummation of the transactions contemplated by this Agreement shall have been obtained and copies thereof shall have been delivered to the Seller at or prior to the Closing; and (iv) the additional matters set forth in Schedule 11 annexed hereto and made a part hereof shall have occurred or been delivered to the Seller, as applicable, at or prior to the Closing. Remedies Upon Failure to Satisfy Conditions. In the event that any surplus rent paid condition contained in advance being refunded Sections 13.1 or 13.2 is not satisfied, the party entitled to Tenant)the satisfaction of such condition as a condition to its obligation to close title shall have as its sole remedy hereunder the right to elect to (i) waive such unsatisfied condition whereupon title shall close as provided in this Agreement or (ii) proceed as provided in Section 14 hereof. Remedies.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this LeaseIf, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement expiration or completion termination of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Buildingthis Lease, the "Restoration Date" shall be Premises or the date that Building or the Property is twelve totally or partially damaged or destroyed from a fire or other casualty, which damage renders the Premises or any material portion thereof inaccessible or unusable to Lessee in the ordinary course of its business, Lessor may elect, at its sole option, either to (12a) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If terminate this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of such fire or other casualty, by written notice to Lessee within sixty (60) days after notice to Lessor of the occurrence of such damage or destruction (provided that Lessor may not terminate or attempt to terminate the Lease as a subterfuge to remove Lessee from the Premises for reasons other than an Event of Default by Lessee); or (b) without termination of this Lease, advise Lessee in writing within sixty (60) days of the casualty of Lessor’s intent to repair, and then proceed with due diligence to repair or restore such damage or destruction within one hundred eighty (180) days thereafter. If Lessor cannot or does not complete the repair and restoration within such period, or fails to give Lessee written notice of its intention to proceed under clause (a) or (b) above within sixty (60) days of the casualty, Lessee shall have the option to cancel this Lease by written notice to Lessor. If Lessor elects to repair or restore such damage or destruction, this Lease shall continue in full force and effect but a proportionate reduction of Rent shall be allowed Lessee for such portion of the Premises as shall be rendered inaccessible or unusable to Lessee, and which is not used by Lessee, during the period of time that such portion is unusable or inaccessible and not used by Lessee. Subject only to the provisions of the foregoing sentence, no damages, compensation or claim shall be payable by Lessor for any surplus rent paid in advance being refunded inconvenience, any interruption or cessation of Lessee’s business, or any annoyance, arising from any damage to Tenant)or destruction of all or any portion of the Premises or the Building or the Property regardless of the cause thereof. Lessee shall look to its own casualty insurance for protection against business losses and, as a material inducement to Lessor’s entering into this Lease, irrevocably waives and releases any other rights or claims against Lessor.
Appears in 1 contract
Samples: Office Lease (Icop Digital, Inc)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within 90 days after the then scheduled Closing Date at the time of the Purchaser's election. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is ineffective because the Seller elects to repair such damage and completes such repair within such 90-day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restoration, as applicable. For purposes any insurance collected by the Seller less the amount of all costs incurred by the preceding sentence, if Seller in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and if (y) assign and transfer to the extent Purchaser all right, title and interest of the damage or destruction is equal Seller in and to or greater than twenty-five percent (25%) of any uncollected insurance proceeds which the replacement cost of the Building, the "Restoration Date" shall Seller may be the date that is eighteen (18) months after the date of the entitled to receive from such damage or destruction. A "material" part of the Property shall be deemed to have been damaged or destroyed if the cost of repair or replacement shall be fifteen percent (15%) or more of the Purchase Price. Condemnation. If, prior to the Closing Date, all or any "significant" portion (as hereinafter defined) of the Property is taken by eminent domain or condemnation (or is the subject of a pending taking which has not been consummated), the Seller shall notify the Purchaser of such fact and the Purchaser shall have the option to terminate this Agreement upon notice to the Seller given not later than ten (10) days after receipt of the Seller's notice. If the Purchaser does not elect to terminate this Lease Agreement, or if an "insignificant" portion ("insignificant" is herein deemed to be any taking which is not terminated "significant", as such term is herein defined) of the Property is taken by eminent domain or if Landlord's termination is nullified by a Nullification Noticecondemnation, Landlord at the Closing the Seller shall assign and turnover, and the Purchaser shall be obligated entitled to restore receive and keep, all awards or other proceeds for such taking by eminent domain or condemnation. A "significant" portion of the Premises as provided aboveProperty means (i) 10% or more of the building on the Land, (ii) a portion of the parking areas if the taking thereof reduces the remaining available number of parking spaces below the minimum legally required, or (iii) a legally required driveway on the Land if such driveway is the predominant means of ingress thereto or egress therefrom. Termination. If the Purchaser effectively terminates this Lease is terminatedAgreement pursuant to Section 12.1 or 12.2, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction this Agreement shall be paid solely terminated and the rights of the parties shall be the same as if notice of termination were given pursuant to LandlordSection 14.1. Conditions Precedent to Closing. Conditions Precedent to the Purchaser's Obligations to Perform. The Purchaser's obligation under this Agreement to purchase the Property is subject to the fulfillment of each of the following conditions: (i) the representations and warranties of the Seller contained herein shall be materially true, accurate and all Rent shall xxxxx and be prorated correct as of the date Closing Date except to the extent they relate only to an earlier date; (ii) the Seller shall be ready, willing and able to deliver title to the Property in accordance with the terms and conditions of this Agreement; (iii) any conditions precedent to the Purchaser's obligation to purchase the Property which is validly listed in the Purchaser's Termination Notice as being unsatisfied has been satisfied; and (iv) the Seller shall have delivered all the documents and other items required pursuant to Section 8, and shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement to be performed or complied with by the Seller at or prior to the Closing. Conditions Precedent to the Seller's Obligations to Perform. The Seller's obligation under this Agreement to sell the Property to the Purchaser is subject to the fulfillment of each of the damage following conditions: (i) the representations and warranties of the Purchaser contained herein shall be materially true, accurate and correct as of the Closing Date; (ii) the Purchaser shall have delivered the funds required hereunder and all the documents to be executed by the Purchaser set forth in Section 9 and shall have performed all other covenants, undertakings and obligations, and complied with all conditions required by this Agreement to be performed or destruction complied with by the Purchaser at or prior to the Closing; (iii) all consents and approvals of governmental authorities and parties to agreements to which the Purchaser is a party or by which the Purchaser's assets are bound that are required with respect to the consummation of the transactions contemplated by this Agreement shall have been obtained and copies thereof shall have been delivered to the Seller at or prior to the Closing; and (iv) the additional matters set forth in Schedule 11 annexed hereto and made a part hereof shall have occurred or been delivered to the Seller, as applicable, at or prior to the Closing. Remedies Upon Failure to Satisfy Conditions. In the event that any surplus rent paid condition contained in advance being refunded Sections 13.1 or 13.2 is not satisfied, the party entitled to Tenant)the satisfaction of such condition as a condition to its obligation to close title shall have as its sole remedy hereunder the right to elect to (i) waive such unsatisfied condition whereupon title shall close as provided in this Agreement or (ii) proceed as provided in Section 14 hereof. Remedies.
Appears in 1 contract
Samples: Purchase and Sale Agreement Purchase and Sale Agreement (Witter Dean Realty Income Partnership I Lp)
Damage or Destruction. (a) If all the Premises or any part of the Building shall be destroyed or are damaged by fire or other casualty required insured under policies of insurance carried by Landlord, the damage to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible shall be repaired by and at the expense of Landlord and the damage to the condition that existed immediately prior Premises shall be repaired by and at the expense of Landlord and Tenant to the extent of their respective obligations to maintain and repair the Premises pursuant to paragraph 11 hereof, provided such repairs can, in Landlord's opinion, be made within fifteen (15) days after the occurrence of such casualtydamage without the payment of overtime or other premiums. There shall be no abatement of Rent by reason of any portion of the Premises being unusable for a period of fifteen (15) days or less. If the damage is due to the fault or destruction occurs during neglect of Tenant or its employees, agents, or contractors there shall be no abatement of Rent. If repairs cannot, in Landlord's opinion, be made within fifteen (15) days, Landlord may, following ten (10) days notice, afford a reasonable time within which they are to be made. Notwithstanding anything to the last two contrary, if repairs cannot, in Tenant's opinion, be made within one hundred eighty (2180) years of the Initial Term or during any Renewal Termdays, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party Tenant may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty upon ten (2010) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord. In such event, the Rent and all other charges due under this Lease shall be prorated, and Tenant shall be liable for all such prorated rent and other charges, the amounts of which may have not yet been determined by Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for . In the event any portion of the Premises and other improvements payable under Landlordis unusable, in Tenant's policies and derived from such damage or destruction judgment reasonably exercised, for a period of more than fifteen (15) days, there shall be paid solely to Landlordan abatement of Rent until the Lease is terminated in accordance with this paragraph or, the Premises is repaired and all Rent shall xxxxx and be prorated restored by Landlord as provided in this Section 19. A total destruction of the date of Building in which the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Premises are located shall automatically terminate this Lease.
Appears in 1 contract
Samples: Lease (Tangibledata Inc)
Damage or Destruction. (a) If all or any part of the Building shall be Improvements are damaged or destroyed or damaged by fire or other casualty required prior to be insured against under Section 6(a) of this LeaseClosing, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence by delivery of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party written notice of termination. Such termination shall be effective twenty election within five (205) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) business days after receipt of such notice Tenant gives written notice of such damage or destruction from Seller, Buyer may elect to either ("Nullification Notice"a) terminate this Agreement as to Landlord of Tenant's exercise all Properties, or (b) elect to continue this Agreement in full force and effect in which case Seller shall assign to Buyer at Closing any and all proceeds and/or claims under any applicable insurance coverage, Buyer shall receive a credit on the Purchase Price equal to the amount of any available renewal option. In additiondeductible under any such insurance coverage, if Landlord fails to complete such restoration prior and Buyer shall take title to the applicable "Restoration Date" described belowProperties subject to such damage and destruction; provided, Tenant shall have however, that in the option event the cost to terminate this Lease by giving written notice to Landlord at repair any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the such damage or destruction is reasonably estimated by Seller to be less than twenty-five percent Five Hundred Thousand Dollars (25%$500,000) individually or in the aggregate for all Properties, then Buyer shall have no right to terminate this Agreement, Seller shall assign to Buyer at Closing any and all proceeds and/or claims under any applicable insurance coverage, Buyer shall receive a credit on the Purchase Price equal to the amount of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructionany deductible under any such insurance coverage, and if Buyer shall take title to the extent of the Properties subject to such damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or and destruction. If Buyer fails to deliver written notice to Seller and Escrow Holder of Buyer's election within the time period specified in this Lease is not terminated or if Landlord's termination is nullified by a Nullification NoticeParagraph, Landlord Buyer shall be obligated deemed to restore the Premises as provided have elected alternative (a) above. If Buyer properly delivers written notice to Seller and Escrow Holder within the time period specified in this Lease is terminatedParagraph electing alternative (a) above, the Escrow shall be canceled, this Agreement shall be terminated and become null and void as to all Properties, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction parties hereto shall be paid solely to Landlordreleased from further performance of this Agreement (with the exception of those provisions or Paragraphs which recite that they survive termination of this Agreement), and Escrow Holder shall return to Buyer the Deposit deposited with Escrow Holder and any and all Rent interest thereon and shall xxxxx return to each party any and be prorated as of the date of the damage or destruction (all documents which such party had deposited with any surplus rent paid in advance being refunded to Tenant)it.
Appears in 1 contract
Samples: Purchase Agreement and Escrow Instructions (Pacific Gulf Properties Inc)
Damage or Destruction. (aA) DAMAGE AND REPAIR: If all or any part of the Building shall be destroyed or is damaged by fire or any other casualty required cause to be insured against under Section 6(asuch extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed thirty percent (30%) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore replacement value of the Building as nearly as possible to the condition that existed immediately (exclusive of foundations) just prior to the occurrence of the damage, or if insurance proceeds sufficient for restoration are for any reason unavailable, then Landlord may no later than the sixtieth day following the damage, give Tenant a notice of election to terminate this Lease. In the event of such casualty. If election, this Lease shall be deemed to terminate on the damage or destruction occurs during third day after the last two (2) years giving of said notice, and Tenant shall surrender possession of the Initial Term or during any Renewal TermPremises within a reasonable time thereafter, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination Rent and Additional Rent shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated apportioned as of the date of the damage or destruction (with said surrender and any surplus rent Rent and Additional Rent paid in advance being refunded for any period beyond such date shall be repaid to Tenant). If the cost of restoration as estimated by Landlord shall amount to less than thirty percent (30%) of said replacement value of the Building and insurance proceeds sufficient for restoration are available, or if Landlord does not elect to terminate this Lease, Landlord shall restore the Building and the Premises (to the extent of improvements to the Premises originally provided by Landlord hereunder) with reasonable promptness, subject to delays beyond Landlord's control and delays in the making of insurance adjustments by Landlord, and Tenant shall have no right to terminate this Lease except as herein provided. To the extent that the Premises are rendered untenantable, the Rent and Additional Rent shall proportionately abatx. Xx damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Premises or of the Building. Landlord shall use its best efforts to effect such repairs promptly. NOTWITHSTANDING THE PROVISIONS OF SECTION 13(a) TO THE CONTRARY, WITHIN SIXTY (60) DAYS FOLLOWING THE DATE OF SUCH DAMAGE OR DESTRUCTION, LANDLORD SHALL GIVE NOTICE TO TENANT OF THE ESTIMATED DATE FOR COMPLETION OF SUCH REPAIRS WITH RESPECT TO THE PREMISES OR THE BUILDING. IF RESTORATION OF TENANT'S PREMISES OR THE BUILDING IS REASONABLY ESTIMATED TO EXCEED 180 DAYS FROM THE DATE OF THE CASUALTY, THEN FOLLOWING TENANT'S RECEIPT OF THE ESTIMATED RESTORATION DATE, TENANT SHALL HAVE THE OPTION TO TERMINATE THIS LEASE BY GIVING LANDLORD WRITTEN NOTICE OF TERMINATION WITHIN 30 DAYS FOLLOWING THE RECEIPT OF SUCH NOTICE BY TENANT FROM LANDLORD; SUCH TERMINATION TO BE EFFECTIVE 30 DAYS FOLLOWING LANDLORD'S RECEIPT OF SUCH TERMINATION NOTICE FROM TENANT.
