Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty. (b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. (c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage. (d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any). (e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 5 contracts
Samples: Store Lease Agreement (Gottschalks Inc), Store Lease Agreement (Gottschalks Inc), Asset Purchase Agreement (Gottschalks Inc)
Damage or Destruction. (a) Tenant If the Hotel shall give Landlord prompt notice of any damage to the Premises be totally destroyed or substantially damaged by fire or other casualty, either party may, within sixty (60) days after the occurrence of such event, give written notice to the other terminating this Agreement. For purposes of this Section, the Hotel shall be deemed to have been substantially damaged if the estimated cost of Restoration shall exceed twenty percent (20%) of the cost of replacing the Hotel by constructing, furnishing and equipping a new hotel on the site substantially the same as the Hotel prior to such casualty.
(b) If In the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date event of loss and continuing until the earlier to occur of: (i) any damage to the date Tenant reopens the Premises for business, Hotel by fire or other casualty which reopening Landlord and Tenant shall diligently work together does not amount to expedite“substantial damage” as described in subsection (a) above, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), total destruction of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be substantial damage to the Shopping Center Project and the failure of either party to terminate this Agreement pursuant to subsection (a) above, then this Agreement shall not terminate, and, subject to the requirements of any Mortgage, Owner shall, at its own expense and in accordance with plans and specifications therefor developed by fire Owner and approved by Manager (which approval shall not be unreasonably withheld or other casualtydelayed), whether or not promptly commence and expeditiously complete the Premises is affected thereby, in which: (i) the Premises Restoration and all proceeds of property and casualty insurance shall be sufficiently damaged made available to render the entire Premises wholly untenantableOwner for this purpose; (ii) the damage or destruction to the Premises is to an extent provided, however, that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Manager shall have the option right to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after ensure that such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered applied to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant Restoration. Owner shall promptly commence and diligently prosecute pursue the restoration and repair Restoration to completion; provided, however, that if Owner shall not fully complete the Restoration within a reasonable period of time after the Premisesdate of such casualty or one hundred eighty (180) days, including all exterior wallswhichever is earlier (or such longer period as Manager may approve), roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with then Manager shall have the operation of Tenant's business in the Premises, as nearly as practicable right to their respective conditions terminate this Agreement upon thirty (30) days’ prior written notice to such damageOwner.
Appears in 4 contracts
Samples: Management Agreement (Capital Lodging), Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to If the Premises are damaged by fire or other casualty, the damage shall be repaired by and at the expense of Landlord, provided such repairs can be made within ninety (90) days after the occurrence of such damage without the payment of overtime or other premiums, and until such repairs are completed, the 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 Premises being unusable if the damage is due to the act or negligence of the Tenant, its employees, agents or invitees or if the Premises are unusable for a period equal to one day or less).
(b) If the Premises shall such repairs cannot be rendered wholly untenantable by made within ninety (90) days, Landlord may, at its option, make such repairs within a casualtyreasonable time, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, and in such event this Lease shall remain continue in full force effect and effect except that Rent the rent shall fully xxxxx commencing on be abated in the date of loss and continuing until the earlier manner provided above. Landlord's election to occur of: make repairs must be evidenced by written notice to Tenant within thirty (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Tenant completes the restoration, pursuant to Section 7.1(e), occurrence of the structural elements of damage. If Landlord does not so elect to make such repairs which cannot be made within ninety (90) days, then either party may, by written notice to the building of which the Premises form a partother, cancel this Lease.
(c) If only a portion of Anything in this Section 18 to the contrary notwithstanding, if the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center shall be substantially damaged or destroyed by fire or other casualtyotherwise, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after Lease as of the date of loss and, if exercised, shall be effective on the last day of the first such damage or destruction by written notice to Tenant within thirty (1st) full calendar month falling at least sixty (6030) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)destruction.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 4 contracts
Samples: Lease Agreement (Dominion Homes Inc), Lease Agreement (Dominion Homes Inc), Lease Agreement (Dominion Homes Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises or the Building shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether the damage (exclusive of any improvements or not other changes made to the Premises is affected therebyand paid for by Lessee), in which: (i) may, at the Premises shall option of Lessor, be sufficiently damaged repaired by and at the expense of Lessor to render the entire Premises wholly untenantable; (ii) the as near condition which existed immediately prior to such damage or destruction to the Premises is to an extent as reasonably possible; provided, however, that it cannot be repaired with reasonable diligence within one (1) year after the destruction if as a result of damage by fire or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of other casualty more than fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; ornet rental area of the Building is rendered untenantable, (vi) any insurance proceeds received by Landlord then and in such event either Lessor or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Lessee shall have the right and option to terminate this Lease. Said option shall be (exercised, if at all, by giving written notice to the other party on within thirty (30) days of such destruction or before the ninetieth (90thcasualty) day after to terminate this Lease as of the date of loss andsuch casualty. Subject to the foregoing, if exercised, the Lessor shall be effective on the last day of the first (1st) full calendar month falling at least commence such repair within sixty (60) days after such noticecasualty and shall complete the same within a reasonable time thereafter, subject to acts of God, strikes and other occurrence not within the control of Lessor. If Tenant elects In the event Lessor fails to commence such repair or restoration within such period or shall fail to prosecute such repair and restoration in a timely manner, then Lessee shall have the right and option (exercised, if at all, by giving written notice within fifteen (15) days of such failure) to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixturesLease. If either party elects to terminate In the event this Lease pursuant to clause (iv) is terminated for any of the reasons aforesaid, any rents or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing payments shall be delivered prorated as of the effective date of such termination and proportionately refunded to the terminating party within ten (10) days after delivery of Lessee or paid to Lessor as the termination notice, and (ii) providing to the terminating party, within a reasonable case may be. During any period after delivery of such notice, not to extend beyond the date in time which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises or any portion thereof is rendered untenantable by fire or other casualty and casualty, the rent shall xxxxx proportionately to the area rendered untenantable for the period of time during which this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagecondition exists.
Appears in 4 contracts
Samples: Lease Agreement (Overstock Com Inc), Colocation Lease (Overstock Com Inc), Colocation Lease (Overstock Com Inc)
Damage or Destruction. (a) Tenant If the Hotel shall give Landlord prompt notice of any damage to the Premises be substantially damaged by fire or other casualty.
(b) If , or in the event that Mortgagee does not make sufficient proceeds of insurance available to Lessee to permit Lessee to rebuild and restore the Premises to a condition which permits the continued operation of the Hotel by Manager as contemplated by this Agreement, then Lessee or Manager, by written notice to the other party given within sixty (60) days after the occurrence of such event, shall be rendered wholly untenantable by a casualty, unless terminated pursuant have the right to Section 7.1(d)(i) or 7.1(d)(ii) hereof, terminate this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing Agreement on the basis that Lessee does not elect to rebuild or restore the Hotel, and neither party shall have any further obligation to the other party hereunder, except with respect to liability accruing, or based upon events occurring, prior to the effective date of loss and continuing until such termination. Notwithstanding the earlier foregoing, if Lessee terminates this Agreement due to occur of: fire or casualty as provided above, Lessee shall pay to Manager a termination fee equal to the average monthly amount of the total Management Fee, including Incentive fees paid or which would have been due or owed to Manager for the Hotel during the immediately preceding twelve (12) month period, multiplied by the lesser of either (i) thirty six (36), provided there are at least three (3) years remaining under the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expediteTerm, or (ii) the date forty five total number of months remaining under the Term if there is less than three (453) days after Tenant completes years remaining under the restorationTerm. Manager shall not be entitled to any such termination fee in the event Manager terminates as provided above. For the purposes hereof, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises Hotel shall be rendered untenantabledeemed to have been substantially damaged if the estimated length of time required to restore the Hotel substantially to its condition and character just prior to the occurrence of such casualty shall be in excess of one hundred eighty (180) days. If this Agreement shall not terminate in the event of damage to the Hotel, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: either because (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together damage does not amount to expeditesubstantial damage as described above, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be notwithstanding substantial damage to the Shopping Center by fire or other Hotel, neither party has elected to terminate this Agreement, Lessee shall elect to restore the Hotel, then Lessee shall proceed with all due diligence to commence and complete the restoration of the Hotel to its condition and character just prior to the occurrence of such casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged but only to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option available to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)Lessee.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 3 contracts
Samples: Management Agreement (Equity Inns Inc), Management Agreement (Equity Inns Inc), Management Agreement (Equity Inns Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether or but not rendered untenantable, the same shall be repaired with due diligence by Lessor at its own cost and expense; if the damage shall be so extensive as to render the Premises is affected therebyuntenantable but capable of being repaired, the same shall be repaired with due diligence by Lessor at its own cost and expense and the rent payable hereunder shall be proportionately paid up to the time of such damage and shall thenceforth cease until such time as the Premises shall be put in which: good order. In the event the Premises shall be completely destroyed by fire or other casualty or so damaged that it will remain untenantable for more than thirty (i30) days, or in case it does so remain untenantable for more than thirty (30) days, at the option of Lessor (1) the Premises shall be sufficiently damaged repaired or reconstructed with due diligence by Lessor at its own cost and expense and the rent payable hereunder shall be proportionately paid up to render the entire Premises wholly untenantable; (ii) the time of such damage or destruction to and shall thenceforth cease until such time as the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on put in good order; or before the ninetieth (90th2) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least within sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect the time of such damage or destruction and destruction (other than proceeds of insurance covering tenant's personal property (includingbefore the Premises shall be put in order, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, may give the other party may avoid termination written notice of its election to cancel this Lease by (i) committing agreement in writing to pay the additional funds required to complete the necessary repairs its entirety, and restoration, which writing Lessee shall be delivered liable for rent only up to the terminating party within ten (10) days after delivery time of such damage or destruction. It is understood and agreed that nothing in this article concerning rental abatements or cancellation by Lessee shall apply in the case of damages to or the destruction of the termination noticeleased Premises which is caused by the negligent acts of Lessee, its agents, employees or invitees, and (ii) providing further that Lessee shall, at its own expense, repair all such damages resulting from such acts; except that Lessee shall not be responsible to the terminating party, within a reasonable period after delivery of such notice, not Lessor for damages to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)property or equipment fully covered by Lessor’s insurance.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 3 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii7.1(d) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, unless terminated pursuant to Section 7.1(d) hereof, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If any portion of the Premises shall be rendered untenantable, or if there shall be damage to the Shopping Center Center, by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant Landlord shall promptly commence and diligently prosecute the restoration and repair of the Premisesstructural elements of the building in which the Premises are located, including all exterior walls, roofs, floors and supportssupports to structurally sound condition, prepared for Tenant's restoration of the interior portions of the Premises as set forth below. Upon receipt of the repaired structural elements of the building in which the Premises are located, Tenant shall, at Tenant's sole cost and expense, promptly commence and diligently prosecute the restoration and repair of the nonstructural and interior portions of the Premises, including, without limitation, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 3 contracts
Samples: Store Lease Agreement (Gottschalks Inc), Store Lease Agreement (Gottschalks Inc), Asset Purchase Agreement (Gottschalks Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualtyPremises, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of in which the Premises form a part.