Appears in 1 contract
Samples: Lease Agreement (Realnetworks Inc)
Damage or Destruction. (a) If all 16.1 If, during or prior to the Lease Term, any part Pod of the Premises, the Operational Space and/or the Building shall be are totally or partially damaged or destroyed thereby rendering any Pod of the Premises and/or any portion of the Operational Space totally or damaged by fire partially inaccessible or other casualty required to be insured against under Section 6(a) of this Leaseunusable, then Landlord shallshall diligently repair and restore any such Pod of the Premises, as promptly as feasible the Operational Space and/or the Building to substantially the same condition they were in prior to such damage or destruction; provided, however, that if: (i) the Building electrical and mechanical infrastructure is destroyed or materially damaged and in Landlord's reasonable judgment such repair and restoration cannot be completed within one hundred eighty (180) days after the occurrence of such damage or destruction (taking into account the time necessary to conclude needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required government permits), repair such damage and restore ; (ii) more than forty-five percent (45%) of the Building is damaged or destroyed; or (iii) more than fifty-five percent (55%) of the rentable square footage comprising the Pods of the Premises is materially damaged or destroyed and there is less than one (1) year of the Lease Term remaining as nearly as possible of the date of said casualty and Tenant has not exercised any remaining option to renew the Lease Term, then Landlord shall have the right to terminate this Lease, but only with respect to the condition that existed immediately prior entire Premises, by giving written notice of termination to Tenant within forty-five (45) days after the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Noticepursuant to this Article XVI, Landlord then rent shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated apportioned as of the date of the happening of the damage or destruction (with based on the portion of the aggregate amount of rentable square footage of the Pods of the Premises and Critical Load Power which is usable or used after such damage or destruction) and paid to the earlier of the date of termination or the date Tenant completely vacates and abandons the Premises on account of such damage. If this Lease is not terminated as a result of such damage or destruction, then until such repair and restoration of the affected Pods of the Premises, the Operational Space and/or the Building are substantially complete, as of the date of the happening of the damage or destruction, Tenant shall be required to pay rent only for the portion of the Operational Space and/or the Pods of the Premises and Critical Load Power that is usable while such repair and restoration are being made; provided, however, that if such damage or destruction was caused by the grossly negligent or willful misconduct of Tenant or any surplus Agent, then Tenant shall not be entitled to any such rent paid in advance being refunded to reduction. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall diligently proceed with, and bear the expenses of, such repair and restoration of the Pods of the Premises, the Operational Space and/or the Building as aforesaid; provided, however, that (a) if such damage or destruction was caused by the grossly negligent or willful misconduct of Tenant or any Agent, then Tenant shall pay Landlord's deductible and (b) Landlord shall not be required to repair or restore any tenant improvements installed by Tenant in the Pods of the Premises and/or the Operational Space (except to the extent Landlord receives proceeds therefor from Tenant's insurance), any Alterations [excluding any Landlord's Work other than any Tenant Deployment Work, if applicable] or any of Tenant's contents within the Pods of the Premises and/or the Operational Space (including, without limitation, Tenant's trade fixtures, decorations, furnishings, equipment, facilities or personal property, but excluding PDUs, CRAHs, HVAC cooling support equipment, fire detection and alarm and fire suppression systems and equipment and any other equipment, facilities or other property of Landlord comprising the Building Structure and Systems and located within the Premises, which shall be Landlord's responsibility). Notwithstanding anything herein to the contrary, in the event of any damage or destruction referenced in the first sentence of this Section 16.1, Landlord shall have the right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of repair and restoration of such damage or destruction, so long as Landlord maintains the insurance required by Section 12.3 above, (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, or (3) zoning or other applicable Laws or regulations do not permit such repair and restoration; provided, however, that Landlord shall be entitled to terminate this Lease under subsections (1), (2) and (3) above only if Landlord simultaneously terminates the leases (or applicable portions thereof) of all other tenants leasing computer rooms that are in a substantially similar condition to the Pods of the Premises after such damage or destruction. If this Lease is terminated pursuant to this Article XVI, Landlord shall grant to Tenant a license, expiring ninety (90) days after the date of termination, allowing Tenant the right to access the Building for the purpose of removing Tenant's Items therefrom.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Supplementing Section 6(a) of this Lease21 hereof, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of if in Lessor's reasonable estimation the Premises cannot be diligently completed restored within a twelve 12 months following any damage or destruction, (12including the unavailability of insurance proceeds) month period after Lessor shall immediately notify Lessee thereof in writing and Lessee may terminate this Lease by delivering irrevocable written notice to Lessor within 30 days of its receipt of Lessor's notice. If Lessor does not or is not permitted to terminate this Lease, and if in Lessor's reasonable estimation the Premises can be restored within 12 months, then Lessor shall commence to restore the Premises and the Building in compliance with then-existing laws, and shall complete such restoration with due diligence. In such event, this Lease shall remain in full force and effect, but there shall be an abatement of rent between the date of destruction and the date restoration is completed, based on the extent to which the destruction interferes, in the determination of Lessor and Lessee, with the use of the Premises for Lessee's normal business operations. If Lessor and Lessee fail within 30 days of the date of the damage or destructioncasualty to agree upon the extent to which rent shall be abated, then either party the determination thereof shall be submitted to binding arbitration pursuant to Section 54 of this Lease, and until such determination is made, any excess in the rent claimed by Lessor over that claimed by Lessee shall be deposited into an escrow and after such determination is made, disbursed in accordance with the decision of the arbitrator. The foregoing notwithstanding, if Lessor elects to restore the Premises but fails to complete the restoration within 12 months of the date of the casualty, Lessee may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a Lessor irrevocable written notice of termination by Landlord shall be of no force or effect if within twenty (20) 20 days after receipt the expiration of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option12 month period. In addition, if Landlord fails to complete such restoration prior Notwithstanding anything contained in this Section 45 to the applicable "Restoration Date" described belowcontrary, Tenant shall have the option to either Lessor or Lessee may terminate this Lease by giving written notice to Landlord at given within 30 days after any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) occurring during the last 12 months of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage Lease term or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)renewal term.
Appears in 1 contract
Samples: Lease (Mosaix Inc)
Damage or Destruction. (a) 17.1 If all the Premises or any part of the Building shall be destroyed are totally or partially damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasedestroyed, then Landlord shallshall diligently repair and restore the Premises and the Building to substantially the same condition they were in prior to such damage or destruction; provided, as promptly as feasible however, that if in the judgment of an independent architect and/or general contractor designated by Landlord (taking written notice of which (the "Restoration Estimate") shall be delivered to Tenant within seventy-five (75) days of such damage or destruction), such repair and restoration cannot be completed within two hundred seventy (270) days after the date of such damage or destruction (which estimated restoration period shall take into account the time necessary to conclude needed for effecting a satisfactory settlement with any insurance company involved, removing debris, preparing plans, and receiving all required governmental permits), repair such damage then Landlord and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant each shall have the option right to terminate this Lease by giving written notice to Landlord at any time prior of termination to the commencement or completion of restoration, as applicable. For purposes other within thirty (30) days after delivery to Tenant of the preceding sentenceRestoration Estimate. If this Lease is terminated pursuant to this Article, if then rent shall be apportioned (based on the extent portion of the Premises which is usable after such damage or destruction) and paid to the date of termination. If this Lease is not terminated as a result of such damage or destruction, then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay rent only for the portion of the Premises that is usable while such repair and restoration are being made. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant) but not later than one hundred twenty-five (125) days after the date of such damage or destruction, Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction is less was caused by the negligent act or omission of Tenant or any Invitee, then Tenant shall pay Landlord's deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to carry the insurance required pursuant to this Lease, the amount that would have been received had Landlord carried such insurance), and (b) Landlord shall not be required to repair or restore any Alterations or any other contents of the Premises (including, without limitation, Tenant's trade fixtures, decorations, furnishings, equipment or personal property). Notwithstanding anything herein to the contrary, Landlord shall have the right to terminate this Lease by written notice to Tenant not later than one hundred twenty-five percent (25%125) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months days after the date of the damage or destructiondestruction if (1) despite Landlord's maintenance of the insurance required to be maintained pursuant to Section 13.3 above, insurance proceeds are insufficient to pay the full cost of such repair and restoration (Landlord hereby agreeing diligently to pursue the receipt of such proceeds, and if the extent to inform Tenant of the damage status of such pursuit upon written notice from Tenant), (2) the holder of any Mortgage fails or destruction is equal refuses to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all make such insurance proceeds available for the Premises such repair and restoration, (3) zoning or other improvements payable under Landlord's policies applicable Laws or regulations do not permit such repair and derived from restoration, or (4) such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as occurs during the last three (3) years of the date of then-current Lease Term and the damage Building is damaged by fire or destruction casualty (with any surplus rent paid whether or not the Premises has been damaged) to such an extent that Landlord decides, in advance being refunded its sole and absolute discretion, not to Tenant)rebuild or reconstruct the Building.
Appears in 1 contract
Samples: Office Lease Agreement (Netrix Corp)
Damage or Destruction. In the event of a partial destruction of (a) If all the Premises, (b) the Building, (c) the Common Area or any part of (d) the Building shall be destroyed or damaged Project ((a)-(d) collectively, the “Affected Areas”) by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any perils covered by extended coverage insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof, and provided that the damage thereto is such that the Affected Areas may be repaired, reconstructed or restored within a period of twelve (12) months from the date of the Buildinghappening of such casualty, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration of the Affected Areas and this Lease shall continue in full force and effect. In the event of any damage to or destruction of the Affected Areas other than as described in Section 23.1, Landlord shall repair, reconstruct and restore the Affected Areas, as applicable, in which case this Lease shall continue in full force and effect. In the event of any damage or destruction (regardless of whether such damage is governed by Section 23.1 or this Section), if (a) in Landlord’s reasonable determination as set forth in the Damage Repair Estimate (as defined below), the "Restoration Date" shall Affected Areas cannot be the date that is repaired, reconstructed or restored within twelve (12) months after the date of the damage or destructionDamage Repair Estimate, and if the extent of the damage or destruction is equal (b) subject to or greater than twenty-five percent (25%) of the replacement cost of the BuildingSection 23.6, the "Restoration Date" shall be the date that is Affected Areas are not actually repaired, reconstructed and restored within eighteen (18) months after the date of the Damage Repair Estimate, or (c) the damage and destruction occurs within the last twelve (12) months of the then-current Term, then Tenant shall have the right to terminate this Lease, effective as of the date of such damage or destruction, by delivering to Landlord its written notice of termination (a “Termination Notice”). As soon as reasonably practicable, but in any event within sixty (60) days following the date of damage or destruction, Landlord shall notify Tenant of Landlord’s good faith estimate of the period of time in which the repairs, reconstruction and restoration will be completed (the “Damage Repair Estimate”), which estimate shall be based upon the opinion of a contractor selected by Landlord and experienced in comparable repair, reconstruction and restoration of similar buildings. Upon any termination of this Lease under any of the provisions of this Article, the parties shall be released thereby without further obligation to the other from the date possession of the Premises is surrendered to Landlord, except with regard to (a) items occurring prior to the damage or destruction and (b) provisions of this Lease that, by their express terms, survive the expiration or earlier termination hereof. In the event of repair, reconstruction and restoration as provided in this Article, all Rent to be paid by Tenant under this Lease shall be abated proportionately based on the extent to which Xxxxxx’s use of the Premises is impaired during the period of such repair, reconstruction or restoration, unless Landlord provides Tenant with other space during the period of repair, reconstruction and restoration that, in Tenant’s reasonable opinion, is suitable for the temporary conduct of Tenant’s business. Notwithstanding anything to the contrary contained in this Article, should Landlord be delayed or prevented from completing the repair, reconstruction or restoration of the damage or destruction to the Premises after the occurrence of such damage or destruction by Force Majeure, then the time for Landlord to commence or complete repairs, reconstruction and restoration shall be extended on a day-for-day basis. Landlord’s obligation, should it elect or be obligated to repair, reconstruct or restore, shall be limited to the Affected Areas, and shall be conditioned upon Landlord receiving any permits or authorizations required by Applicable Laws. Tenant shall, at its expense, replace or fully repair all of Tenant’s personal property and any Alterations installed by Tenant existing at the time of such damage or destruction. If this Lease is not terminated Affected Areas are to be repaired, reconstructed or if Landlord's termination is nullified by a Nullification Noticerestored in accordance with the foregoing, Landlord shall be obligated make available to restore Tenant any portion of insurance proceeds it receives that are allocable to the Premises as Alterations constructed by Tenant pursuant to this Lease; provided above. If Tenant is not then in default under this Lease is terminated, all insurance proceeds for and subject to the Premises requirements of any Lender of Landlord. This Article sets forth the terms and other improvements payable under Landlord's policies and derived from such conditions upon which this Lease may terminate in the event of any damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)destruction.
Appears in 1 contract
Samples: Lease
Damage or Destruction. (a) If all or any part of In the Building shall be destroyed or event the Premises are damaged by fire or other casualty required perils covered by extended coverage insurance, Landlord agrees forthwith to repair them, and this Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the Base Rent from the date of damage and while such repairs are being made, such proportionate reduction to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account based upon the time necessary extent to conclude a satisfactory settlement with any insurance company involved), repair such which the damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence making of such casualtyrepairs shall reasonably interfere with the business carried on by Tenant in the Premises. If the damage is due to the fault or neglect of Tenant, its agents or employees, there shall be no abatement of rent. In the event the Premises are damaged as a result of any cause other than the perils covered by fire and extended coverage insurance, the Landlord shall forthwith repair them provided the extent of the destruction is less than ten percent (10%) of the then full replacement cost of the Premises. In the event the destruction of the Premises is to an extent of ten percent (10%) or more of the then full replacement cost, Landlord shall have the option either (1) to repair or restore such damage, this Lease continuing in full force and effect but the Base Rent to be proportionately reduced as above stated, or (2) to give notice to Tenant at any time within sixty (60) days after such damage, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of such notice. In the event of giving such notice, this Lease shall expire and all interest of Tenant in the Premises shall terminate on the date so specified in such notice and the Base Rent, reduced by a proportionate reduction as above stated, shall be to the date of such termination. Notwithstanding anything to the contrary contained in this Article, Landlord shall have no obligation to repair, reconstruct or restore the Premises when the damage resulting from any casualty covered under this Article occurs during the last two twenty-four (224) years months of the Initial Term term of this Lease or during any Renewal Term, and the restoration extension thereof. If fifty percent (50%) or more of the Premises canOffice and Retail Center is damaged by any cause even though the premises may not be diligently completed affected, Landlord may give notice to Tenant at any time within a twelve sixty (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (2060) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In additiondamage, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate terminating this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of the such notice Landlord shall not be required to repair any injury or damage by fire or destruction (with other cause, or to make any surplus rent paid in advance being refunded to repairs or replacements of any leasehold improvements, fixtures, or other personal property of Tenant).
Appears in 1 contract
Samples: Old Line Bancshares Inc
Damage or Destruction. 16.1 If the Leased Premises are totally or partially damaged or destroyed from any cause, thereby rendering the Leased Premises totally or partially inaccessible or unusable, Landlord shall diligently restore and repair the Leased Premises to substantially the same condition it was in prior to such damage; provided however, that if in the judgment of an independent consultant mutually selected by Landlord and Tenant such repairs and restoration cannot be completed within one (a1) If all year after the occurrence of such damage or any part of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible destruction (taking into account the time necessary to conclude needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), repair or if such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed occurred within a twelve (12) month period after months prior to the date expiration of the damage or destructionLease Term, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option right to terminate this Lease by giving written notice to Landlord at any time prior of termination to the commencement or completion other party hereto within forty five (45) days after the occurrence of restoration, as applicable. For purposes of the preceding sentence, if the extent of the such damage or destruction destruction. If this Lease is less than twenty-five percent (25%) of terminated in accordance with the replacement cost value of the Buildingabove procedure, the "Restoration Date" then Base Rent and Additional Rent payable hereunder shall be the date that is twelve (12) months after apportioned and paid to the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the said damage or destruction. If this Lease is not terminated as a result of such damage or if Landlord's termination is nullified by a Nullification Noticedestruction, Landlord then until such repair and restoration of the Leased Premises are substantially complete, the Base Rent and Additional Rent shall be obligated abated as to restore that portion of the Leased Premises as provided abovethat is unsuitable for occupancy by Tenant until such repair or restoration is completed. If this Lease is terminatednot terminated as a result of such damage or destruction, all insurance proceeds for then except as otherwise specified in Section 16.2 hereof, Landlord shall bear the Premises cost and other improvements payable under Landlord's policies expenses of such repair and derived from restoration of the Leased Premises; provided, however, that if such damage or destruction was caused by the act or omission of Tenant, or any of its employees, agents, invitees, assignees, subtenants, licensees or concessionaires, then Tenant shall be paid solely pay to LandlordLandlord the amount by which such costs and expenses exceed the insurance proceeds, and all Rent shall xxxxx and be prorated as if any, actually received by Landlord on account of the date of the such damage or destruction destruction. Notwithstanding anything above to the contrary, Landlord shall have the right to terminate this Lease in the event (with any surplus rent paid in advance being refunded a) the Tenant as lender fails or refuses to Tenant)make such insurance proceeds available for such repair and restoration, or (b) zoning or other applicable Laws do not permit such repair and restoration.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building shall be destroyed or Project is damaged by fire or other insured casualty required to and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be insured against under Section 6(a) repaired by and at the expense of this Lease, then the Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to said casualty to the extent such insurance proceeds are available therefor and provided such repairs can, in Landlord's opinion, be made within ninety (90) days after the occurrence of the damage without the payment of overtime or other premiums. Until such repairs are completed, rent shall be abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). If the damage is due to the fault or neglect of Tenant or its employees, agents or visitors, there shall be no abatement of rent. If repairs cannot, in Landlord's opinion, be made within ninety (90) days after the occurrence of the damage, Landlord may, at its option, make them within a reasonable time and in such event this Lease shall continue in effect and the rent shall be abated in the manner provided in this Article 16. Landlord's election to make such repairs must be evidenced by written notice to Tenant within thirty (30) days after the learning of the occurrence of the damage. If Landlord does not so elect within such thirty (30) day period to make such repairs which cannot be made within said ninety (90) days, then either party may, by written notice to the other, cancel this Lease as the date of the occurrence of such casualtydamage. If the damage or A total destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may Project shall automatically terminate this Lease by giving the other party notice of terminationLease. Such termination Except as provided in this Article, there shall be effective twenty (20) days following receipt no abatement of the notice rent and no liability of Landlord by the other party, except that a notice reason of termination by Landlord shall be of no force any injury to or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of interference with Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement business or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived property arising from such damage or destruction shall be paid solely or the making of any repairs, alterations or improvements in or to Landlordany portion of the Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of any kind to Tenant's furniture, furnishings, fixtures or equipment, and all Rent that Landlord shall xxxxx not be obligated to repair any damage thereto or replace the same. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and be prorated as releases its rights under the provisions of Sections 1932(2) and 1933(4) of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)California Civil Code.
Appears in 1 contract
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Premises is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence Seller shall notify Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other partyfact and, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In additionas hereinafter provided, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord Seller given not later than ten (10) business days after receipt of Seller's notice. If this Agreement is so terminated, the provisions of Section 17(c) shall apply. If (i) Purchaser does not elect to terminate this Agreement, or (ii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any damage or destruction which is not "material", as such term is hereinafter defined) of the Premises and as a result thereof no Major Tenant is entitled to cancel or terminate its Lease, Purchaser shall close title as provided in this Agreement and, at any time the Closing, Seller shall, unless Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to Purchaser the proceeds of restoration, as applicable. For purposes any insurance collected by Seller less the amount of all reasonable out-of-pocket third party costs incurred by Seller in connection with the preceding sentence, if the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and (y) either, (A) if the extent insurance policies are in full force and effect and the insurer has no defenses thereunder, assign and transfer to Purchaser all right, title and interest of the damage or destruction is equal Seller in and to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all any uncollected insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived which Seller may be entitled to receive from such damage or destruction and Purchaser shall receive a credit against the Purchase Price in the amount of any deductible or self-insured amounts, or (B) if the insurance policies are not in full force and effect or the insurer has defenses thereunder, Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than the Closing Date, in which event the provisions of Section 17(c) shall apply . A "material" part of the Premises shall be paid solely deemed to Landlord, and all Rent have been damaged or destroyed if the cost of repair or replacement shall xxxxx and be prorated $500,000.00 or more as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)reasonably as estimated by Seller.
Appears in 1 contract
Damage or Destruction. (a) If all In the event the Building and/or the Premises or any part of the Building shall be destroyed or insured alterations are damaged by fire or other casualty required perils covered by Landlord's extended coverage insurance to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises canan extent not be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof and if the damage thereto is such that the Building and/or the Premises and any insured alterations may be repaired, reconstructed or restored within a period of the Building, the "Restoration Date" shall be the date that is twelve one-hundred eighty (12180) months after days from the date of the damage happening of such casualty and Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, Landlord shall commence and proceed diligently with the work or destructionrepair, reconstruction and if restoration and the extent of the damage Lease shall continue in full force and effect. If such work or destruction repair, reconstruction and restoration is equal such as to require a period longer than one-hundred eighty (180) days or greater than exceeds twenty-five percent (25%) of the full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, Landlord either may elect to so repair, reconstruct or restore the Building and/or Premises and any insured alterations and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore the Building and/or Premises and any insured alterations and the Lease shall in such event terminate, provided, however, if the Premises are damaged to the extent that costs to repair exceed 50% or more of the replacement cost of the Building, either Landlord or Tenant may terminate this Lease. Under any of the "Restoration Date" conditions of this Subparagraph 21(a), Landlord shall be the date that is eighteen give written notice to Tenant of its intention within thirty (1830) months after days from the date of the such event of damage or destruction. If In the event Landlord elects not to restore said Building and/or Premises and any insured alterations, this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated deemed to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated have terminated as of the date of such partial destruction. Notwithstanding the damage foregoing, if such work or destruction repair, reconstruction and restoration is such as to require a period longer than one-hundred eighty (with any surplus rent paid in advance being refunded to Tenant180), Landlord or Tenant may terminate this Lease.
Appears in 1 contract
Damage or Destruction. In the event (a) If all the Improvements are damaged by a casualty or occurrence other than an Insured Casualty, (b) such damage occurs at anytime within the last twelve (12) months of the Lease Term, or (c) the Premises or any part portion thereof or any portion of the Building shall be destroyed or Improvements necessary for Tenant’s use and occupancy of the Premises is damaged by fire fire, explosion or other casualty required and the same cannot be repaired, rebuilt or restored to be insured against substantially the same condition, (i) under Section 6(a) of this Lease, then any Legal Requirement or other governmental order (as reasonably determined by Landlord shall, as and communicated in writing to Tenant promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to after the occurrence of such casualty. If the damage or destruction occurs during the last damage), (ii) within two hundred seventy (2270) years days of the Initial Term occurrence of such damage (as reasonably determined by Landlord and communicated in writing to Tenant promptly after the occurrence of such damage), or during (iii) under any Renewal Term, and the restoration of other agreement to which the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destructionis subject, then either party in such event Landlord may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a Tenant written notice of termination by Landlord shall be of no force or effect if within twenty thirty (2030) days after receipt the happening of such notice Tenant gives written notice the event causing the damage. Upon the occurrence of the events described in ("Nullification Notice"c)(i) to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described belowor (c)(ii) above, Tenant shall have the option to may terminate this Lease by giving Landlord written notice of such termination within thirty (30) days after notice from Landlord as provided in (c) (i) or (ii) above. In the event that Landlord or Tenant does not have the right to elect to terminate this Lease or has the right to elect to terminate this Lease but does not make such election, Landlord shall promptly and with all due diligence repair and replace the Improvements to the condition existing immediately preceding such fire, explosion or other casualty and, subject to Force Majeure, shall cause such repair and replacement to be completed within three hundred sixty (360) days after the happening of the event causing the damage. Landlord’s obligation to repair and replace the Improvements is contingent upon receipt by Landlord of the applicable insurance proceeds. In the event the net amount of such proceeds is less than the aggregate amount of costs Landlord reasonably estimated that it will incur in connection with the repair and replacement (and Tenant does not pay to Landlord at upon demand therefor the difference), Landlord may elect to terminate this Lease. All repair and replacement work by Landlord under this Section shall comply with all applicable Legal Requirements. During any time prior period of reconstruction or repair of the Improvements, Tenant shall operate its business in the Premises to the commencement or completion of restoration, as applicableextent practicable. For purposes of the preceding sentence, if To the extent of insurance proceeds received by Landlord, Base Rent and Tenant’s Share of Operating Expenses and Taxes shall be abated during the period of such repair and restoration, commencing on the date the damage occurred and ending on the date Landlord notifies Tenant that it has substantially completed the repair or destruction is less than twenty-five percent (25%) restoration, in an amount bearing the same ratio to the total amount of Base Rent for such period as the untenantable portion of the replacement cost value Premises bears to the entire Premises. In no event will Landlord be liable for any inconvenience or annoyance to Tenant or injury to Tenant’s business resulting in any way from damage caused by fire or other casualty or the repair of such damage, provided, however, that to the extent Tenant remains in possession of any portion of the BuildingPremises, Landlord will endeavor to minimize the "Restoration Date" shall be the date that is twelve (12) months after the date disruption to Tenant’s business and use of such portion of the damage or destruction, and if Premises during the extent period of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)repair.