(c) If only a portion of the Premises shall may be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expeditelocated, or (ii) any systems, parking or common areas serving the date forty five (45) days after Landlord completes the restorationPremises, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center are damaged by fire or other casualty, the Landlord shall within forty-five (45) days of such casualty notify the Tenant (the “Landlord’s Notice”) whether or Landlord elects to restore the damage and, if so, whether in the reasonable determination of the Landlord the damage can be repaired within one hundred twenty (120) days of such notice (the “Restoration Period”). If Landlord elects not to repair the Premises is affected thereby, in which: damage then this Lease will terminate effective as of the date of the casualty and the Rent shall be prorated as of that date. If Landlord elects to repair the damage and (i) the Premises shall be sufficiently damaged damage substantially interferes with Tenant’s ability, in its reasonable judgment, to render the entire Premises wholly untenantable; conduct its business therefrom, or (ii) if the damage or destruction to the Premises is to an extent that it repairs and restoration cannot be repaired completed within the Restoration Period as determined by Landlord, then Tenant may, at its option, within thirty (30) days of the receipt of the Landlord’s Notice, terminate this Lease effective as of the date of the casualty and the Rent shall be prorated as of that date. If Xxxxxxxx has elected to make the repairs and if Tenant has not exercised its right to terminate as set forth above, the Landlord shall within thirty (30) days from the date of the Landlord’s Notice, commence the repairs and restoration and proceed with all due diligence to restore the damaged areas to substantially the same condition in which they were in immediately prior to the occurrence of the casualty. For such period of time as Tenant cannot, in its reasonable diligence within one (1) year after judgment, conduct its business from the destruction or damage; (iii) either Premises as a result of the Shopping Center condition of the Premises, the Common Facilities, or the building of which the Premises are may be a part part, or caused by an interruption thereof because of reconstruction activities, the Rent shall xxxxx. To the extent and during the time that only a portion of the Premises is damaged tenantable and to the extent that Tenant is able in its reasonable judgmentto conduct its business therefrom, the Tenant shall receive a fair diminution of fifty percent Rent. In the event the Landlord fails to deliver to the Tenant a Landlord’s Notice within the required forty-five (50%45) or more of its insured replacement cost; (iv) day period, the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds as of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of lossthe casualty. Landlord shall have no obligation to restore fixtures, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire improvements, furniture, equipment or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation property of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Damage or Destruction. In the event the Building in which the leased premises are located is totally destroyed by fire, unavoidable accident or casualty, this lease shall thereupon terminate. In the event the Building in which the leased premises are located is damaged by fire, unavoidable accident or casualty to such an extent that the portion of said Building in which the leased premises are specifically located cannot be repaired within 150 days to its approximate condition existing immediately preceding such fire, unavoidable accident or casualty, and normal access to said leased premises restored within such time, this lease shall thereupon terminate. In the event the portion of the Building in which the leased premises are specifically located is damaged by fire, unavoidable accident or casualty and the same can be repaired and access thereto restored within 150 days from the date of such fire, unavoidable accident or casualty, the parties hereto agree that the leased premises shall be repaired and restored by Lessor (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire extent insurance proceeds are made available to Lessor) to the original condition of said leased premises existing before said fire, unavoidable accident or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereofand normal access thereto restored, and this Lease lease shall remain in full force and effect except effect; provided, however, that Rent shall fully xxxxx commencing on the date rent during the period of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent repair shall be reduced to an amount computed by multiplying which bears the Rent applicable prior same ratio to such damage by a fraction, the numerator of which is rent provided for herein as the Floor Area portion of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage leased premises then available for use bears to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Leaseleased premises. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery Upon completion of such notice, not to extend beyond repair the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)rent shall thereafter be paid as hereinbefore provided in Sections 2 - 4.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 2 contracts
Samples: Lease Agreement (Homeland Integrated Security Systems, Inc.), Lease Agreement (Homeland Integrated Security Systems, Inc.)
Damage or Destruction. (a) Tenant shall give Landlord prompt In the event of a total destruction of the Building during the term from any cause, either party may elect to terminate this Lease by giving written notice of any damage termination to the other party within thirty (30) days after the casualty occurs. A total destruction shall be deemed to have occurred for this purpose if the Building or the Premises by fire that are the subject of this Lease are destroyed to the extent of seventy-five percent (75%) or other casualtymore of the replacement cost thereof. If this Lease is not terminated, Lessor shall repair and restore the Premises in a diligent manner and this Lease shall continue in full force and effect, except that Monthly Base Rent and Additional Rent of the Premises which are the subject of this Lease shall be abated in accordance with Paragraph 20(c) below.
(b) If In the event of a partial destruction of the Building or the Premises shall to an extent less than seventy-five percent (75%) of the replacement cost thereof, and if Lessor reasonably believes that the damage thereto can be rendered wholly untenantable by repaired, reconstructed, or restored within a period of two hundred seventy (270) days from the date of such casualty, unless terminated pursuant there are at least twelve (12) months remaining in the term of this Lease, and the casualty is from a cause which is normally insured under a standard policy of “all risk” property insurance or actually insured by any property insurance then carried by Lessor as to Section 7.1(d)(i) or 7.1(d)(ii) hereofwhich Lessor receives proceeds adequate to restore the damage, Lessor shall forthwith repair the same, and this Lease shall remain continue in full force and effect effect, except that Monthly Base Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Additional Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area abated in accordance with Paragraph 20(c) below. If any of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualtyforegoing conditions are not met, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Lessor shall have the option of either repairing and restoring the Building, or terminating this Lease by giving written notice of termination to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least Lessee within sixty (60) days after such noticethe casualty. If Tenant Lessor elects or is required to repair and restore the damage to the Premises, and such repair and restoration is not completed within 270 days from the date of the damage, then Lessee shall have the right to terminate this Lease pursuant if Lessor fails to this Section 7.1(d)complete such repair within forty-five (45) days (which 45-day period shall be extended by one day for each day of any delay to the completion of the restoration and repair outside of the reasonable control of Lessor, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds for financial reasons, but not to exceed a total of insurance covering tenant's personal property 90 additional days of any such delay) after written notice from Lessee.
(includingc) In the event of repair, without limitationreconstruction, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), aboverestoration as provided herein, the other party may avoid termination Monthly Base Rent and Additional Rent shall be abated proportionally in the ratio which Lessee’s use of this Lease by (i) committing in writing to pay the additional funds required to complete Premises is impaired during the necessary repairs and period of such repair, reconstruction, or restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after from the date of lossthe casualty until such repair, security for payment reconstruction or restoration is substantially completed.
(d) With respect to any destruction of such excess costs reasonably satisfactory the Building which Lessor is obligated to repair, or may elect to repair, under the terminating party terms of this Paragraph 20, the provisions of Section 1932, Subdivision 2, and its lenders (if any)of Section 1933, Subdivision 4, of the Civil Code of the State of California are waived by the parties. Lessor’s obligation to repair and restore the Building shall not include any alterations performed by Lessee.
(e) If there In the event of termination of this Lease pursuant to any of the provisions of this Paragraph 20, the Monthly Base Rent and Additional Rent shall be damage apportioned on a per diem basis and shall be paid to the Premises by fire date of the casualty. In no event shall Lessor be liable to Lessee for any damages resulting to Lessee from the occurrence of such casualty, or other casualty and from the repairing or restoration of the Building, or from the termination of this Lease is not terminatedas provided herein, Tenant nor shall promptly commence Lessee be relieved thereby from any of Lessee’s obligations hereunder, except to the extent and diligently prosecute upon the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used conditions expressly set forth in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagethis Paragraph 20.
Appears in 2 contracts
Samples: Lease (Recursion Pharmaceuticals, Inc.), Lease (Recursion Pharmaceuticals, Inc.)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice 24.01 In case of any damage to or destruction of the Premises by fire Demised Premises, or other casualtyany part hereof, Tenant shall promptly give written notice thereof to Landlord.