Appears in 1 contract
Samples: Lease Agreement (Digitiliti Inc)
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord at any time the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect by notice to the Purchaser to repair such damage or destruction to substantially the condition of the Property which existed prior to the commencement or completion time of restoration, as applicable. For purposes of the preceding sentence, if the extent of the such damage or destruction and shall thereafter complete such repair within 90 days after the then scheduled Closing Date at the time of the Purchaser's election. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is less than twentyineffective because the Seller elects to repair such damage and completes such repair within such 90-five percent day period provided above, or (25%iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any damage or destruction which is not "material", as such term is hereinafter defined) of the replacement cost value of the BuildingProperty, the "Restoration Date" Purchaser shall be close title as provided in this Agreement and, at the date that is twelve Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the Closing, (12x) months after pay over to the date Purchaser the proceeds of any insurance collected by the Seller less the amount of all costs incurred by the Seller in connection with the repair of such damage or destruction, and (y) assign and transfer to the Purchaser all right, title and interest of the Seller in and to any uncollected insurance proceeds which the Seller may be entitled to receive from such damage or destruction. A "material" part of the Property shall be deemed to have been damaged or destroyed if the extent cost of repair or replacement shall be fifteen percent (15%) or more of the damage or destruction is equal to or greater than twenty-five percent (25%) of the total replacement cost of the Building, Buildings as reasonably as estimated by the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Seller.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Witter Dean Realty Income Partnership Ii Lp)
Damage or Destruction. (a) If all or any part of the Building Improvements shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence Closing, and if either the estimated cost of such casualty. If repair or replacement exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) or the damage results in the termination of one or destruction occurs during the last two (2) years more of the Initial Term or during any Renewal TermLeases, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destructionPurchaser may, then either party may terminate this Lease by giving the other party written notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if given to Seller within twenty (20) days after receipt of such notice Tenant gives written notice from Seller of such damage or destruction, elect to terminate this Agreement, in which event the Exxxxxx Money shall immediately be returned to Purchaser and the rights, duties, obligations, and liabilities of all parties hereunder shall immediately terminate and be of no further force or effect except those that expressly survive such termination. If Purchaser does not elect to terminate this Agreement pursuant to this Paragraph 19, or has no right to terminate this Agreement ("Nullification Notice"because the damage or destruction does not exceed Two Hundred Fifty Thousand Dollars ($250,000.00) and has not resulted in the termination of one or more of the Leases), and the sale of the Property is consummated, Purchaser shall be entitled to Landlord receive all insurance proceeds paid or payable to Seller by reason of Tenant's exercise such destruction or damage under the insurance required to be maintained by Seller pursuant to Paragraph 10 hereof (less amounts of insurance theretofore received and applied by Seller to costs actually incurred for restoration). Seller shall not settle or release any available renewal optiondamage or destruction claims without obtaining Purchaser’s prior written consent in each case. All said insurance proceeds received by Seller by the date of Closing shall be paid by Seller to Purchaser at Closing, together with the lesser of (iii) that amount necessary to cover any difference between the amount of such proceeds and the estimated cost of repair or replacement, or (iv) the amount of the deductible under Seller’s property damage insurance policy. In addition, if Landlord fails at Closing, Seller shall pay over to complete such restoration prior Purchaser, and assign to Purchaser, all proceeds of any rent loss insurance for the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any period of time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after commencing on the date of Closing, if any. If the damage amount of said casualty or destruction, and if the extent of the damage or destruction rent loss insurance proceeds is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after not settled by the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification NoticeClosing, Landlord Seller shall be obligated to restore the Premises as provided above. If this Lease is terminatedexecute at Closing all proofs of loss, all insurance proceeds for the Premises assignments of claim, and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlordsimilar instruments in order that Purchaser receive all of Seller’s right, title, and all Rent shall xxxxx interest in and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)under said insurance proceeds.
Appears in 1 contract
Samples: Agreement for the Purchase and Sale of Property (Wells Core Office Income Reit Inc)
Damage or Destruction. (a) If all or prior to the Closing, any part portion of the Building shall be Properties is partially damaged or destroyed or damaged by fire or other casualty casualty, but is not materially damaged or destroyed (as defined below) by fire or other casualty, Buyer shall be required to perform this Agreement (provided that Seller maintained full replacement cost coverage with a financially responsible insurance company) and Buyer or the LLC shall be insured entitled to an assignment of the proceeds under the applicable insurance policy or a credit in the amount of any insurance proceeds received by Seller plus a credit against under Section 6(a) the Purchase Price in the amount of this Leasethe applicable insurance deductible and in the amount of any uninsured loss not to exceed $150,000 for any Property. If any portion of the Properties is materially damaged or destroyed by fire or other casualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party Buyer may terminate this Lease by giving the other party Agreement on written notice of termination. Such termination shall be effective twenty to Seller given no later than three (203) business days following receipt after Buyer receives an estimate of the notice by cost of repairs. If Buyer shall exercise such option to terminate, the other partyTermination Remedy shall apply. If a Property is materially damaged or destroyed, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Buyer shall have the right in lieu of terminating this Agreement to remove the applicable Property from this Agreement in which event (i) the Purchase Price shall be adjusted downward by the amount of the Purchase Price allocated to such Property, (ii) the Deposit shall be adjusted downward so that the Deposit remains the same percentage of the adjusted Purchase Price as the percentage of the original Deposit to the original Purchase Price and (iii) the terms "Properties" and "Centers" shall not thereafter refer to any Property and Center that was removed from this Agreement; provided that -35- Buyer shall only be entitled to remove only one (1) Property from this Agreement under this Section 14 and under Section 15 below. If Buyer does not exercise such option to terminate this Lease Agreement or to remove the affected Property from this Agreement, the Agreement shall remain in full force and effect in accordance with its terms and Buyer or the LLC shall be entitled to an assignment of the insurance proceeds and credits as provided in the first sentence of this Section 14. In the event of any damage by giving written notice fire or other casualty, the determination as to Landlord at any time prior to the commencement whether such damage or completion of restoration, as applicabledestruction is material shall be made by an engineer or architect ("Approved Engineer") designated jointly by Seller and by Buyer. For purposes hereof, a Property shall be deemed "materially damaged or destroyed" if (i) the cost of repair and restoration of such damage or destruction as estimated by the Approved Engineer for any portion of the preceding sentence, Property is greater than One Hundred Fifty Thousand and No/100 ($150,000.00) Dollars or (ii) if the extent supermarket Tenant at the applicable Property would have the right to terminate its Lease as a result of the damage or destruction is less than twenty-five percent (25%) to the applicable Property. If Buyer agrees to close with respect to any Property that has been materially damaged, Seller shall pay to Buyer the amount of any rent loss incurred by the replacement cost value of LLC or Buyer for rent abatements taken by Tenant due to such damage or destruction between the Building, the "Restoration Date" shall be date hereof and the date that is twelve such rent abatement fully ceases less the amount of rent-loss insurance proceeds, if any, received by the LLC or Buyer (12) months the "Rent Abatement Amount"). The proceeds of all rent-loss insurance payable with respect to any damage or destruction after the date of this Agreement shall be assigned by Seller to Buyer or the damage or destruction, and if LLC at the extent Closing (pro rated to midnight of the damage or destruction is equal to or greater than twenty-five percent (25%) of day preceding the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to TenantClosing).
Appears in 1 contract
Damage or Destruction. (a) If all In the event that facilities or Improvements on the Premises are damaged or destroyed in whole or in part by any part of peril or casualty during the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) Term of this LeaseAgreement, then Landlord shallthis Agreement shall remain in full force and effect and CONCESSIONAIRE shall proceed with due diligence to repair, restore, rebuild or replace said damaged or destroyed property or parts thereof to as promptly good a condition as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed all affected properties were in immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party subject to such alterations as CONCESSIONAIRE may terminate elect to make and are permitted in this Lease by giving Agreement. All proceeds from the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") insurance policies related to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely applied to Landlordcover the cost of such repairs or restoration. Provided the damage or destruction was not caused in whole or in part by CONCESSIONAIRE’S actions or inactions, from the date of such casualty until such area is so repaired (including if such area is not repaired), the MAG otherwise due hereunder shall xxxxx in amounts proportional to the loss of available Concessions Facilities Space; provided, however, that if an area shall be so slightly injured in any such casualty as not to be rendered unfit for normal usage, the MAG related thereto shall not cease or be abated during any repair period. In the event the Improvements are damaged or destroyed in whole or in part by any peril or casualty not resulting in whole or in part from the actions of the CONCESSIONAIRE during the Term of this Agreement, and all Rent such damage, destruction or loss exceeds fifty five percent (55%) of the value of the property as it existed prior to the casualty loss, CONCESSIONAIRE shall xxxxx and have the election, indicated by written notice given to AUTHORITY within 180 days after the occurrence of such event, not to repair, restore, rebuild or replace the Improvements. Upon such election by CONCESSIONAIRE, this Agreement shall be prorated terminated effective as of the date such notice is given by CONCESSIONAIRE, and neither party shall have any further rights or obligations pursuant to this Agreement other than CONCESSIONAIRE’S obligation to satisfy damages arising from any negligent or intentional action of itself, its employees, agents or invitees to the extent not covered by insurance proceeds. All of the damage or destruction (with any surplus rent insurance proceeds shall be paid in advance being refunded to Tenant)CONCESSIONAIRE and AUTHORITY as their interests may appear. Where allowed by the insurance policy, insurance proceeds shall first be applied to removal of damaged Improvements from the Premises before such distribution.
Appears in 1 contract
Damage or Destruction. Damages which render fifty percent (a50%) If all or more of the square-foot area of the building(s) of the Leased Premises unfit for the purpose of Lessee’s business shall be considered Substantial Destruction. Damages which render less than fifty percent (50%) but more than thirty percent (30%) of the square-foot area of the building(s) of the Leased Premises unfit for the purpose of Lessee’s business shall be considered a Substantial Destruction subject to special treatment. Damages, which render thirty percent (30%), or less of the square-foot area of the building(s) of the Leased Premises unfit for the purpose of Lessee’s business shall be considered a Partial Destruction. If, during the term of this Lease Agreement, or any part of extension thereof, the Building Leased Premises shall be substantially destroyed (“Substantial Destruction”) by fire, the elements, or damaged any other cause, this Lease Agreement, at the option of Lessor or Lessee and upon written notice delivered by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible terminating party to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two other party within ten (210) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period business days after the date of the damage or said destruction, then either shall thereupon cease and terminate, and each party may shall be released from further obligation thereunder, and Lessor shall refund to Lessee any portion of the rent paid in advance and not earned at the time of said destruction; provided however, that should Lessor elect to terminate this Lease Agreement and/or not repair damages to Leased Premises, caused by giving the other party notice a Substantial Destruction of termination. Such termination shall be effective twenty less than fifty percent (2050%) days following receipt of the notice by the other partybut more than thirty percent (30%) as defined above, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Lessee shall have the option of making such repairs and paying the cost thereof, if any, in excess of the insurance proceeds, and such action by Lessee shall negate the option otherwise available to Lessor to terminate this Lease by giving written notice Agreement and Lessee shall be entitled to Landlord at any time prior a rent deduction during the period of restoration pursuant to Partial Destruction provisions described below; and in addition, Lessee shall be entitled to a credit against future rent beginning with the commencement or completion first month following said restoration in an amount equal to Lessee’s cost of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five repairs plus ten percent (2510%) of the replacement cost value of such repairs. If neither party elects to terminate this Lease Agreement pursuant to the Buildingforegoing, the "Restoration Date" Lessor shall be deemed to have elected to restore the date that is twelve Leased Premises substantially to their condition before such Substantial Destruction. Lessor shall commence the restoration within thirty (1230) months after calendar days and complete said restoration within one hundred twenty (120) calendar days from the date of such Substantial Destruction. If however, during the damage term of this Lease Agreement, or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Buildingany extension thereof, the "Restoration Date" premises shall be partially destroyed (“Partial Destruction”) by fire, the date that is eighteen elements, or any other cause, then the Lessor shall repair the Leased Premises at Lessor’s expense as rapidly as possible, but the elapsed time shall not exceed one hundred twenty (18120) months after calendar days from the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Noticesuch Partial Destruction, Landlord and Lessee shall be obligated entitled to restore a reduction of rent, in proportion’s to the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as area of the date of Leased Premises rendered unfit for occupancy, until the damage or destruction (with any surplus rent paid in advance being refunded Leased Premises are restored to Tenant)their condition before said destruction.
Appears in 1 contract
Damage or Destruction. (a) If In the event that substantially all or any part of the Building shall be is destroyed or damaged by fire fire, explosion or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account either Sublandlord or Subtenant shall have the time necessary right to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible terminate this Sublease by written notice thereof to the condition that existed immediately prior to the occurrence other party, in which event this Sublease shall terminate effective as of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt delivery of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal optionnotice. In additionthe event the Subleased Premises is damaged by fire, if Landlord fails to complete explosion or other casualty such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than that: (i) twenty-five percent (25%) or more of the replacement cost value Subleased Premises is rendered untenantable, (ii) access to the Subleased Premises is lost or materially diminished, or (iii) Subtenant reasonably estimates that the time to complete any restoration of the BuildingSubleased Premises will exceed one hundred twenty (120) days from the occurrence of such casualty, the "Restoration Date" shall be the date that is twelve (12) months after the date then, in any of the damage foregoing cases, Subtenant or destructionSublandlord may elect to terminate this Sublease by written notice thereof to the other party, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" this Sublease shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated terminate effective as of the date of the delivery of such notice. In the event the damage to the Subleased Premises is not so extensive, or destruction if Subtenant and/or Sublandlord elects not to exercise its termination rights pursuant to the foregoing sentence, Sublandlord shall commence the repair, restoration or rebuilding of the Building and Subleased Premises within thirty (with 30) days after such damage and shall complete such restoration, repair or rebuilding within one hundred twenty (120) days after such damage. If Sublandlord fails to timely complete repairs or restoration as provided in the foregoing sentence, Subtenant shall have the right to terminate this Sublease by written notice to Sublandlord. In any surplus rent paid event, in advance being refunded to Tenant)the event of fire or other casualty, Rent shall be proportionately abated from the date of casualty based on the area of the Subleased Premises rendered unsuitable for Subtenant's general office use.
Appears in 1 contract
Samples: Stock Purchase Agreement (Belk Inc)
Damage or Destruction. If any building or improvement at any time on the Premises or Landlord Signage shall be damaged or destroyed by any cause whatsoever (a) If all other than the negligence or any part willful misconduct of the Building shall be destroyed or damaged by fire or other casualty required to be insured against under Section 6(aLandlord), during the first seventeen (17) years of this Lease, then Landlord Tenant shall, as promptly as feasible (taking into account with reasonable promptness repair and replace the time necessary same at its own expense, to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to at least the condition that existed existing immediately prior to such damage or destruction, and shall do so, even though proceeds of any insurance policies covering the occurrence loss shall be insufficient to reimburse Tenant therefore; provided, however that if such proceeds of insurance are more than sufficient to pay the cost of any such casualtyrebuilding, Tenant shall be entitled to receive any surplus. If the Except for damage or destruction occurs caused by the negligence or willful misconduct of Landlord, Tenant shall not be entitled to any abatement of Rent during any period of reconstruction nor shall Tenant's obligations under this Lease be terminated, notwithstanding any damage or destruction to said building or improvements. If during the last two three (23) years Lease Years of the Initial Term or during any Renewal TermTerm the Facility is damaged to the extent of fifty percent (50%) or more of the full restoration cost (exclusive of the land and foundations), then this Lease may be terminated at the election of either Landlord or Tenant, provided that notice of such election shall be delivered by the electing party to the other within thirty (30) days after the occurrence of such damage or destruction. Upon the exercise of such option to terminate by either party hereto, this Lease shall be deemed of no further force or effect, the parties shall be released from all further liabilities thereafter arising under this Lease, except as to indemnity, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period any pre-existing unperformed obligations, and all Rent or other charges paid by Tenant for periods after the date of destruction shall be promptly refunded. Notwithstanding the foregoing, however, if at the time of such damage or destructiondestruction Tenant has the right to extend the Term as provided in Section 3.3 hereof, then either party Tenant may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if elect to exercise such right within twenty (20) days after receipt receiving notice of Landlord's election to terminate pursuant to this Section 7.1, and in such case Landlord's notice of termination shall be void and Tenant gives written notice ("Nullification Notice") shall diligently proceed to repair the Facility. Notwithstanding the termination of this Lease as provided in this paragraph, Tenant's obligation for unpaid Rent, Additional Rent or any other sums due under this Lease through the date of termination, restoration of the Premises and Landlord and Tenant's indemnification obligations shall survive such termination as provided in the Lease. Notwithstanding that Tenant's future obligation to pay Rent under the Lease may be terminated pursuant to this paragraph, to the extent that Tenant is entitled to any insurance proceeds related to the destruction of the Facility after the discharge and full payment of all of Tenant's exercise of creditors who have a security interest in the Facility, Distribution System, Chilled Water Agreements or any available renewal option. In addition, if Landlord fails to complete such restoration prior to equipment within the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification NoticeFacility, Landlord shall be obligated entitled to restore receive from the Premises as provided above. If this Lease is terminated, all remaining insurance proceeds an amount equal to the Base Rent that would otherwise have been due under the Lease, exclusive of any adjustments, for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as remainder of the date of the damage or destruction (with any surplus rent paid Lease term then in advance being refunded to Tenant)effect.
Appears in 1 contract
Damage or Destruction. 24.1. In the event of a partial destruction of (a) If all the Premises, (b) the Building, (c) the Common Area or any part of (d) the Building shall be destroyed or damaged Project ((a)-(d) collectively, the “Affected Areas”) by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any perils covered by extended coverage insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof, and provided that (w) the damage thereto is such that the Affected Areas may be repaired, reconstructed or restored within a period of six (6) months from the date of the Buildinghappening of such casualty, (x) Landlord shall receive insurance proceeds from its insurer or Lender sufficient to cover the cost of such repairs, reconstruction and restoration (except for any deductible amount provided by Landlord’s policy, which deductible amount, if paid by Landlord, shall constitute an Operating Expense) (y) the repair, reconstruction or restoration of the Affected Areas is permitted by all applicable Loan Documents or otherwise consented to by any and all Lenders whose consent is required thereunder, and (z) such casualty was not intentionally caused by a Tenant Party, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration of the Affected Areas and this Lease shall continue in full force and effect. 24.2. In the event of any damage to or destruction of the Building or the Project other than as described in Section 24.1, Landlord may elect to repair, reconstruct and restore the Building or the Project, as applicable, in which case this Lease shall continue in full force and effect. If Landlord elects not to repair, reconstruct and restore the Building or the Project, as applicable, then this Lease shall terminate as of the date of such damage or destruction. In the event of any damage or destruction (regardless of whether such damage is governed by Section 24.1 or this Section), if (a) in Landlord's determination as set forth in the Damage Repair Estimate (as defined below), the "Restoration Date" shall Affected Areas cannot be the date that is repaired, reconstructed or restored within twelve (12) months after the date of the damage or destructionDamage Repair Estimate, and if the extent of the damage or destruction is equal (b) subject to or greater than twenty-five percent (25%) of the replacement cost of the BuildingSection 24.6, the "Restoration Date" shall be Affected Areas are not actually repaired, reconstructed and restored by the date that is eighteen later of (18i) twelve (12) months after the date of the damage Damage Repair Estimate or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant).ii) ninety (90) days
Appears in 1 contract
Samples: Lease (La Jolla Pharmaceutical Co)
Damage or Destruction. (a) If all or any a part of the Building shall be destroyed or Real Property is damaged by fire or other casualty required casualty, and the damage can, in Landlord's reasonable opinion, be repaired within one hundred twenty (120) days of the damage, then this Lease shall remain in full force and effect. If the repairs cannot, in Xxxxxxxx's opinion, be made within the one hundred twenty (120)-day period, Landlord at its option exercised by written notice to Tenant within the one hundred twenty (120)-day period, may terminate this Lease as of the date specified by Landlord in the notice, which date shall be insured against under Section 6(anot less than thirty (30) of days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice. If Landlord does not give notice terminating this Lease, then and, if the damage is to the Premises or access to or use and occupancy of the Premises is materially impaired as a result of the damage, Landlord shallshall repair the damage (provided, however, that Landlord shall not be required to repair or restore any personal property, fixtures or Alterations, as defined in Paragraph 9 above). If all or a part of the Premises are damaged by fire or other casualty, or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, Landlord shall promptly as feasible (taking into account give Tenant notice of Landlord's reasonable estimate of the time necessary required to conclude a satisfactory settlement with any insurance company involvedmake such repairs (the "Damage Estimate"), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the Damage Estimate is more than one hundred eighty (180) days, and Landlord does not give notice terminating this Lease (as provided above), then Tenant may give notice to Landlord, within thirty (30) calendar days after Xxxxxx receives the Damage Estimate, terminating this Lease as of the date of such fire or casualty. Notwithstanding anything to the contrary contained in this Paragraph 26, if the initial Damage Estimate is more than ninety (90) days, and the date on which Landlord reasonably anticipates the repairs of such damage or destruction occurs will be completed is during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date months of the damage or destructionLease term, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, and Tenant shall each have the option to terminate this Lease as of the date of such damage by giving written notice to the other, in the case of Landlord at any time prior together with the Damage Estimate, or, in the case of Tenant, within thirty (30) days of Xxxxxx's receipt of the Damage Estimate. Notwithstanding anything to the commencement contrary in this Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or completion of restorationTenant, as applicablethe party from whose misconduct such damage results shall have no right to terminate this Lease. For purposes If the fire or other casualty damages the Premises or the common areas of the preceding sentenceReal Property necessary for Tenant's use and occupancy of the Premises, if Tenant ceases to use any portion of the Premises as a result of such damage, and the damage does not result from the negligence or willful misconduct of Tenant or any other Tenant Parties, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent of to which the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructionand repair prevents Tenant from conducting, and if Tenant does not conduct, its business at the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destructionPremises. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall not be obligated to restore repair or replace any of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises as provided aboveby Tenant, and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant's sole cost and expense, repair and replace such items. If this Lease is terminated, all insurance proceeds for the Premises All such repair and other improvements payable under Landlord's policies and derived from such damage or destruction replacement of Alterations shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (constructed in accordance with any surplus rent paid in advance being refunded to Tenant)Paragraph 9 above regarding Alterations.
Appears in 1 contract
Samples: Office Lease (Ask Jeeves Inc)
Damage or Destruction. (a) If all or Tenant shall give prompt notice to Landlord of any part of the Building shall be destroyed or damaged damage by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition Premises or any portion thereof. In the event that existed immediately prior the Premises, or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured casualty (a "Casualty") that the Tenant shall not have reasonably convenient access to the occurrence Premises or any portion of such casualty. If the Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 6.01, and if in the judgment of the Landlord the damage or destruction occurs during may be repaired within one hundred and eighty (180) days with available insurance proceeds, then the last two Landlord shall so notify the Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date occurrence of the damage or destructiondestruction (the "Notice Period") and shall repair such damage or destruction (except damage or destruction to Tenant's Property or Tenant's Alterations) with reasonable diligence. In the event that the Landlord shall not complete such repairs within one hundred and eighty (180) days after the elapse of the Notice Period, then either party may the Tenant shall have the right to terminate the term of this Lease lease by giving the other party written notice of termination. Such such termination shall be effective twenty (20) days following receipt of to the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt the end of such one hundred and eighty (180) day period; provided, however, that in the event that the completion of repairs shall be delayed by causes beyond the Landlord's control, including those events described in Section 15.11 hereof, the time for completion shall be extended by the period of such delay. If in the judgment of the Landlord the Premises, or means of access thereto, cannot be repaired within one hundred and eighty twenty (180) days after the elapse of the Notice Period with available insurance proceeds and the Landlord does not deliver the Tenant notice Tenant gives written notice of its decision to repair such damage within sixty ("Nullification Notice"60) to Landlord days after the occurrence of Tenant's exercise of any available renewal option. In additionthe Casualty, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant then either party shall have the option right to terminate the term of this Lease by giving written notice to Landlord at any time prior of such termination to the commencement or completion other party within the period of restoration, as applicable. For purposes sixty (60) to seventy-five (75) days after the occurrence of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Casualty.
Appears in 1 contract
Samples: Lease (Greenfield Online Inc)
Damage or Destruction. (a) If all or Tenant shall give prompt notice to Landlord of any part of the Building shall be destroyed or damaged damage by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition Premises or any portion thereof. In the event that existed immediately prior the Premises, or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured casualty (a "Casualty") that the Tenant shall not have reasonably convenient access to the occurrence Premises or any portion of such casualty. If the Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, and if in the judgment of the Landlord the damage or destruction occurs during may be repaired within one hundred and eighty (180) days with available insurance proceeds, then the last two Landlord shall so notify the Tenant within sixty (260) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period days after the date occurrence of the damage or destructiondestruction (the "Notice Period") and shall repair such damage or destruction (except damage or destruction to Tenant's Property or Tenant's Alterations) with reasonable diligence. In the event that the Landlord shall not complete such repairs within one hundred and eighty (180) days after the elapse of the Notice Period, then either party may the Tenant shall have the right to terminate the term of this Lease lease by giving the other party written notice of termination. Such such termination shall be effective twenty (20) days following receipt of to the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt the end of such one hundred and eighty (180) day period; provided, however, that in the event that the completion of repairs shall be delayed by causes beyond the Landlord's control, including those events described in Section 15.11 hereof, the time for completion shall be extended by the period of such delay. If in the judgment of the Landlord the Premises, or means of access thereto, cannot be repaired within one hundred and eighty twenty (180) days after the elapse of the Notice Period with available insurance proceeds and the Landlord does not deliver the Tenant notice Tenant gives written notice of its decision to repair such damage within sixty ("Nullification Notice"60) to Landlord days after the occurrence of Tenant's exercise of any available renewal option. In additionthe Casualty, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant then either party shall have the option right to terminate the term of this Lease by giving written notice to Landlord at any time prior of such termination to the commencement or completion other party within the period of restoration, as applicable. For purposes sixty (60) to seventy-five (75) days after the occurrence of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Casualty.