24.02 If any portion of the Demised Premises or the Building is damaged or destroyed to such an extent that the cost of restoration, as reasonably estimated by Landlord, will equal or exceed twenty-five (25%) percent of the replacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage or destruction, then the Landlord shall have the option, to be exercised by giving written notice to Tenant within sixty (60) days of the event of damage or destruction, of: (a) terminating this Lease or (b) causing the Demised Premises to be repaired or restored (but only to the extent that it receives insurance proceeds from the holder of any mortgage lien or directly from the insurance company, as the case may be); provided, however, that if (a) more than 50% of the Demised Premises are damaged as a result of such casualty and (b) if, in the opinion of a qualified architect or contractor the Demised Premises cannot, as a result of such damage, be restored within one hundred eighty (180) days then and in that event Tenant shall have the option, which must be expressed in writing within fifteen (15) days of the damage or destruction, to terminate this Lease. If the Premises shall be rendered wholly untenantable by a casualty, unless terminated Landlord or Tenant elects to terminate pursuant to Section 7.1(d)(i) this Article 24.02, Tenant shall surrender and vacate the Demised Premises within 60 days of the receipt, or 7.1(d)(ii) hereofthe giving, this Lease shall remain in full force of such notice, as the case may be. From and effect except that Rent shall fully xxxxx commencing on after the date of loss and continuing such damage or destruction until the earlier Demised Premises are restored (if they are to occur of: (ibe restored) Tenant shall remain and continue liable for the date payment of the Fixed Rent, Operating Expenses, Additional Rent, and all other charges required hereunder to be paid by Tenant reopens but such rent, charges and impositions shall be abated in such proportion as the square footage of the Demised Premises for business, which reopening is untenantable bears to the total square footage of the Demised Premises.
24.03 In the event that the Demised Premises or Building is damaged or destroyed by a casualty insured by Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty cost of restoration as reasonably estimated by Landlord is less than twenty-five (4525%) days after Tenant completes percent of the restorationreplacement value of the Building (exclusive of foundations) just prior to the occurrence of the damage or destruction, then Landlord shall promptly repair, but only to the extent that it receives insurance proceeds from the holder of any mortgage lien or directly from the insurance company, as the case may be. If Landlord causes the Demised Premises to be repaired or restored pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises Article 24.02 or 24.03 such repair and/or restoration work shall be rendered untenantable, this Lease shall remain in full force done with reasonable diligence and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier promptness (subject to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(eUnavoidable Delays), of the structural elements of the building of which the Premises form a part. In such event, the Rent provisions of this Lease shall be reduced unaffected and Tenant shall remain and continue liable for the payment of the Fixed Rent, Operating Expenses, Additional Rent, and all other charges required hereunder to an amount computed be paid by multiplying Tenant but such rent, charges and impositions shall be abated in such proportion as the Rent applicable prior to such damage by a fraction, square footage of the numerator of Demised Premises which is untenantable bears to the Floor Area total square footage of the Premises tenantable after such damage and Demised Premises.
24.04 Notwithstanding any contrary provision captioned herein, Landlord's obligation to repair shall not exceed the denominator of which is the Floor Area scope of the Premises prior work required to such damage.
(d) If there be done by Landlord at the outset of this Lease and shall be damage not extend to the Shopping Center by fire any obligation to repair or other casualtyrestore Tenant's Property. Furthermore, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) should the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs occur during the last three (3) years year of the Term; orTerm or any extended term of this Lease, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairsshall, other than because not withstanding the provisions of any deductible amount of any policy other than Tenant's earthquake insurance policyArticle 24.03, then, in any such event, either party shall have the option to terminate of not repairing the Demised Premises and if Landlord does not so repair, Tenant will have the option of terminating this Lease. Said option .
24.05 Notwithstanding any contrary provision contained herein, if the Demised Premises shall be exercised, if at all, by notice to the other party on damaged or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day destroyed as a result of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d)act, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) fault or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery negligence of the termination noticeTenant, and (ii) providing to the terminating partyor anyone acting or claiming under Tenant, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used no abatement as provided in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damageArticle 24.03.
Appears in 2 contracts
Samples: Lease Agreement (Windsortech Inc), Lease Agreement (Windsortech Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises or the Building shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether the damage (exclusive of any improvements or not other changes made to the Premises is affected therebyand paid for by Lessee), in which: (i) the Premises shall be sufficiently damaged repaired by and at the expense of Lessor to render the entire Premises wholly untenantable; (ii) the as near condition which existed immediately prior to such damage or destruction to the Premises is to an extent as reasonably possible; provided, however, that it cannot be repaired with reasonable diligence within one (1) year after the destruction if as a result of damage by fire or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of other casualty more than fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; ornet rental area of the Building is rendered untenantable, (vi) any insurance proceeds received by Landlord then and in such event either Lessor or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Lessee shall have the right and option to terminate this Lease. Said option shall be (exercised, if at all, by giving written notice to the other party on within thirty (30) days of such destruction or before the ninetieth (90thcasualty) day after to terminate this Lease as of the date of loss and, if exercised, such casualty. Subject to the foregoing; the Lessor shall be effective on the last day of the first (1st) full calendar month falling at least commence such repair within sixty (60) days after such noticecasualty and shall complete the same within a reasonable time thereafter, subject to acts of God, strikes and other occurrence not within the control of Lessor. If Tenant elects In the event Lessor fails to commence such repair or restoration within such period or shall fail to prosecute such repair and restoration in a timely manner, then Lessee shall have the right LEASE – Instructure, Inc. OLD MILL BUILDING IV, LLC and option (exercised, if at all, by giving written notice within fifteen (15) days of such failure) to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixturesLease. If either party elects to terminate In the event this Lease pursuant is terminated for any of the reasons aforesaid, any rents or other payments shall be prorated as of the effective date of such termination and proportionately refunded to clause (iv) the Lessee or (vi), above, paid to Lessor as the other party case may avoid termination of this Lease by (i) committing be. During any period in writing to pay the additional funds required to complete the necessary repairs and restorationtime, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises or any portion thereof is rendered untenantable by fire or other casualty and casualty, the rent shall xxxxx proportionately to the area rendered untenantabie for the period of time during which this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagecondition exists.
Appears in 2 contracts
Samples: Lease Agreement (Instructure Inc), Lease Agreement (Instructure Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice If all or any part of any damage to the Premises or any material portion of the balance of the Real Property is damaged by fire or other casualty.
, Landlord shall, within sixty (b60) If days following the Premises date of the damage, give Tenant written notice of Landlord’s reasonable estimate of the time required from the date of the damage to repair the damage (the “Damage Estimate”). Landlord shall be rendered wholly untenantable by a casualty, unless terminated pursuant use commercially reasonable efforts to Section 7.1(d)(i) or 7.1(d)(ii) hereof, diligently proceed to repair the damage and this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: if (i) the damage is caused by a peril covered by Landlord’s insurance (or required 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 Tenant reopens of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expeditecasualty or less, or (ii) the date forty five damage is caused by a peril not covered (45and 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 after 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 completes the restoration, pursuant to Section 7.1(e), within sixty (60) days of the structural elements date of the building of damage, shall either (a) diligently proceed to repair the damage, in which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, event this Lease shall remain continue in full force and effect except that Rent effect, or (b) terminate this Lease as of the date specified by Landlord in the notice, which date shall partially xxxxx commencing 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 loss 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 continuing until other personal property, nor any Specialty Alterations or Above Building Standard Alterations installed in the earlier Premises by or at the request of Tenant (including those installed by Landlord at Tenant’s request, whether prior or subsequent to occur of: (i) the date commencement of the Lease term), and no damage to any of the foregoing shall entitle Tenant reopens 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 repaired portion damage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises for businessis 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 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 reopening 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 providing Landlord with written notice of such termination within thirty (30) days after 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 nor more than thirty (30) days after the date of such 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 will be completed is during the last twelve (12) months of the Lease term, Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall each have the option to terminate this Lease. Said option shall be exercised, if at all, Lease by giving written notice to the other other, in the case of Landlord together with the Damage Estimate, or, in the case of Tenant, within thirty (30) days of Tenant’s receipt of the Damage Estimate, and this Lease shall terminate as of the date specified by the party on or in its termination notice, which date shall not be before the ninetieth date of such notice or more than thirty (90th30) day days after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects Notwithstanding the foregoing, if Landlord exercises its right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination provisions of this Lease 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 (i) committing in writing exercising such option to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party renew within ten (10) days after Business Days following delivery of notice of Landlord’s exercise of its right to terminate this Lease, provided that all other conditions for the termination notice, and (ii) providing effectiveness of the exercise of such option to renew are satisfied. Notwithstanding anything to the terminating partycontrary in this Paragraph 26, within if damage which would otherwise lead to a reasonable period after delivery right to terminate this Lease results from the willful misconduct of Landlord or Tenant, the party from whose misconduct such notice, not damage results shall have no right to extend beyond terminate this Lease. If the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty damages the Premises or the common areas of the Real Property necessary for Tenant’s use and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair occupancy of the Premises, including all exterior wallsTenant ceases to use any portion of the Premises as a result of such damage, roofsthen during the period the Premises or portion thereof are rendered unusable by such damage and repair, floors Tenant’s Monthly Rent and supportsAdditional 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, all internal partitionsand Tenant does not conduct, its business at the Premises; provided, however, if the 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 Premises it is required to rebuild, to install its property, furniture, fixtures, trade fixtures, shelving, casework, furniture data and furnishings used telecommunications cabling and equipment and to move in connection to the Premises over the course of one (1) full weekend (during which weekend Tenant shall be provided with the operation exclusive use (except for de-minimus use by others) of Tenant's business in the Building’s freight elevator). 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, as nearly as practicable the Building or access thereto, except for the rent abatement expressly provided above. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the thing hired and Sections 1941 and 1942, providing for repairs to their respective conditions prior to such damageand of premises.
Appears in 2 contracts
Samples: Office Lease (Twitter, Inc.), Office Lease (Twitter, Inc.)
Damage or Destruction. If part of or all of the Premises are damaged or destroyed by fire, lightning, tempest or any other perils insured against in virtue of the insurance policies stipulated in Article 11 of these presents, then:
(a) Tenant shall give Landlord prompt notice of any if the damage to or the destruction is such that the Premises by fire or other casualty.
(b) If the Premises shall be are rendered wholly untenantable by a casualtyunfit for occupancy or it is impossible or unsafe to use or occupy them, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain and if in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such either event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it damages cannot be repaired with reasonable diligence within one hundred and eighty (1180) year after days following such damage or destruction, the Lessor or Lessee may, within the five (5) days following such damage or destruction, cancel the present Lease by way of written notice to the Lessee other; in which event, the Lease shall terminate on the day of such damage or destruction, and the rent and all other sums for which the Lessee is responsible under the terms of the Lease must be calculated and paid in full to the date of the damage or the destruction. In the event that the Lessor and Lessee decides not to cancel the Lease, the Lessor must repair the damages or destruction within a reasonable delay, and in which event, the rent shall be abated from the date of the damages or the destruction or damage; (iii) either until the Shopping Center or the building of which date that the Premises are repaired in such a part is damaged manner as to enable the extent Lessee to use and occupy them, plus an additional period of fifty percent up to thirty (50%30) or more of its insured replacement cost; days to permit the Lessee to refixture the Premises;
(ivb) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) if the damage occurs during is such that the last three Premises are rendered wholly unfit for occupancy or it is impossible or unsafe to use or occupy them, but if in either event, the damages may be repaired by the Lessor with reasonable diligence within one hundred and eighty (3180) years days following such damage, the rent shall be abated from the date of the Term; ordamages until the date that the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, plus an additional period of up to thirty (vi30) any insurance proceeds received days to permit the Lessee to refixture the Premises;
(c) if, in the foregoing events, the damage or the destruction is such that the Premises may be partially used for the purposes designated by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policythe present Lease, then, in any until such eventdamage or destruction is repaired by the Lessor, either party shall have the option to terminate this Lease. Said option rent shall be exercised, if at all, by notice abated in the proportion that part of the Premises unfit for occupancy bears to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair whole of the Premises, including all exterior wallsand this, roofsfrom the date of the damages or destruction until the date that the said part of the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, floors and supportsplus an additional period of up to thirty (30) days to permit the Lessee to refixture the Premises. Notwithstanding the foregoing, all internal partitionsif the Premises and/or the Buildings are totally destroyed, fixtures, trade fixtures, shelving, casework, furniture and furnishings used the Lessor may relocate the Lessee in connection with the operation of Tenant's business comparable space in the Premises, as nearly as practicable to their respective vicinity of the Building within a reasonable time period and within the delays mentioned in the present Article. The relocation shall not affect the other terms and conditions prior to such damageof the present Lease.
Appears in 2 contracts
Samples: Lease Agreement (DAVIDsTEA Inc.), Lease Agreement (DAVIDsTEA Inc.)
Damage or Destruction. (a) Tenant In case the premises shall give Landlord prompt notice of any damage to the Premises be partially or totally destroyed by fire or other casualty.
(b) If casualty insurable under standard extended risk insurance so as to become partially or totally untenantable, the Premises same shall be rendered wholly untenantable repaired or rebuilt as speedily as possible at the expense of the 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 insurable under full standard extended risk insurance as to become totally destroyed by a casualtycause or casualty other than those covered by fire and extended coverage risk insurance, unless terminated pursuant then, in either event, Lessor may, if it so elects, rebuild or put said building in good condition and fit for occupancy within a reasonable time after such destruction or damage, or it may give notice terminating this lease as of a date not later than thirty (30) days after any such damage or destruction, If Sublessor elects to Section 7.1(d)(irebuild or repair the building it shall, within thirty (30) days after such damage or 7.1(d)(ii) hereofdestruction, give Lessee notice of its intention to repair or rebuild and then shall proceed with reasonable speed to make the repairs or to rebuild. Unless Lessor elects to terminate this lease, this Lease lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on and the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent rent shall be reduced to an amount computed by multiplying in the Rent applicable prior to such damage by a fraction, proportion that the numerator of which is the Floor Area area of the Premises tenantable after such damage and premises that are not usable bears to the denominator of which is the Floor Area total area of the Premises prior to such damagepremises until the premises are repaired or rebuilt.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Lease Agreement
Damage or Destruction. (a) Tenant If the Hotel shall give Landlord prompt notice of any damage to the Premises be totally destroyed or substantially damaged by fire or other casualty, either party may, within sixty (60) days after the occurrence of such event, give written notice to the other terminating this Agreement. For purposes of this Section, the Hotel shall be deemed to have been substantially damaged if the estimated cost of Restoration shall exceed twenty percent (20%) of the cost of replacing the Hotel by constructing, furnishing and equipping a new hotel on the site substantially the same as the Hotel prior to such casualty. In the event Owner terminates this Agreement by reason of such damage or destruction, Owner shall, contemporaneously with the giving of notice of such termination and as a condition (which may be waived by Manager) to the effectiveness of such termination, pay to Manager the applicable Termination Fee.
(b) If In the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date event of loss and continuing until the earlier to occur of: (i) any damage to the date Tenant reopens the Premises for business, Hotel by fire or other casualty which reopening Landlord and Tenant shall diligently work together does not amount to expedite"substantial damage" as described in subsection (a) above, or (ii) the total destruction of or substantial damage to the Project and the failure of either party to terminate this Agreement pursuant to subsection (a) above, then this Agreement shall not terminate, and Owner shall, at its own expense and in accordance with plans and specifications therefor developed by Owner in consultation with Manager, promptly commence and expeditiously complete the Restoration and, subject to the rights of any Mortgagee, all proceeds of property and casualty insurance shall be made available to Owner for this purpose. Owner shall promptly commence and diligently pursue the Restoration to completion; provided, however, that if owner shall not fully complete the Restoration within a reasonable period of time after the date forty five of such casualty or one hundred eighty (45180) days, whichever is- earlier (or such longer period as Manager may approve), then Manager shall have the right to terminate this Agreement upon thirty (30) days' prior written notice to Owner, whereupon Owner shall, within ten (10) days after Tenant completes following such notice and as a condition (which may be waived by Manager) to the restorationeffectiveness of such termination, pursuant pay to Section 7.1(e), of Manager the structural elements of the building of which the Premises form a partapplicable Termination Fee.
(c) If only a portion of Manager's monthly compensation following damage to the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing Project until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior Restoration with respect to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there completed shall in no event be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of less than fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) Average Monthly Management Fee at the time the damage occurs during occurs; provided, however, that such amount shall be payable only from, and to the last three (3) years extent of, the proceeds of business interruption insurance maintained in respect of the Term; orProject.
(d) Notwithstanding the provisions of subsections (a) and (b) of this Section 9.1, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option Termination Fee payable thereunder shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by payable (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered any event to the terminating party within ten (10) days after delivery of the termination noticeextent it is covered by insurance, and (ii) providing to the terminating partyextent it is not covered by insurance, within a reasonable period after delivery of such noticeTermination Fee shall be payable by Owner unless, not at or any time prior to extend beyond the date which is 90 days after the date of lossthe related termination of this Agreement, security Manager has managed f or Owner and Owner I s franchisees an aggregate of at least fifteen (15) extended stay hotels similar in operation to (and including) the Hotel, in which case such portion of the Termination Fee shall not be payable to Manager. In addition, in the event that, on or before the date that is twelve (12) months after the related termination of this Agreement, Manager has managed for payment Owner and Owner's franchisees an aggregate of at least fifteen (15) extended stay hotels similar in operation to (and including) the Hotel, then Manager shall repay to Owner the amount of such excess costs reasonably satisfactory Termination Fee paid to the terminating party and its lenders (if any)Manager hereunder.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Management Assistance Agreement (Wyndham Hotel Corp)
Damage or Destruction. If part of or all of the Premises are damaged or destroyed by fire, lightning, tempest or any other perils insured against in virtue of the insurance policies stipulated in Article 11 of these presents, then:
(a) Tenant shall give Landlord prompt notice of any if the damage to or the destruction is such that the Premises by fire or other casualty.
(b) If the Premises shall be are rendered wholly untenantable by a casualtyunfit for occupancy or it is impossible or unsafe to use or occupy them, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain and if in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such either event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it damages cannot be repaired with reasonable diligence within one hundred and eighty (1I 80) year after days following such damage or destruction, the Lessor may, within the five (5) days following such damage or destruction, cancel the present Lease by way of written notice to the Lessee; in which event, the Lease shall terminate on the day of such damage or destruction, and the rent and all other sums for which the Lessee is responsible under the terms of the Lease must be calculated and paid in full to the date of the damage or the destruction. In the event that the Lessor decides not to cancel the Lease, the Lessor must repair the damages or destruction within a reasonable delay, and in which event, the rent shall be abated from the date of the damages or the destruction or damage; (iii) either until the Shopping Center or the building of which date that the Premises are repaired in such a part is damaged manner as to enable the extent Lessee to use and occupy them, plus an additional period of fifty percent up to thirty (50%30) or more of its insured replacement cost; days to permit the Lessee to refixture the Premises;
(ivb) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) if the damage occurs during is such that the last three Premises are rendered wholly unfit for occupancy or it 1s impossible or unsafe to use or occupy them, but if in either event, the damages may be repaired by the Lessor with reasonable diligence within one hundred and eighty (3180) years days following such damage, the rent shall be abated from the date of the Term; ordamages until the date that the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, plus an additional period of up to thirty (vi30) any insurance proceeds received days to permit the Lessee to refixture the Premises
(c) if, in the foregoing events, the damage or the destruction is such that the Premises may be partially used for the purposes designated by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policythe present Lease, then, in any until such eventdamage or destruction is repaired by the Lessor, either party shall have the option to terminate this Lease. Said option rent shall be exercised, if at all, by notice abated in the proportion that part of the Premises unfit for occupancy bears to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair whole of the Premises, including all exterior wallsand this, roofsfrom the date of the damages or destruction until the date that the said part of the Premises are repaired in such a manner as to enable the Lessee to use and occupy them, floors and supportsplus an additional period of up to thirty (30) days to permit the Lessee to refixture the Premises. Notwithstanding the foregoing, all internal partitionsif the Premises and/or the Building are totally destroyed, fixtures, trade fixtures, shelving, casework, furniture and furnishings used the Lessor may relocate the Lessee in connection with the operation of Tenant's business comparable space in the Premises, as nearly as practicable to their respective vicinity of the Building within a reasonable time period and within the delays mentioned in the present Article. The relocation shall not affect the other terms and conditions prior to such damageof the present Lease.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises or the Building shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether the damage (exclusive of any improvements or not other changes made to the Premises is affected therebyand paid for by Lessee), in which: (i) may, at the Premises shall option of Lessor, be sufficiently damaged repaired by and at the expense of Lessor to render the entire Premises wholly untenantable; (ii) the as near condition which existed immediately prior to such damage or destruction to the Premises is to an extent as reasonably possible; provided, however, that it cannot be repaired with reasonable diligence within one (1) year after the destruction if as a result of damage by fire or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of other casualty more than fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; ornet rental area of the Building is rendered untenantable, (vi) any insurance proceeds received by Landlord then and in such event either Lessor or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Lessee shall have the right and option to terminate this Lease. Said option shall be (exercised, if at all, by giving written notice to the other party on within thirty (30) days of such destruction or before the ninetieth (90thcasualty) day after to terminate this Lease as of the date of loss andsuch casualty. Subject to the foregoing, if exercised, the Lessor shall be effective on the last day of the first (1st) full calendar month falling at least commence such repair within sixty (60) days after such noticecasualty and shall complete the same within a reasonable time thereafter, subject to acts of God, strikes and other occurrence not within the control of Lessor. If Tenant elects In the event Lessor fails to commence such repair or restoration within such period or shall fail to prosecute such repair and restoration in a timely manner, then Lessee shall have the right and option (exercised, if at all, by giving written notice within fifteen (15) days of such failure) to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixturesLease. If either party elects to terminate In the event this Lease pursuant is terminated for any of the reasons aforesaid, any rents or other payments shall be prorated as of the effective date of such termination and proportionately refunded to clause (iv) the Lessee or (vi), above, paid to Lessor as the other party case may avoid termination of this Lease by (i) committing be. During any period in writing to pay the additional funds required to complete the necessary repairs and restorationtime, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises or any portion thereof is rendered untenantable by fire or other casualty and casualty, the rent shall xxxxx proportionately to the area rendered untenantable for the period of time during which this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagecondition exists.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage 16.1 If, during or prior to the Premises by fire or other casualty.