Appears in 1 contract
Samples: Lease (Greenfield Online Inc)
Damage or Destruction. (a) If If, prior to Closing, all or any part portion of the Building shall be Property is damaged or destroyed or damaged by fire fire, earthquake or other casualty required to be insured against under Section 6(a) (other than any of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involvedforegoing caused by Purchaser or its agents), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence Seller shall promptly notify Purchaser of such casualty. If the fact and if such damage or destruction occurs during the last two is “Material” (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destructionas defined below), then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord Seller given not later than five (5) business days after receipt of Seller’s written notice. If (a) Purchaser does not elect to terminate this Agreement with respect to a Material casualty within such five (5) business day period, or (b) there is damage to or destruction of a Property that is not Material, then (i) Purchaser shall close escrow as provided in this Agreement and at any time the Closing, Seller shall, unless Seller has repaired such damage or destruction prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent Closing (25%) of the replacement cost value of the Building, the "Restoration Date" which repairs shall be subject to Purchaser’s reasonable approval), assign and turn over to Purchaser, and Purchaser shall be entitled to receive and keep, all right, title and interest of Seller in and to any uncollected insurance proceeds (including rent loss insurance for the date that is twelve (12period after Closing) months after the date which Seller may be entitled to receive as a result of the such damage or destruction, and if (ii) Purchaser shall receive, as a credit against the extent of the damage or destruction is Purchase Price, an amount equal to or greater than twenty-five percent the deductible amount, if any, with respect to such insurance proceeds, (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from unless Seller has repaired such damage or destruction prior to the Closing), (iii) Seller shall be paid solely deliver to LandlordPurchaser at closing all insurance proceeds theretofore received by Seller and not expended toward the repair of the Property, including rent loss insurance for the period after Closing, and all Rent (iv) Purchaser shall xxxxx and be prorated as have the right to participate in the adjustment of any insurance claim which may occur prior to Closing. For purposes hereof, “Material” damage to or destruction of the date of the Property shall mean damage or destruction to all or any portion of the Property that is either uninsured or insured, the cost of repair or replacement related to which exceeds Six Hundred Sixty-Eight Thousand Five Hundred Sixty-Eight and 33/100 Dollars (with any surplus rent paid $668,568.33), as applicable, as reasonably estimated by an independent insurance claims adjuster doing business in advance being refunded the county in which the affected Property is located, which claims adjuster shall be reasonably satisfactory to Tenant)Seller and Purchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Strategic Storage Trust, Inc.)
Damage or Destruction. (a) If all Subject to the other provision of this paragraph, if the Premises or any part portion thereof becomes damaged or wholly or partially untenantable because of fire, earthquake, act of God, the elements or other casualty, Landlord shall repair such damage at Landlord's sole cost and expense provided insurance proceeds payable with respect to such loss are equal to or greater than seventy-five percent (75%) of the Building cost to repair such damage or destruction. Landlord shall notify Tenant within thirty (30) days after the date the loss occurs of the estimated cost to repair such damage or destruction and whether such damage or destruction may be destroyed or damaged by fire or other casualty required repaired within one hundred and fifty (150) days of the date such loss occurred ("Landlord's Damage Notice"). If the insurance proceeds payable with respect to be insured against under Section 6(asuch loss are less than seventy-five percent (75%) of the cost to repair such damage or destruction, Landlord may elect to terminate this Lease upon written notice to Tenant given within ten (10) days following receipt of Landlord's Damage Notice. If Landlord estimates the repairs will take more than one hundred fifty (150) days from the date the loss occurred, either Landlord or Tenant may elect to terminate this Lease upon written notice to the other given within ten (10) days following receipt of Landlord's Damage Notice. If neither Landlord nor Tenant elect to terminate this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and shall restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during at Landlord's sole expense within one hundred fifty (150) days after the last two (2) years of date the Initial Term or during any Renewal Term, and loss occurred. If Landlord fails to substantially complete the restoration of the Premises cannot be diligently completed such damage or destruction within a twelve one hundred fifty (12150) month period after the date of the days following such damage or destruction, then either party Tenant may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option elect to terminate this Lease by giving written notice of such election to Landlord at any time prior to not later than the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent one hundred eightieth (25%180th) of the replacement cost value of the Building, the "Restoration Date" shall be day following the date that is twelve (12) months after the date loss occurred. Rent shall xxxxx for such part of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as rendered unusable by Tenant in the conduct of its business during the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)time such part is so unusable.
Appears in 1 contract
Samples: Arris Pharmaceutical Corp/De/
Damage or Destruction. (a) If all In the event the Demised Premises are damaged by fire, explosion, or any part other casualty or occurrence, Lessor shall repair or rebuild the Demised Premises. Lessor agrees that as soon as it is reasonably able, but not later than three months after receipt of insurance proceeds, it will commence to repair or rebuild, and that it must have the Demised Premises properly repaired or rebuilt for Lessee within 180 days from the date of damage. The proceeds of insurance policies covering fire and other hazards shall be applied to fully restore the premises as nearly as possible to their original condition or to restore the premises so that it will be equal in value to its original condition. Provided however, that if said damage occurs during the 11th through 15th year of the Building shall be destroyed original term of this Lease, or damaged during any renewal periods, Lessor may elect to rebuild or terminate this Lease upon giving written notice of such election in writing to Lessee within 45 days of the happening of the event causing the damage. Should Lessor decide to rebuild, Lessor agrees that it must have the Demised Premises properly repaired for Lessee within 180 days from the date of damage. Except as provided in Paragraph 16, no damage to or destruction of any improvement or building either by fire or other casualty required or hazards, or in any other manner, or any condition rendering the Demised Premises untenantable or any permanant or temporary revocation or modification of any license, permit, privilege or right to occupy, use or maintain any street or sidewalk or any permanant or temporary deprivation of any right, privilege or easement appurtenence of any [****] operate as or be insured deemed an eviction partial or entire, of Lessee or in any way terminate, diminish, suspend, xxxxx or impair the obligation of Lessee to pay the full rental herein provided or the obligation of Lessee to fully observe and perform all covenants on the part of Lessee herein contained or any other obligation of Lessee herein reserved for the benefit of Lessor. Lessee agrees that there shall be no abatement of rent during the period of time in which the Demised Premises are being repaired or rebuilt, even though the Demised Premises may be untenantable in whole or in part during said period of time. Lessee shall have no claim against under Section 6(a) Lessor for any damage suffered by reason of this Leaseany such damage, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved)destruction, repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualtyor restoration. If Lessor is required or elects to rebuild the damage Demised Premises as herein provided, Lessee shall repair or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Termreplace its leasehold improvements including its fixtures, furniture, furnishings, floor coverings and equipment, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructionstock in trade, and if Lessee has closed, Lessee shall promptly reopen for business. Notwithstanding the extent foregoing, the rights and obligations of Lessor and Lessee under this paragraph 10 shall be subject to the terms and conditions of any mortgage of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified Demised Premises by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Lessor.
Appears in 1 contract
Samples: Impac Group Inc /De/
Damage or Destruction. (a) If all or any part of In the event the Building shall be destroyed or and/or the Premises is damaged by fire or other casualty required to be insured against under Section 6(a) of this Leaseperils covered by Landlord's insurance, then Landlord shall, as promptly as feasible (taking into account : In the time necessary to conclude event of a satisfactory settlement with any insurance company involved), repair such damage and restore partial destruction of the Building as nearly as possible and/or the Premises, to an extent not exceeding 25% of the condition that existed immediately prior to the occurrence of such casualty. If full insurable value thereof, and if the damage or destruction occurs during thereto is such tat the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of Building and/or the Premises cannot may be diligently completed repaired, reconstructed or restored within a twelve period of one hundred twenty (12120) month period after days from the date of the damage or destructionhappening of such casualty and if Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, then either party may terminate Landlord shall commence and proceed diligently with the work of repair, reconstruction or restoration and this Lease by giving the other party notice of terminationshall continue in full force and effect. Such termination If such repair, reconstruction, or restoration shall be effective require a period longer than one hundred twenty (20120) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than exceeds twenty-five percent (25%) of the replacement full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost value of such repairs, then Landlord either may elect to so repair, reconstruct or restore and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct, or restore and the Lease shall then terminate. Under any of the Buildingconditions of this Subsection (a), Landlord shall give written notice to Tenant of its intention within ninety (90) days after the "Restoration Date" occurrence of such damage or destruction. In the event Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date that of such partial destruction. If the Building and/or Premises is destroyed or damaged (as described in this paragraph) and the Building and/or Premises cannot be repaired, reconstructed or restored within twelve (12) months after of the date of the such damage or destruction, and if then Tenant shall have the extent right to terminate this Lease by giving written notice of termination to Landlord within fifteen (15) days after the expiration of the damage or destruction is equal to or greater than twenty-five percent twelve (25%12) of month period; the replacement cost of the Building, the "Restoration Date" effective termination date shall be the date that is eighteen (18) months after retroactive to the date of the damage or destruction. If In the event Tenant elects to terminate this Lease is not terminated or if Landlord's as provided herein, the date of termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from day of such damage or destruction occurred as if that date were the time originally fixed for termination of this Lease and this Lease shall be paid solely come to Landlord, an end with the same force and all Rent shall xxxxx and be prorated effect as of if the early termination date was the date provided for the expiration hereof. Further, all provisions of this Lease that are to become effective on the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)termination of this Lease shall become operative as effective on the new termination date.
Appears in 1 contract
Samples: Office Building Lease (Coinstar Inc)
Damage or Destruction. Damages which render fifty percent (a50%) If all or more of the square-foot area of the building(s) of the Leased Premises unfit for the purpose of Lessee’s business shall be considered Substantial Destruction, Damages which render less than fifty percent (50%) but more than thirty percent (30%) of the square-foot area of the building(s) of the Leased Premises unfit for the purpose of Lessee’s business shall be considered a Substantial Destruction subject to special treatment. Damages, which render thirty percent (30%), or less of the square-foot area of the building(s) of the Leased Premises unfit for the purpose of Lessee’s business shall be considered a Partial Destruction. If, during the term of this Lease Agreement, or any part of extension thereof, the Building Leased Premises shall be substantially destroyed (“Substantial Destruction”) by fire, the elements, or damaged any other cause, this Lease Agreement, at the option of Lessor or Lessee and upon written notice delivered by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible terminating party to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two other party within ten (210) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period business days after the date of the damage or said destruction, then either shall thereupon cease and terminate, and each party may shall be released from further obligation thereunder, and Lessor shall refund to Lessee any portion of the rent paid in advance and not earned at the time of said destruction; provided however, that should Lessor elect to terminate this Lease Agreement and/or not repair damages to Leased Premises, caused by giving the other party notice a Substantial Destruction of termination. Such termination shall be effective twenty less than fifty percent (2050%) days following receipt of the notice by the other partybut more than thirty percent (30%) as defined above, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Lessee shall have the option of making such repairs and paying the cost thereof, if any, in excess of the insurance proceeds, and such action by Lessee shall negate the option otherwise available to Lessor to terminate this Lease by giving written notice Agreement and Lessee shall be entitled to Landlord at any time prior a rent deduction during the period of restoration pursuant to Partial Destruction provisions described below; and in addition, Lessee shall be entitled to a credit against future rent beginning with the commencement or completion first month following said restoration in an amount equal to Lessee’s cost of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five repairs plus ten percent (2510%) of the replacement cost value of such repairs. If neither party elects to terminate this Lease Agreement pursuant to the Buildingforegoing, the "Restoration Date" Lessor shall be deemed to have elected to restore the date that is twelve Leased Premises substantially to their condition before such Substantial Destruction, Lessor shall commence the restoration within thirty (1230) months after calendar days and complete said restoration within one hundred twenty (120) calendar days from the date of such Substantial Destruction. If however, during the damage term of this Lease Agreement, or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Buildingany extension thereof, the "Restoration Date" premises shall be partially destroyed (“Partial Destruction”) by fire, the date that is eighteen elements, or any other cause, then the Lessor shall repair the Leased Premises at Lessor’s expense as rapidly as possible, but the elapsed time shall not exceed one hundred twenty (18120) months after calendar days from the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Noticesuch Partial Destruction, Landlord and Lessee shall be obligated entitled to restore a reduction of rent, in proportion’s to the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as area of the date of Leased Premises rendered unfit for occupancy, until the damage or destruction (with any surplus rent paid in advance being refunded Leased Premises are restored to Tenant)their condition before said destruction.
Appears in 1 contract
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair within 90 days after the then scheduled Closing Date at the time of the Purchaser's election. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is ineffective because the Seller elects to repair such damage and completes such repair within such 90-day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to the Purchaser the proceeds of restoration, as applicable. For purposes any insurance collected by the Seller less the amount of all costs incurred by the preceding sentence, if Seller in connection with the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and if (y) assign and transfer to the extent Purchaser all right, title and interest of the damage or destruction is equal Seller in and to or greater than twenty-five percent (25%) of any uncollected insurance proceeds which the replacement cost of the Building, the "Restoration Date" shall Seller may be the date that is eighteen (18) months after the date of the entitled to receive from such damage or destruction. A "material" part of the Property shall be deemed to have been damaged or destroyed if the cost of repair or replacement shall be fifteen percent (15%) or more of the Purchase Price. Condemnation. If, prior to the Closing Date, all or any "significant" portion (as hereinafter defined) of the Property is taken by eminent domain or condemnation (or is the subject of a pending taking which has not been consummated), the Seller shall notify the Purchaser of such fact and the Purchaser shall have the option to terminate this Agreement upon notice to the Seller given not later than ten (10) days after receipt of the Seller's notice. If the Purchaser does not elect to terminate this Lease Agreement, or if an "insignificant" portion ("insignificant" is herein deemed to be any taking which is not terminated "significant", as such term is herein defined) of the Property is taken by eminent domain or if Landlord's termination is nullified by a Nullification Noticecondemnation, Landlord at the Closing the Seller shall assign and turnover, and the Purchaser shall be obligated entitled to restore receive and keep, all awards or other proceeds for such taking by eminent domain or condemnation. A "significant" portion of the Premises as provided aboveProperty means (i) 10% or more of the main office building on the Land, (ii) a portion of the parking areas if the taking thereof reduces the remaining available number of parking spaces below the minimum legally required, or (iii) a legally required driveway on the Land if such driveway is the predominant means of ingress thereto or egress therefrom. Termination. If the Purchaser effectively terminates this Lease is terminatedAgreement pursuant to Section 12.1 or 12.2, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction this Agreement shall be paid solely to Landlord, terminated and all Rent shall xxxxx and be prorated as the rights of the date parties shall be the same as if notice of the damage or destruction (with any surplus rent paid in advance being refunded termination were given pursuant to Tenant)Section 14.1. Conditions Precedent to Closing.