(b) If Lease Term, the Premises shall be rendered wholly untenantable or the Building are totally or partially damaged or destroyed from any cause, thereby rendering the Premises totally or partially inaccessible or unusable by a casualtyTenant for its business, unless terminated pursuant to Section 7.1(d)(iwithin forty-five (45) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on days following the date of loss any such damage, Landlord shall promptly notify Tenant of Landlord’s good-faith best estimate of the time required to repair such damage in the manner described herein (“Landlord’s Repair Notice”). Landlord shall thereafter diligently (taking into account the time necessary to effectuate a satisfactory settlement with any insurance company involved) restore and continuing until repair the earlier Premises and the Building to occur of: substantially the same condition they were in prior to such damage using materials and workmanship equal to or better in quality than those originally incorporated into the Premises; provided, however, if (i) insurance proceeds which, when added to any necessary deductible payment or voluntary payment by Tenant, would be sufficient for restoration are unavailable for any reason (other than due to Landlord’s failure to maintain the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expediteinsurance coverage required hereunder), or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of more than fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orBuilding is destroyed as a result of such damage, (vi) any insurance proceeds received by then Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option right, at its sole option, to terminate this Lease. Said option shall be exercised, if at all, Lease by giving written notice of termination to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least Tenant within sixty (60) days after the occurrence of such noticedamage. If Tenant elects to terminate this Lease is terminated pursuant to the preceding sentence, all Base Rent and Additional Rent payable hereunder shall be equitably apportioned and paid to the date of the occurrence of such damage or destruction, and neither Landlord nor Tenant shall have any further rights or remedies as against each other pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days accruing after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)termination.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Deed of Lease (Equinix Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice If all or any part of any damage to the Premises or any material portion of the balance of the Real Property is damaged by fire or other casualty.
, then within sixty (b60) 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 Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(iDamage Estimate is two hundred seventy (270) days or 7.1(d)(ii) hereofless, this Lease shall remain in full force and effect except that Rent effect, and if the fire or other casualty damages the Premises and/or areas of the Building and/or any portion of the Common Areas of the Real Property necessary for Tenant's use and occupancy of the Premises, then Landlord shall fully xxxxx commencing on diligently proceed to repair the damage. If the Damage Estimate is more than two hundred seventy (270) days, Landlord, at its option exercised by written notice to Tenant within seventy-five (75) days of the date of loss and continuing until the earlier to occur of: damage, shall either (i) continue this Lease in full force in effect, and, if the date Tenant reopens fire or other casualty damages the Premises and/or areas of the Building and/or any portion of the Common Areas of the Real Property necessary for businessTenant's use, which reopening Landlord and Tenant shall enjoyment and/or occupancy of the Premises, diligently work together proceed to expediterepair the damage, or (ii) terminate this Lease as of the date forty five specified by Landlord in the notice, which date shall be not less than thirty (4530) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or nor more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice. If Tenant elects to ; provided Landlord may only terminate this Lease if Landlord also terminates the leases of all similarly situated tenants whose leases are terminable pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)express terms thereof.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Office Lease (e.l.f. Beauty, Inc.)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice 6.01. In case of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), destruction of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, Property or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center any part thereof by fire or other casualty, Lessee will promptly give written notice thereof to Lessor and shall, in accordance with the provisions of this Article and all other provisions of this Lease, restore the same as nearly as possible to its value, condition and character immediately prior to such damage or destruction, subject to Lessee's right to make alterations in conformity with and subject to the conditions of Article 9 hereof, and in conformity with the plans and specifications required to be prepared pursuant to Section 6.02, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; such damage or destruction has been insured or was insurable, (ii) Lessee is entitled to receive any insurance proceeds, or (iii) insurance proceeds are sufficient to pay in full the cost of the restoration work in connection with such restoration. Such restoration shall be commenced promptly (but no later than 60 days after the occurrence of such damage or destruction subject to Unavoidable Delays (hereinafter defined)) and shall be prosecuted and completed expeditiously and with utmost diligence, Unavoidable Delays excepted. Lessor, its agents and mortgagees, may, from time to time, inspect the Premises is restoration without notice in the event of an emergency or, in other cases, upon reasonable advance notice to an extent that it cannot Lessee during normal business hours.
6.02. In the event of any damage or destruction of the Property or any part thereof by fire or other casualty, and the estimated cost to repair exceeds Five Hundred Thousand Dollars ($500,000.00), Lessee agrees to furnish to Lessor at least twenty (20) days before the commencement of the restoration of such damage or destruction, the following:
(i) complete plans and specifications for such restoration prepared by a licensed and reputable architect reasonably satisfactory to Lessor (the "Architect"), which plans and specifications shall meet with the reasonable approval of Lessor, together with the approval thereof by all governmental authorities then exercising jurisdiction with regard to such work, and which plans and specifications shall be repaired and become the sole and absolute property of Lessor in the event that, for any reason, this Lease shall be terminated.
(ii) contracts then customary in the trade with (a) the Architect, and (b) with a reputable and responsible contractor reasonably approved by Lessor, providing for the completion of such restoration in accordance with said plans and specifications, which contracts shall meet with the reasonable diligence within one (1) year after the destruction or damage; approval of Lessor.
(iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years assignments of the Term; orcontracts with the Architect and the contractor so furnished, (vi) any insurance proceeds received duly executed and acknowledged by Landlord or Tenant for such damage are inadequate or unavailable for repairsLessee, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option Architect and the contractor by its terms to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord upon any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid valid termination of this Lease or upon Lessor's re-entry upon the Property following a default by Lessee prior to the complete performance of such contract.
(iv) certificates of insurance as set forth in Section 5.02 and as otherwise reasonably required by Lessor.
6.03. All insurance money on account of such damage or destruction shall be paid to Lessor or any mortgagee of the fee, and such insurance money, less the reasonable cost incurred by Lessor or such mortgagee in connection with adjustment of the loss and the collection thereof and Lessor's review of the plans and specifications and contracts, shall be applied by Lessor and any such mortgagee to the payment of the cost of the aforesaid restoration, including the cost of temporary repairs or for the protection of the Property pending the completion of permanent restoration (all of which temporary repairs, protection of Property and permanent restoration are hereinafter collectively referred to as the "Restoration"), and, upon written request of the Lessee shall be paid out to Lessee from time to time (but no more often than once per month) as such Restoration progresses pursuant to the provisions of this Section and shall be received by Lessee in trust for the purposes of paying the cost of such Restoration. The receipt by Lessor of the following are conditions precedent to each payment of insurance money to be made to Lessee pursuant to this Section:
(i) committing in writing to pay the additional funds required to complete the necessary repairs and restorationa requisition ("Requisition") signed by Lessee, which writing shall be delivered to the terminating party within ten dated not more than thirty (1030) days after delivery prior to such request, certifying the following:
(a) that the sum then requested either has been paid by Lessee, and/or is justly due to contractors, subcontractors, materialmen, engineers, architects or other persons who have rendered services or furnished materials for the Restoration therein specified, and giving a brief description of such services and materials and the several amounts so paid and/or due to each of said persons in respect thereof, and stating that no part of such expenditures has been or is being made the basis, in any previous or then pending request, for the withdrawal of insurance money or has been made out of the termination noticeproceeds of insurance received by Lessee, that the sum then requested does not exceed the value of the services and materials described in the Requisition, and (ii) providing to stating, in reasonable detail, the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair progress of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used work in connection with the operation Restoration up to the date of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.Requisition; and
Appears in 1 contract
Samples: Lease Agreement (Tiffany & Co)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to In the event the Premises shall be partially or totally damaged or destroyed by fire or other casualty.
casualty so as to become partially or totally untenantable during the term of this Lease, the same shall be rebuilt or repaired as promptly as possible at the expense of LESSOR unless such damage shall be substantial or total (b) If i.e., rendering the Premises shall be rendered wholly untenantable by a casualtyLESSEE), unless terminated pursuant in which event LESSOR may elect not to Section 7.1(d)(irebuild or repair. LESSOR shall notify LESSEE, in writing, of its election to, or not to, rebuild within sixty (60) days of such damage or 7.1(d)(ii) hereofdestruction. If LESSOR elects not to rebuild, then this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on terminate as of the date of loss and continuing until the earlier to occur of: (i) such damage or destruction. If, from the date Tenant reopens of the Premises for business, which reopening Landlord and Tenant shall diligently work together destruction or damage to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of substantial completion of the structural elements rebuilding or repairing, LESSEE is deprived of the building occupancy of which all of the Premises form a part.
(c) If 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 Premises, LESSEE shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier entitled to occur of: (i) the date Tenant reopens the repaired portion a reduction of the Premises rental for business, which reopening Landlord and Tenant shall diligently work together the period of such deprivation of an amount proportionate to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building space of which the Premises form a partLESSEE is deprived. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is such that the LESSEE is unable to an extent conduct any of its business therein, then it shall be deemed that it the LESSEE is deprived of the occupancy of the entire Premises. Notwithstanding the foregoing, in the event the Premises are substantially or entirely damaged by casualty and either such restoration cannot be repaired with reasonable diligence completed within one (1) year after six months following the destruction date of casualty or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the such damage occurs shall occur during the last three (3) years year of the Term; orterm of this Lease, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party LESSEE shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction upon thirty (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (1030) days after delivery of the termination notice, and (ii) providing written notice to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)LESSOR.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice to Landlord of any damage to the Premises by fire or other casualty.
(b) If casualty to the Premises or any portion thereof. In the event that the Premises, or any part thereof, or access thereto, shall be rendered wholly untenantable so damaged or destroyed by fire or other insured casualty (a casualty, unless terminated pursuant "Casualty") that the Tenant shall not have reasonably convenient access to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a any portion of the Premises shall thereby be otherwise rendered untenantableunfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, this Lease shall remain and if in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion judgment of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot may be repaired with reasonable diligence within one hundred and eighty (1180) year after days with available insurance proceeds, then the destruction or damage; (iii) either Landlord shall so notify the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least within sixty (60) days after the occurrence of the damage or destruction (the "Notice Period") and shall repair such noticedamage 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 the Tenant shall have the right to terminate the term of this lease by giving written notice of such termination to the Landlord within twenty (20) days after 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 elects notice of its decision to repair such damage within sixty (60) days after the occurrence of the Casualty, then either party shall have the right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination term of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered giving written notice of such termination to the terminating other party within ten the period of sixty (1060) to seventy-five (75) days after delivery the occurrence of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)Casualty.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Building or Premises shall be are rendered partially or wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center untenable by fire or other casualty, whether or not the Premises is affected therebyand if such damage cannot, in which: (i) the Premises shall Landlord’s reasonable estimation, be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence materially restored within one hundred eighty (1180) year after the destruction or days of such damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of , then Landlord may, at its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orsole option, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after Lease as of the date of loss and, if exercised, such fire or casualty. Landlord shall be effective on the last day of the first (1st) full calendar month falling at least exercise its option provided herein by written notice to Tenant within sixty (60) days after such noticefire or other casualty. For purposes hereof, the Building or Premises shall be deemed “materially restored” if they are in such condition as would not prevent or materially interfere with Tenant’s use of the Premises for the purpose for which it was then being used.
(b) If Tenant elects to terminate this Lease is not terminated pursuant to Section 15.04 (a) above, then Landlord shall proceed with all due di1igence to repair and restore the Building or Premises, as the case may be (except that Landlord may elect not to rebuild if such damage occurs during the last year of the Term exclusive of any option which is unexercised at the date of such damage).
(c) If this Lease shall be terminated pursuant to this Section 7.1(d)15.04, then Tenant the Term shall turn over to Landlord any insurance proceeds received by Tenant with respect end on the date of such damage and destruction (other than proceeds as if that date had been originally fixed in this Lease for the expiration of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixturesthe Term. If either party elects to terminate this Lease shall not be terminated by Landlord pursuant to clause (iv) this Section 15.04 and if the Premises is untenable in whole or (vi), abovein part following such damage, the other party may avoid termination rent and any additional rent for said untenable space shall xxxxx in full until said space is fully resorted under all of this Lease by (i) committing in writing to pay the additional funds required circumstances. In the event that Landlord shall fail to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party such material restoration within ten one hundred eighty (10180) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of such damage, Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, whereupon the Lease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Term, provided, however, 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 reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. In no event shall Landlord be required to rebuild, repair or replace any part of the partitions, fixtures, additions or other improvements which may have been placed in or about the Premises by Tenant.
(d) In the event of any damage or destruction to the Building by any peril covered by the provisions of this Article 15, Tenant shall, upon notice from Landlord, forthwith remove, at its sole cost and expense, such portion or all of Tenant’s property belonging to Tenant from such portion or allot the Premises as Landlord shall request and Tenant hereby indemnifies and holds harmless the Development, the Building, Landlord, Landlord’s agents and employees from any loss, security for payment liability, claims, suits, costs, expenses, including attorney’s fees and damages, both real and alleged, arising out of any damage or injury as a result of the failure to properly secure the Premises prior to such removal and/or as a result of such excess costs reasonably satisfactory to the terminating party removal, other than loss, liability, claims, suits, costs, expenses, including attorney’s fees and its lenders (if any)damages, both real and alleged, cause by Landlord’s gross negligence.
(e) If there shall be damage Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises by fire or other casualty and the Building requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such request is not terminatedmade by any such holder, Tenant whereupon the Lease shall promptly commence and diligently prosecute end on the restoration and repair date of such damage as if the date of such damage were the date originally fixed in the Lease for the expiration of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damageTerm.
Appears in 1 contract
Damage or Destruction. If the Building is rendered partially or wholly untenantable by fire or other casualty:
15.1 The Lessee shall proceed with reasonable diligence as soon as sufficient insurance and/or other funds are available therefore (ain any event, within twenty-four (24) Tenant months from the date of the occurrence of a fire or other casualty), to prepare plans and specifications for, and thereafter to carry out, all work necessary to repair or replace the Building or any portions thereof that were damaged or destroyed by a fire or other casualty. The Lessee shall give Landlord prompt secure in writing the City’s approval of (1) all design plans and of Lessee’s engineer or architect, if required, and construction contractors, and (2) final acceptance. However, the City retains the sole option to not repair or replace the Building for any reason, in which case the City shall advise Lessee of City's election to terminate this Lease by giving at least a thirty (30) day notice of to Lessee; in this eventuality, the City shall retain the insurance proceeds for the Building or any damage to the Premises portions thereof that were damaged or destroyed by a fire or other casualty.
15.2 Unless the City elects not to repair or replace the Building, Lessee shall proceed with reasonable diligence as soon as sufficient insurance and/or other proceeds and other funds are available therefore (bin any event, within twenty-four (24) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on months from the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, occurrence of a fire or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(eother casualty), of the structural elements of the building of which the Premises form a partto repair or replace contents that have been damaged or destroyed.
15.3 If the Building cannot be repaired or replaced within twenty-four (c24) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on months from the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion occurrence of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty if thirty percent (5030%) or more of its insured replacement cost; (iv) the loss Building interior area is caused by any risk not covered by either Landlord's damaged or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; ordestroyed, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to Lessee may terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least Lease upon sixty (60) days after such notice. If Tenant elects days’ written notice to terminate the City.
15.4 Rent and Additional Charges shall be abated in the proportion that the untenantable portion of the Building bears to the whole Building, in the City’s sole determination, for the period from the date of the fire or other casualty until either the completion of the repairs and restoration or the termination of this Lease pursuant lease at the City’s option as provided herein.
15.5 Except in the event of City’s gross negligence, intentional misconduct or breach of this Lease, City shall not be liable to this Section 7.1(d)Lessee for damages, then Tenant shall turn over compensation or other sums for inconvenience, loss of business or disruption arising from any repairs to Landlord or restoration of any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds portion of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects the Building or to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)as provided herein.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Lease Agreement
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage 16.1 If, during or prior to the Premises by fire Lease Term, any Pod of the Premises, the Operational Space and/or the Building are totally or other casualty.
(b) If partially damaged or destroyed thereby rendering any Pod of the Premises and/or any portion of the Operational Space totally or partially inaccessible or unusable, then Landlord shall be rendered wholly untenantable by a casualtydiligently repair and restore any such Pod of the Premises, unless terminated pursuant the Operational Space and/or the Building to Section 7.1(d)(i) substantially the same condition they were in prior to such damage or 7.1(d)(ii) hereofdestruction; provided, this Lease shall remain in full force and effect except however, that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur ofif: (i) the date Tenant reopens 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 Premises occurrence of such damage or destruction (taking into account the time needed for businesseffecting a satisfactory settlement with any insurance company involved, which reopening Landlord removal of debris, preparation of plans and Tenant shall diligently work together to expedite, or issuance of all required government permits); (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 of the date forty 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 entire Premises, by giving written notice of termination to Tenant within forty-five (45) days after Tenant completes the restoration, occurrence of such damage or destruction. If this Lease is terminated pursuant to Section 7.1(e)this Article XVI, of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises then rent shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on apportioned as of the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion happening of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction (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 Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building earlier of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss andtermination 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, if exercisedthen 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 effective on required to pay rent only for the last day portion of the first (1st) full calendar month falling at least sixty (60) days after Operational Space and/or the Pods of the Premises and Critical Load Power that is usable while such notice. If 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 elects to terminate this Lease pursuant to this Section 7.1(d)or any Agent, then Tenant shall turn over not be entitled to Landlord any such rent reduction. After receipt of all insurance proceeds received by Tenant with respect such damage and destruction (other than including proceeds of insurance covering tenantmaintained 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 personal property 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, merchandise and equipment) and 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). If either party elects 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 pursuant to clause if (iv1) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing insurance proceeds plus deductibles are insufficient to pay the additional funds 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 complete the necessary repairs make such insurance proceeds available for such repair and restoration, which writing or (3) zoning or other applicable Laws or regulations do not permit such repair and restoration; provided, however, that Landlord shall be delivered 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 terminating party within ten (10) days after delivery Pods of the termination noticePremises after such damage or destruction. If this Lease is terminated pursuant to this Article XVI, and Landlord shall grant to Tenant a license, expiring ninety (ii90) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of losstermination, security allowing Tenant the right to access the Building for payment the purpose of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)removing Tenant's Items therefrom.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage16.2 [*****].