Appears in 1 contract
Samples: 8 Purchase and Sale Agreement (Witter Dean Realty Income Partnership I Lp)
Damage or Destruction. (a) If all In the event the Building or any part of the Building shall be destroyed or insured alterations are damaged by fire or other casualty required perils covered by Landlord's extended coverage insurance to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises canan extent not be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof and if the damage thereto is such that the Building and any insured alterations may be repaired, reconstructed or restored within a period of the Building, the "Restoration Date" shall be the date that is twelve one hundred eighty (12180) months after days from the date of the damage happening of such casualty and Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration is such as to require a period longer than one hundred eighty (180) days or destruction, and if the extent of the damage or destruction is equal to or greater than exceeds twenty-five percent (25%) of the replacement full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs, Landlord either may elect to so repair, reconstruct or restore the Building and any insured alterations and the Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore the Building, and any insured alterations and the "Restoration Date" Lease shall be in such event terminate. Under any of the conditions of this Subparagraph 22(a), Landlord shall give written notice to Tenant of its intention within thirty (30) days from the date that is eighteen of such event of damage or destruction. If, however, Xxxxxxxx has notified Tenant of its election to restore the Building but the period required to restore the Building will exceed two hundred and seventy (18270) months after days from the date of the damage or destruction. If casualty, then Tenant may terminate this Lease is by delivery of written notice to Landlord within thirty (30) days after Xxxxxx’s receipt of Landlord’s notice. In the event Landlord elects not terminated to restore said Building and any insured alterations, or if Landlord's termination is nullified by a Nullification NoticeTenant elects to terminate this Lease as permitted herein, Landlord this Lease shall be obligated deemed to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated have terminated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)such partial destruction.
Appears in 1 contract
Damage or Destruction. (a) 9.1 If all or any part of the Building Premises shall be destroyed or partially damaged by fire or other casualty cause, then the Premises shall be repaired by and at the expense of Lessor and the rent, until such repairs shall be made, shall be apportioned according to the part of the Premises which is usable by Lessee. No penalty shall accrue for reasonable delay which may arise by reason of adjustment of fire insurance on the part of Lessor or Lessee, for reasonable delay on account of "labor troubles", or any other cause beyond Lessors control. If (i) the Premises are totally damaged or are rendered wholly untenantable, (ii) the Premises are totally or partially damaged by uninsured fire or other uninsured cause, or (iii) the Premises shall be so damaged that Lessor shall decide to demolish the entire Premises, then within ninety (90) days after the occurrence of the event or damage or destruction Lessor may elect, by written notice to Lessee, to terminate this Lease. In such event, the term of this Lease shall expire by lapse of time upon the third day after such notice is given, and Lessee shall vacate the Premises and surrender the same to Lessor. If Lessor does not elect to terminate this Lease pursuant to the preceding sentence, then: Lessor shall diligently undertake and prosecute to completion the repair of the Premises, to substantially their condition immediately prior to the event of damage or destruction; and rent shall be apportioned according to the part of the Premises which is usable by Lessee, until such restoration or rebuilding is complete. Notwithstanding anything to the contrary contained herein, if Lessor notifies Lessee of Lessor's election to terminate this Lease pursuant to the foregoing, then for a period of ten (10) days following Lessee's receipt of written notice of such election, Lessee may elect, by written notice to Lessor, at Lessee's own cost and expense, to restore or rebuild the Premises to substantially their condition immediately prior to the event of damage or destruction, in which event: (i) this Lease shall continue thereafter in full force and effect, as if Lessors election to terminate had never been made; (ii) Lessee shall diligently cause the Premises to be restored or rebuilt in accordance with the foregoing; and (iii) rent shall be apportioned according to the part of the Premises which is usable by Lessee until such restoration or rebuilding is complete, to the extent of rental loss insurance available to Lessor. Notwithstanding anything to the contrary contained herein, in the event that Lessor does not or may not elect to terminate this Lease pursuant to the terms of this Paragraph 9.1, then within sixty (60) following the occurrence of any event of damage or destruction to the Premises, Lessor shall provide Lessee with written notice, prepared by a licensed California contractor, reasonably estimating the period of time which will be required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account repair or rebuild the time necessary Premises to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to substantially the condition that in which they existed immediately prior to such damage or destruction. If such reparation or rebuilding is not reasonably estimated to be complete within two hundred forty (240) days following the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party Lessee may terminate this Lease elect by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice to Lessor with ten ("Nullification Notice"10) to Landlord business days of TenantLessor's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option notice to terminate this Lease in which event: (i) the term of this Lease shall expire by giving written lapse of time upon the third day after such notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destructiongiven, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%ii) of the replacement cost of the Building, the "Restoration Date" Lessee shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for vacate the Premises and surrender the same to Lessor. No penalty shall accrue for reasonable delay which may arise by reason of adjustment of fire insurance on the part of Lessor or Lessee, for reasonable delay on account of "labor troubles", or any other improvements payable under Landlord's policies and derived from such damage cause beyond the control of Lessor or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Lessee.
Appears in 1 contract
Samples: Digital Domain
Damage or Destruction. If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Property is damaged or destroyed or damaged by fire or other casualty required to be whether insured against under Section 6(a) of this Leaseor uninsured, then Landlord shallintentional or unintentional, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore Seller shall notify the Building as nearly as possible to the condition that existed immediately prior to the occurrence Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, fact and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord the Seller given not later than ten (10) days after receipt of the Seller's notice; provided, however, that the Purchaser's election shall be ineffective if within ten (10) days after the Seller's receipt of the Purchaser's election notice, the Seller shall elect 25 by notice to the Purchaser to repair such damage or destruction and shall thereafter complete such repair by the earlier to occur of (i) 90 days after the then scheduled Closing Date at the time of the Purchaser's election; or (ii) June 30, 1999. If the Seller makes such election to repair, the Seller shall have the right to adjourn the Closing Date one or more times for up to 90 days in the aggregate, provided, however, that the Seller may not extend the Closing Date beyond June 30, 1999, in order to complete such repairs and shall have the right to retain all insurance proceeds which the Seller may be entitled to receive as a result of such damage or destruction. If (i) the Purchaser does not elect to terminate this Agreement as to the damaged Property, (ii) the Purchaser elects to terminate this Agreement as to the damaged Property but such election is ineffective because the Seller elects to repair such damage and completes such repair within such time period provided above (which period shall not extend beyond June 30, 1999), or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Property, the Purchaser shall close title as provided in this Agreement and, at the Closing, the Seller shall, unless the Seller has repaired such damage or destruction prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" Closing which repair shall be subject to Purchaser's reasonable approval, (x) pay over to the date that is twelve (12) months after Purchaser the date proceeds of any insurance collected by the Seller less the amount of all costs incurred by the Seller in connection with the repair of such damage or destruction, and (y) assign and transfer to the Purchaser all right, title and interest of the Seller in and to any uncollected insurance proceeds which the Seller may be entitled to receive from such damage or destruction, provided, however, if the extent cost of the repairing such damage or destruction is equal to or greater than twenty-five percent Twenty Five Thousand Dollars (25%$25,000.00) and equal to or less than Two Hundred and Fifty Thousand Dollars ($250,000.00), in the reasonable estimation of a third party contractor mutually agreed upon by Seller and Purchaser, then (xx) Seller shall repair such damage or destruction to the replacement reasonable satisfaction of Purchaser on or before the scheduled Closing Date; or (yy) Seller shall have a reduction in the Purchase Price at Closing equal to the cost of the Building, the "Restoration Date" repair of such damage or destruction (as estimated by such third party contractor) and Seller shall be the date that is eighteen (18) months after the date of the retain any insurance proceeds relevant to such damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord A "material" part of the Property shall be obligated deemed to restore have been damaged or destroyed if the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage cost of repair or destruction replacement shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as ten percent (10%) or more of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Purchase Price.
Appears in 1 contract
Damage or Destruction. (a) If all A.- Total. In the event that the whole or any a substantial part of the Building shall be Leased Property is damaged or destroyed by fire, act of nature, or damaged by fire or any other casualty required cause, so as to be insured against under Section 6(a) make COMPANY unable to continue the operation of this Leaseits business, then Landlord IAMSA shall, as promptly as feasible within fifteen (taking into account 15) days from such destruction, determine whether the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualtyLeased Property can be restored within six (6) months. If IAMSA determines that the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises Leased Property cannot be diligently completed restored within a twelve six (126) month period after months, either IAMSA or COMPANY shall have the date of the damage or destruction, then either party may right and option to immediately terminate this Lease Agreement, by giving advising the other party notice of terminationthereof by written notice. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate If this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, Agreement is not terminated as applicable. For purposes of provided in the preceding sentence, if IAMSA shall proceed diligently to reconstruct the extent Leased Property, in that event the IAMSA will accept in lieu of the damage rent during this period the rental insurance or destruction bond acquired by the COMPANY. During the period of reconstruction the COMPANY will not be obliged to pay the rent. In the event that the Leased Property is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) not reconstructed within six months after the date of the damage or destruction, and if then IAMSA will have a cure period of thirty days to finish the extent restoration of the damage Improvements of IAMSA, such cure period beginning on the last day of such six month period. Upon IAMSA’s failure to deliver the restored premises and Improvements prior to the expiration of such thirty (30) day cure period, COMPANY will have the right to terminate this Lease Agreement by the delivery of written notice to IAMSA, or destruction is equal COMPANY may elect to or greater than twenty-five percent (25%) accept one day of free rent for each day of delay of the replacement cost delivery of the Building, the "Restoration Date" shall be the date that is eighteen (18) months Leased Property from and after the date end of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified sixth month (in addition to the abatement of rent during the period of restoration by a Nullification Notice, Landlord shall be obligated to restore the Premises IAMSA as provided above). If Company’s right to terminate this Lease is terminated, all Agreement will be subject to the COMPANY forwarding to IAMSA any insurance proceeds paid to COMPANY for the Premises loss of Improvements constructed by the LESSOR, in accordance with the Insurance that the COMPANY is obliged to acquire under Section VII of this Agreement. In the event total damage occurs and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as the reconstruction of the date of premises commences, IAMSA will exercise its best efforts to re-locate COMPANY to another IAMSA property that is acceptable to COMPANY and suitable for COMPANY’s operations, subject to availability, only for the damage or destruction (reconstruction period, in order to help COMPANY with any surplus rent paid in advance being refunded to Tenant)its continuing operations at no charge during such reconstruction.
Appears in 1 contract
Samples: Lease Agreement (Masimo Corp)
Damage or Destruction. (a) If all or any part of In the Building shall be destroyed or event the Premises are damaged by fire or other casualty perils covered by insurance required to be insured against carried by Landlord under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the an extent of the damage or destruction is less than not exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof and if the damage thereto is such that the Premises may be repaired, reconstructed or restored within a period of one hundred eighty (180) days from the date Landlord learns of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date necessity for repairs as a result of the damage and said insurance proceeds are available and sufficient to cover the cost of such repairs, Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration and this Lease shall continue in full force and effect. If such work of repair, reconstruction and restoration is such as to require a period longer than such one hundred eighty (180) day period or destruction, and if the extent of the damage or destruction is equal to or greater than exceeds twenty-five percent (25%) of the replacement full insurable value thereof, or if said insurance proceeds will not be sufficient to cover the cost of such repairs; Landlord either may elect to so repair, reconstruct or restore the BuildingPremises and this Lease shall continue in full force and effect or Landlord may elect not to repair, reconstruct or restore the "Restoration Date" Premises and this Lease shall be the date that is eighteen (18) months after the date in such event terminate. Under any of the damage or destruction. If conditions of this Lease is not terminated or if Landlord's termination is nullified by a Nullification NoticeSubparagraph 22(a), Landlord shall give written notice to Tenant of its intention within sixty (60) days from the date Landlord learns of the necessity for repairs as a result of the damage. Upon the occurrence of any damage to the Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant’s insurance for the leasehold improvements and alterations; provided, however, that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as assigned by Tenant, the cost of such repairs shall be obligated paid by Tenant to Landlord prior to Landlord’s repair of the damage. In the event Landlord elects not to restore the Premises as provided above. If Premises, this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely deemed to Landlord, and all Rent shall xxxxx and be prorated have terminated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)such destruction.