16.3 [*****].
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Damage or Destruction. (a) Tenant shall give Landlord prompt notice to Landlord of any damage to the Premises by fire or other casualty.
(b) If casualty to the Premises or any portion thereof. In the event that the Premises, or any part thereof, or access thereto, shall be rendered wholly untenantable so damaged or destroyed by fire or other insured casualty (a casualty, unless terminated pursuant "Casualty") that the Tenant shall not have reasonably convenient access to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a any portion of the Premises shall thereby be otherwise rendered untenantableunfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, this Lease shall remain and if in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion judgment of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot may be repaired with reasonable diligence within one hundred and eighty (1180) year after days with available insurance proceeds, then the destruction or damage; (iii) either Landlord shall so notify the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least within sixty (60) days after the occurrence of the damage or destruction (the "Notice Period") and shall repair such noticedamage 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 the Tenant shall have the right to terminate the term of this lease by giving written notice of such termination to the Landlord within twenty (20) days after 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 elects notice of its decision to repair such damage within sixty (60) days after the occurrence of the Casualty, then either party shall have the right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination term of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered giving written notice of such termination to the terminating other party within ten the period of sixty (1060) to seventy-five (75) days after delivery the occurrence of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)Casualty.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
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Damage or Destruction. (a) Tenant If the Building or any part of the Building is destroyed or damaged and the Lessor decides to demolish the Building notwithstanding that the Premises may be unaffected or only partially affected by such damage or destruction; or if the Premises shall give Landlord prompt notice be destroyed or so damaged as to render the same untenantable, then this Lease shall determine and the Lessee shall be liable for payment of rent only up to the date of such determination but such determination shall not discharge any party in respect of any damage to the Premises by fire or other casualtyantecedent breach of this Lease.
(b) If the Premises or any part of the Premises (other than a minor part not affecting the usefulness thereof to any material extent) shall be rendered wholly untenantable by a casualty, unless terminated pursuant damaged to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain such an extent as to render it inexpedient in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), opinion of the structural elements of the building of which the Premises form a part.
(c) If only a portion of Lessor to repair such damage and whether or not the Premises shall be rendered untenantable, the Lessor may determine this Lease by giving to the Lessee 30 days notice in writing but such determination shall remain not discharge any party in full force and effect except that Rent shall partially xxxxx commencing on respect of any antecedent breach of this Lease.
(c) If the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion Premises or any part of the Premises for business, which reopening Landlord shall be damaged but not to such an extent as to render the same untenantable and Tenant if the Lessor shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, not elect pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such eventforegoing provisions to determine this Lease, the Annual Rent shall be reduced abatx xxxportionately to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area net lettable area of the Premises tenantable after rendered unusable by reason of such damage and the denominator in case of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage any dispute or difference as to the Shopping Center by fire amount or other casualty, period of such abatement or as to whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
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Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any The damage of, or destruction or injury to the Premises leased premises or the Building by fire or the elements or other casualty.
casualty which will render the leased premises unquestionably untenantable for one hundred twenty (b120) If days shall produce and work a termination of this Lease; provided, however, that any damage, destruction or injury which will render the Premises leased premises unquestionably untenantable for more than 20% of the unexpired term shall also, at the sole option of the Landlord, produce and work a termination of this Lease; and, provided further, that if such damage, destruction, or injury to the premises shall be rendered wholly untenantable by a casualtydue to the act or negligence of Tenant, unless terminated pursuant to Section 7.1(d)(i) its officers, agents or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such eventemployees, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party alone shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage produce and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid work a termination of this Lease by (i) committing or to restore the premises to substantially the same condition in writing which they existed prior to pay such destruction, damage or injury. If Landlord and Tenant cannot agree as to the additional funds required to complete number of days the necessary repairs and restorationBuilding or leased premises are unquestionably untenantable, which writing the fact shall be delivered to determined by arbitration; the terminating party Landlord and Tenant shall each choose an arbitrator within ten five (105) days after delivery either has notified the other in writing of such damage. The two arbitrators so chosen, before entering on the discharge of their duties, shall elect a third, and the decision of any two of such arbitrators shall be conclusive and binding upon both parties hereto. If it is determined by arbitration, or by agreement between the Landlord and Tenant, that said premises are not unquestionably untenantable for one hundred twenty (120) days or 20% of the termination noticeunexpired term, and (ii) providing whichever is applicable; then Landlord shall restore said premises to substantially the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date same condition in which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions they existed prior to such damage, at Landlord's own expense, with all reasonable speed and promptness, and in such case a just and proportionate part of said rental shall be abated until said premises have been restored; provided, however, that in the event the damage to said premises has not resulted in a termination of this Lease under the above provisions and such damage is caused by the act of Tenant, as aforesaid, during such period of restoration or rebuilding there shall be no rent abatement hereunder. In determining what constitutes reasonable speed and promptness, consideration shall be given to delays caused by strikes, adjustment of insurance, and other causes beyond the Landlord's control. In no event shall the Landlord be required to restore any alterations, additions or improvements made by or for the Tenant and not required by this Lease to be furnished by Landlord, nor any trade fixtures, furniture, equipment or other property belonging to Tenant. Landlord's obligations under this Section shall be limited to the extent of insurance proceeds payable as a result of the casualty, cause or condition.
Appears in 1 contract
Samples: Lease (Daleen Technologies Inc)
Damage or Destruction. (a) In the event the Premises are partially or totally destroyed or damaged by fire or any other insured casualty so as to become partially or totally untenantable, the same shall be repaired or rebuilt as promptly as possible at the expense of Landlord, unless Landlord shall elect not to repair or rebuild. In the event of such repair or reconstruction, the Rent shall be abated to the extent the Premises are rendered untenantable during such repair or rebuilding; provided, however, that the Rent shall not abate if the damage is caused by any act or omission of Tenant, its xxxxxs, servants, employees or any other person entering upon the Premises under the express or implied invitation of Tenant. Tenant shall give Landlord prompt immediate written notice of such damage and shall cooperate with Landlord and the insurance carrier in processing any damage to the Premises by fire or other casualtyclaims under such insurance.
(b) If If:
(i) more than one-third (1/3) of the Premises or the Building shall be rendered wholly untenantable destroyed or damaged by a fire or any other insured casualty, unless terminated pursuant or
(ii) the Premises are rendered partially or totally untenantable as the result of a casualty occurring during the final twelve (12) months of the Lease Term, or
(iii) Landlord determines, in its sole discretion, that restoration of the Premises or the Building cannot reasonably be completed within one hundred eighty (180) days, then in any such event, Landlord may elect (x) to Section 7.1(d)(i) rebuild or 7.1(d)(ii) hereofrepair the Premises or the Building, with reasonable speed and diligence following such destruction or damage and this Lease shall remain continue in full force and effect except that Rent effect, or (y) not to so rebuild or repair, in which event this Lease shall fully xxxxx commencing on be deemed to have terminated as of the date of loss and continuing until the earlier to occur of: such damage or destruction. In either event, Landlord shall give Tenant written notice of its intention within thirty (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after such destruction or damage. Tenant completes hereby expressly waives the restoration, pursuant provisions of Arizona Revised Statutes Section 33-343 with respect to Section 7.1(e), the damage or destruction of the structural elements of Premises or the building of which the Premises form a partBuilding.
(c) If only a portion In the event of restoration as herein provided, rent shall be abated proportionately in the ratio which Tenant's use of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on is impaired during the date period of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the such restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there In the event that damage is due to any uninsured cause, Landlord may elect to terminate this Lease.
(e) It is hereby understood that if Landlord is obligated to or elects to restore as herein provided, Landlord shall be damage obligated to make restoration only of those portions of said Building and said Premises which were originally provided at Landlord's expense, and the repair and restoration of items not provided at Landlord's expense shall be the obligation of Tenant.
(f) Notwithstanding anything to the Shopping Center by fire or other casualtycontrary contained in this Article, whether or Landlord shall not have any obligation whatsoever to restore the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) when the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by resulting from any risk not casualty covered by either Landlord's or Tenant's insurance; (v) the damage under this Article occurs during the last three twelve (312) years months of the Term; orTerm or any extension thereof.
(g) No damages, (vi) any insurance proceeds received compensation or claim shall be payable by Landlord or to Tenant for such damage are inadequate inconvenience, loss of business or unavailable for repairs, other than because annoyance arising from any repair or rebuilding of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day portion of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate Premises or the Building or from the termination of this Lease pursuant to this Section 7.1(d)Article.
(h) Notwithstanding anything contained herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Tenant Landlord shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects have the right to terminate this Lease pursuant after such damage occurs, by delivering written notice of termination to clause (iv) or (vi)Tenant, above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs whereupon all rights and restoration, which writing obligations hereunder shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, cease and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)terminate.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Damage or Destruction. (a) Tenant Lessee shall give Landlord prompt notice promptly notify Lessor of any damage to the Premises or the Building occasioned by fire, the elements, casualty or any other cause. If the Premises are totally destroyed (or so substantially damaged as to be untenantable in the reasonable determination of the Architect) by storm, fire, earthquake or other casualty or any other cause, Lessor shall notify Lessee within nine-ty (90) days from the date of such damage or destruction of Lessor’s decision either:
i. To cancel this Lease as of the date of the occurrence of the storm, earthquake, fire or other casualty or any other cause; or
ii. To commence the process of restoration of the Premises (as limited by paragraph (c) below) to a tenantable condition within ninety (90) days from the date of such casualty, and proceed with due diligence to complete such restoration of the Premises using standard working methods and procedures.