Appears in 1 contract
Damage or Destruction. (a) If all or any part 23.1. In the event of a partial destruction of the Building shall be destroyed or damaged Premises by fire or other casualty required to be insured against under Section 6(a) of this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any perils covered by extended coverage insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than exceeding twenty-five percent (25%) of the replacement cost full insurable value thereof, and provided that (a) the damage thereto is such that the Premises may be repaired, reconstructed or restored within a period of twelve (12) months from the date of the Buildinghappening of such casualty, (b) Landlord shall receive insurance proceeds from its insurer or Lender sufficient to cover the cost of such repairs, reconstruction and restoration (except for any deductible amount provided by Landlord’s policy, which deductible amount, if paid by Landlord, shall constitute an Insurance Cost, (c) the repair, reconstruction or restoration of the damage or destruction is permitted by all applicable Loan Documents or otherwise consented to by any and all Lenders whose consent is required thereunder and (d) such casualty was not intentionally caused by a Tenant Party, then Landlord shall commence and proceed diligently with the work of repair, reconstruction and restoration of the Premises, and this Lease shall continue in full force and effect. In the event of any damage or destruction (regardless of whether such damage is governed by Section 23.1 or this Article 23), if (a) the damage and destruction occurs within the last twenty-four (24) months of the then-current Term, and in Landlord’s determination as set forth in the Damage Repair Estimate (as defined below), the "Restoration Date" shall Affected Areas cannot be the date that is repaired, reconstructed or restored within twelve (12) months after the date of such casualty, or (b) the damage or destruction, and if destruction occurs within the extent last twelve (12) months of the damage or destruction is equal then-current Term, then Tenant shall have the right to or greater than twenty-five percent (25%) of the replacement cost of the Buildingterminate this Lease, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated effective as of the date of the such damage or destruction destruction, by delivering to Landlord its written notice of termination (with any surplus rent paid in advance being refunded a “Termination Notice”) no later than fifteen (15) days after Landlord delivers to Tenant)Tenant Landlord’s Damage Repair Estimate.
Appears in 1 contract
Samples: Lease (PMV Pharmaceuticals, Inc.)
Damage or Destruction. (a) If all In the event the Premises or any part of the Building shall be destroyed or damaged are damages by fire or other casualty required casualty, Landlord may elect by notice to be insured against under Section 6(athe Tenant within thirty (30) of days after the fire or casualty; (a) to terminate this Lease; or (b) to repair and restore the Building or the Premises at Landlord's expense within one hundred eighty (180) days after the Landlord has adjusted the loss and is able to take possession of the damaged portions of the Building or Premises and undertake reconstruction or repairs, in which latter event this Lease shall not terminate. If the Landlord elects not to repair and restore, then Landlord shall, in its written notice to Tenant of such election to terminate, specify a date for the termination of the Lease, which shall not be more than sixty (60) days after the giving of such notice, and upon the date specified in such notice the Term shall expire as promptly fully and completely as feasible (taking into if such date were the date described above for the expiration of this Lease. In such event, Tenant shall forthwith vacate and surrender the Premises without prejudice, however, to Landlord's rights and remedies against Tenant under the Lease provisions in effect prior to such termination, and any rent and any other amount owing to Landlord shall be paid up to such date and any payments of rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall make the time necessary repairs and restorations under the conditions hereof with all reasonable expedition. If the Landlord elects to conclude a satisfactory settlement with any insurance company involved), so repair such damage and restore the Building as nearly as possible or the Premises and does not substantially complete the work within the one hundred eighty (180) day period or within such additional period to which such period may be extended pursuant to the condition that existed immediately prior to the occurrence provisions of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal TermSection 27 hereof, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the fire or casualty by notice to the other party not later than ten (10) days following the expiration of such 180 day period or such additional period, as the case may be. In the event any such damage not caused by the act or destruction neglect of the Tenant, its agents or employees renders the Premises untenantable, and if this Lease shall not be canceled and terminated by reason of such damage as provided hereinabove, then the base Rent and Additional Rent shall xxxxx during the period beginning with the date of such damage and ending with the date when the Premises are again rendered tenantable. Such abatement shall be in an amount bearing the same ratio to the total amount of Base Rent and Additional Rent for such period as the untenantable portion of the Premises from time to time bears to the entire Premises. Except as provided in this Section, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant's business or property arising from the making of any repairs, alterations or improvements in or to any portion of the Building or the Premises or in or to fixtures, appurtenances and equipment therein, which repairs, alterations or improvements are necessitated by fire or other casualty. Tenant understands that Landlord will not carry insurance of any kind on Tenant's furniture and furnishings or on any fixtures or equipment including but not limited to, trade fixtures, removable by Tenant under the provisions of this Lease, and that Landlord shall not be obligated to repair any damage thereto or to replace the same. Landlord shall not be required to repair any damage thereto or to replace the same. Landlord shall not be required to repair any injury or damage caused by fire or other cause or to make any repairs to or replacements of improvements installed in the Premises by or for Tenant unless Tenant has advised Landlord in writing prior to the loss as to all of the pertinent details concerning replacement values. Tenant hereby agrees at Tenant's election, to either: (with i) insure the portion of tenant improvements and other improvements made by Tenant as its cost within Tenant's premises to the extent in excess of the Landlord's contribution as set forth in Exhibit C, and provide Landlord a certificate of insurance evidencing such insurance coverage which shall name Landlord as additional insured; or (ii) pay to Landlord as Additional Rent or other rent from time to time, upon demand, the cost to Landlord of insuring the portion of tenant improvements and other improvements made by Tenant at its cost within Tenant's Premises to the extent in excess of the Landlord's contribution as set forth in Exhibit C. Such charges shall b e computed by Landlord on the basis of the appropriate prorated portion of insurance premium allocable to Tenant at the actual rate from time to time being charged to Landlord to insure improvements within the Building. Tenant's election shall be in writing and shall be transmitted to Landlord prior to completion of any surplus rent paid in advance being refunded to Tenant)such improvements. In the absence of such written election, alternative (ii) shall apply.
Appears in 1 contract
Damage or Destruction. (a) If all or any part of the Building shall be Premises is destroyed or damaged or rendered wholly or partially uninhabitable by fire or other casualty or any other peril that is fully covered by the insurance Licensee is required to be insured against carry under Section 6(a) the terms of this LeaseAgreement, Licensee shall promptly, but in no event later than ninety (90) days from the receipt of insurance proceeds relating to such destruction, begin the repair of the Premises, in accordance with plans and specifications as are approved by City in writing, and shall diligently prosecute the same to completion. Notwithstanding the foregoing, if the repair or replacement of the Premises is not fully covered by the insurance Licensee is required to carry under this Agreement, then Landlord shall, as promptly as feasible Licensee shall notify City in writing of the amount by which the estimated cost of repairs exceeds such proceeds (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved“Shortfall”), and Licensee shall have the right, within ninety (90) days after providing such notice to City, to elect to provide the Shortfall and proceed with such repairs, in which case this Agreement shall continue in full force and effect. If Licensee elects not to provide the Shortfall, then City shall have the option either to: (A) provide the Shortfall at City’s sole expense and direct Licensee to repair or restore such damage (using the insurance proceed and restore such additional funds as City may provide to pay the Building Shortfall), with this Agreement continuing in full force and effect; or, (B) give notice to Licensee terminating this Agreement as nearly as possible to of the condition that existed immediately prior to date specified in such notice, which date shall be no less than thirty (30) and no more than sixty (60) days after the occurrence giving of such casualtynotice of termination. In the event of giving such notice of termination, this Agreement shall expire, and all interest of Licensee to enter and use the Premises shall terminate on the date so specified in such notice. If the damage Premises is damaged or destruction occurs during destroyed by fire or other casualty within the last two (2) years of the Initial Term or during any Renewal Term, and then Licensee shall have the restoration of the Premises cannot be diligently completed right to terminate this Agreement by giving Notice to City within a twelve sixty (1260) month period days after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is Licensee does not terminated or if Landlord's termination is nullified by a Nullification Noticeterminate the Agreement within thirty (30) days from the expiration of such sixty (60) day period, Landlord Licensee shall be obligated to restore begin the repair and replacement of the Premises as provided above. If pursuant to this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Section 13.1.
Appears in 1 contract
Samples: Right of Entry and License Agreement
Damage or Destruction. (a) If all the Premises or any substantial part of the Building shall be Premises is damaged or destroyed or damaged by fire or other casualty required casualty, such that the damage cannot be replaced or repaired within One Hundred Eighty (180) days thereafter, either party may by written notice to be insured against under Section 6(a) of the other, terminate this Lease, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed immediately prior to the occurrence of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such which termination shall be effective twenty (20) days following receipt of the notice by the other party, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In addition, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant shall have the option to terminate this Lease by giving written notice to Landlord at any time prior to the commencement or completion of restoration, as applicable. For purposes of the preceding sentence, if the extent of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the damage or destruction, and if the extent of the damage or destruction is equal to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall be the date that is eighteen (18) months after the date of the damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord shall be obligated to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as of the date of such damage. If as a result of fire or other casualty the damage Premises are made partially or destruction (completely untenable, and the Lease is not terminated as provided above, this Lease shall remain in full force and effect and the Base Rent shall xxxxx during such time as the Premises are untenable; provided, however, if Lessee occupies part of the space, Base Rent shall be abated by an amount determined by multiplying the Base Rent by a fraction of the numerator of which is the leasable space which cannot be occupied and the denominator of which is the total leasable square footage within the Premises. Unless this Lease is terminated as hereinabove provided, this Lease shall remain in full force and effect and Lessor shall proceed with due diligence to restore, repair, and replace the Premises to substantially the same condition as it was in as of the Commencement Date. Lessor shall be under no duty to restore any surplus rent paid alterations, improvements or additions made by the Lessee or by Lessor at Lessee's request after the Commencement Date, unless the same are covered by proceeds of insurance designated for the same and available to Lessor in advance being refunded which case Lessor shall restore the same. In all cases, due allowances in the completion of the repairs shall be given to Tenant)the Lessor for any reasonable delays caused by adjustment of insurance loss, strikes, labor difficulties, inability to obtain supplies or materials or any cause beyond Lessor's control.
Appears in 1 contract
Damage or Destruction. Seller and Purchaser agree that, as between Seller and Purchaser, risk of loss shall be as set forth in this Section 16(a). If a "material" part (aas hereinafter defined) If all or any part of the Building shall be Premises is damaged or destroyed or damaged by fire or other casualty required to be insured against under Section 6(a) of this Leasecasualty, then Landlord shall, as promptly as feasible (taking into account the time necessary to conclude a satisfactory settlement with any insurance company involved), repair such damage and restore the Building as nearly as possible to the condition that existed Seller shall immediately prior to the occurrence notify Purchaser of such casualty. If the damage or destruction occurs during the last two (2) years of the Initial Term or during any Renewal Term, and the restoration of the Premises cannot be diligently completed within a twelve (12) month period after the date of the damage or destruction, then either party may terminate this Lease by giving the other party notice of termination. Such termination shall be effective twenty (20) days following receipt of the notice by the other partyfact and, except that a notice of termination by Landlord shall be of no force or effect if within twenty (20) days after receipt of such notice Tenant gives written notice ("Nullification Notice") to Landlord of Tenant's exercise of any available renewal option. In additionas hereinafter provided, if Landlord fails to complete such restoration prior to the applicable "Restoration Date" described below, Tenant Purchaser shall have the option to terminate this Lease by giving written Agreement upon notice to Landlord Seller given not later than ten (10) days after receipt of Seller's notice. If this Agreement is so terminated, the provisions of Section 16(d) shall apply. Notwithstanding the foregoing, if a "material" part of the Premises is damaged or destroyed and Purchaser elects to terminate this Agreement as provided above, Purchaser's election shall be ineffective if within ten (10) days after Seller's receipt of Purchaser's election notice, Seller shall elect by notice to Purchaser to repair such damage or destruction and shall thereafter complete such repair within 120 days after the then scheduled Closing Date at the time of Purchaser's election. If Seller makes such election to repair, Seller shall have the right to adjourn the Closing Date one or more times for up to 120 days in the aggregate in order to complete such repairs and shall have the right to retain all insurance proceeds which Seller may be entitled to receive as a result of such damage or destruction. If (i) Purchaser does not elect to terminate this Agreement, (ii) Purchaser elects to terminate this Agreement but such election is ineffective because Seller elects to repair such damage and completes such repair within such 120-day period provided above, or (iii) there is damage to or destruction of an "immaterial" part ("immaterial" is herein deemed to be any time damage or destruction which is not "material", as such term is hereinafter defined) of the Premises, Purchaser shall close title as provided in this Agreement and, at the Closing, Seller shall, unless Seller has repaired such damage or destruction prior to the commencement or completion Closing, (x) pay over to Purchaser the proceeds of restoration, as applicable. For purposes any insurance collected by Seller less the amount of all costs incurred by Seller in connection with the preceding sentence, if the extent repair of the damage or destruction is less than twenty-five percent (25%) of the replacement cost value of the Building, the "Restoration Date" shall be the date that is twelve (12) months after the date of the such damage or destruction, and if the extent (y) assign and transfer to Purchaser all right, title and interest of the damage or destruction is equal Seller in and to or greater than twenty-five percent (25%) of the replacement cost of the Building, the "Restoration Date" shall any uncollected insurance proceeds which Seller may be the date that is eighteen (18) months after the date of the entitled to receive from such damage or destruction. If this Lease is not terminated or if Landlord's termination is nullified by a Nullification Notice, Landlord A "material" part of the Premises shall be obligated deemed to restore the Premises as provided above. If this Lease is terminated, all insurance proceeds for the Premises and other improvements payable under Landlord's policies and derived from such damage have been damaged or destruction shall be paid solely to Landlord, and all Rent shall xxxxx and be prorated as destroyed if more than 20% of the date rentable area of the damage or destruction (with any surplus rent paid in advance being refunded to Tenant)Office Properties is destroyed.
Appears in 1 contract
Samples: Sale Purchase Agreement (Corporate Office Properties Trust)