(b) If In the event Lessor, subject to Force Majeure (as defined below) or Lessee Delay, fails to complete such restoration with reasonable diligence within three hundred sixty-five (365) days of the casualty, this Lease may be terminated upon written notice from either party to the other given not more than thirty (30) days following the expiration of such three hundred sixty-five (365) day period, which notice shall specify a termination date of not less than sixty (60) days and not more than ninety (90) days after the date such notice is given; provided, however, that if Lessee exercises such right to terminate this Lease, then Xxxxxx’s written termination shall be of no force or effect if Lessor substantially completes the Premises shall be rendered wholly untenantable by a casualtywithin sixty (60) days of receipt of Xxxxxx’s notice. In the event such notice is not given, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, then this Lease shall remain in full force and effect except that and Rent shall fully xxxxx commencing commence upon delivery of the Premises to Lessee in a tenantable condition (evidenced by notice to Lessee that the Premises are in Lessor’s judgment substantially repaired). In the event such dam- age or destruction occurs within six (6) months of the expiration of the Term, Lessee may, at its option on written notice to Lessor given within thirty (30) days of such destruction or damage, terminate this Lease as of the date of loss and continuing until such destruction or damage. Lessee shall not have the earlier right to occur of: (i) cancel this Lease if the date Tenant reopens damage to the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, is the result of Xxxxxx’s negligence or (ii) the date forty five (45) days after Tenant completes the restoration, willful misconduct. Unless this Lease is terminated pursuant to Section 7.1(e)paragraph (a) above, in the event of damage to the Premises or the Building occasioned by fire, the elements, casualty or any other cause, Lessor shall commence and thereafter pursue diligently and as expeditiously as practicable, the repair and restoration of damage to the Premises, using standard working methods and procedures; Lease Agreement for EALIXIR INC 00 XX 00 Xxxxxx Xxxxxxxxx 0, Xxxxx, XX 00000 12
c) Unless the damage to the Premises is caused by the intentional or negligent acts or omissions of Lessee, its permitted assignees or subLessees, employees or agents, Rent shall xxxxx in proportion to that part of the structural elements Premises rendered unfit for use in Lessee’s business as a result of the building such dam-age or casualty. The nature and extent of which the Premises form a part.
(c) If only a portion of interference to Xxxxxx’s ability to conduct business in the Premises shall be rendered untenantableconsidered in determining the amount of such abatement, this Lease and the abatement shall remain in full force commence and effect except that Rent shall partially xxxxx commencing on continue from the date of loss and continuing the damage occurred until the earlier to occur of: (i) date Landlord substantially completes the date Tenant reopens the repaired portion repair and restoration of the Premises for business, which reopening Landlord and Tenant shall diligently work together gives notice to expediteLessee that such repairs and restoration are substantially completed, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which until Lessee again uses the Premises form a part. In such eventor the portions thereof rendered unusable, whichever occurs first.
d) Notwithstanding anything to the contrary contained or implied elsewhere in this Lease, Lessor is not and shall not be obligated to repair or restore damage to Lessee’s trade fixtures, furniture, furnishings, equipment or other personal property, or other improvements made to the Premises by Xxxxxx.
e) If during the Term of this Lease, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which Building is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center so damaged by fire or other casualty, casualty or any other cause (regardless of whether or not the Premises is affected thereby, in which: also are damaged) such that (i) in Lessor’s reason-able judgment repair and restoration of the Premises shall be sufficiently damaged Building is not economically feasible or the proceeds from Lessor’s insurance are insufficient to render pay for all of the entire Premises wholly untenantablecosts and expenses to repair and re-store the Building; (ii) the damage or destruction Mortgagee shall not allow adequate insurance proceeds to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damagemade avail-able for repair and restoration; (iii) either the Shopping Center damage is not covered by Lessor’s insurance; or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) if the damage occurs during is substantial and the Lease is in the last three twelve (312) years months of the its Term; or, (vi) any insurance proceeds received then Lessor or Lessee may cancel this Lease by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by giving written notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least thereof within sixty (60) days after such notice. If Tenant elects Lessor knows of the damage to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any the Building or Mortgagee notifies Lessor of its decision regarding the use of insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and for restoration, whichever is later. Any such cancellation notice must specify the cancellation date, which writing shall be delivered to the terminating party within ten at least thirty (1030) days after delivery of the termination notice, and but no more than ninety (ii90) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date notice of losscancellation is given.
f) If either party cancels this Lease as permitted under this Section, security for payment of such excess costs reasonably satisfactory then this Lease shall end on the date specified in the cancellation notice. The Rent, including any Additional Rent, and other charges shall be payable up to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminatedcancellation date, Tenant after taking into account any applicable abatement. Lessor shall promptly commence refund to Lessee any prepaid, unaccrued Rent and diligently prosecute the restoration and repair of the PremisesAdditional Rent (after taking into account any applicable abatement), including all exterior wallsplus any security deposit, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable less any sums then owing by Lessee to their respective conditions prior to such damageLessor.
Appears in 1 contract
Samples: Commercial Lease (Ealixir, Inc.)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage Subject to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated Strata Corporation’s rights pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereofsection 159 of the Strata Property Act, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on if the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expediteLeased Premises, or (ii) any part thereof, shall at any time during the date forty five (45) days after Tenant completes Term be destroyed or damaged and, in the restoration, pursuant to Section 7.1(e), opinion of the structural elements of Landlord’s Architect the building of which the Leased Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one hundred twenty (1120) year after days from the date of such destruction or damage; (iii) either , or in the Shopping Center or the building event of which the Premises are a part is damaged damage to the extent of fifty percent (50%) or more of its insured replacement cost; the Building or of the substantial destruction of the Building whether or not the Leased Premises are damaged, then:
(iva) the loss is caused by any risk not covered by either Landlord's Rental hereby reserved, or Tenant's insurance; (v) a proportionate part thereof according to the damage occurs during the last three (3) years nature and extent of the Term; or, (vi) any insurance proceeds received by Landlord destruction or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercisedsustained, shall be effective on suspended and abated until the last day Landlord shall have rebuilt, repaired, or made fit the Leased Premises or the Building for the purpose of the first Tenant;
(1stb) full calendar month falling at least the sole discretion of the Landlord to be exercised within sixty (60) days after such notice. If Tenant elects the occurrence of that damage or destruction by notice in writing to the Tenant, the Landlord shall have the right to terminate this Lease pursuant to this Section 7.1(d), then Lease;
(c) upon the giving of that notice the Term shall immediately cease and terminate;
(d) the Tenant after receipt of that notice shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by immediately:
(i) committing in writing to pay make payment of the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered Rental apportioned to the terminating party within ten (10) days after delivery date of the termination notice, and that termination; and
(ii) providing deliver up possession of the Leased Premises to the terminating partyLandlord, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).and
(e) the terms “Building” and “Leased Premises” for the purposes of this section 6.8, shall not be deemed to include the improvements installed in the Leased Premises under the provisions of Schedule “A” hereof respecting Tenant’s Work. If there the Landlord does not exercise its termination right, the Landlord shall be damage diligently rebuild the Leased Premises to the Premises by fire or other casualty and extent of its obligations as described in this Lease is (provided that the Landlord shall not terminatedbe obligated to provide any loans, Tenant shall promptly commence and diligently prosecute allowances or inducements to the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage).
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice to Landlord of any damage to the Premises by fire or other casualty.
(b) If casualty to the Premises or any portion thereof. In the event that the Premises, or any part thereof, or access thereto, shall be rendered wholly untenantable so damaged or destroyed by fire or other insured casualty (a casualty, unless terminated pursuant "Casualty") that the Tenant shall not have reasonably convenient access to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a any portion of the Premises shall thereby be otherwise rendered untenantableunfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, this Lease shall remain and if in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion judgment of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot may be repaired with reasonable diligence within one hundred eighty (1180) year after days with available insurance proceeds, then the destruction or damage; (iii) either Landlord shall so notify the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least within sixty (60) days after the occurrence of the damage or destruction (the "Notice Period") and shall repair such noticedamage 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 the Tenant shall have the right to terminate the term of this lease by giving written notice of such termination to the Landlord within twenty (20) days after 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 elects notice of its decision to repair such damage within sixty (60) days after the occurrence of the Casualty, then either party shall have the right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination term of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered giving written notice of such termination to the terminating other party within ten the period of sixty (1060) to seventy-five (75) days after delivery the occurrence of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)Casualty.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) Section 8.1. If the Premises or any part thereof shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether then except as otherwise provided in this Article 8, this Lease shall be unaffected thereby and shall continue in full force and effect. Tenant shall give immediate notice of any such damage to Landlord, and Landlord shall, subject to Sections 8.2 and 8.3 below, cause such damage to be remedied or not repaired by restoring the Premises is affected therebyto the condition existing immediately prior to such damage or destruction.
Section 8.2. Notwithstanding the provisions of Section 8.1 hereof, in which: the event of (ia) a Major Casualty (as hereinafter defined), Landlord, at its option, may terminate this Lease by giving written notice of termination to Tenant, in which event this Lease shall terminate thirty (30) days after the giving of such notice and all Fixed Rent and Additional Rent shall be apportioned as of the date of such Major Casualty and paid by Tenant to Landlord to the extent not previously paid. Tenant shall remove all of its property and equipment from the Premises not later than such date of termination. For the purposes of this Section 8.2, a Major Casualty shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the mean damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by Building (i) committing having a cost of repair or restoration in writing to pay the additional funds required to complete the necessary repairs and restorationexcess of $500,000.00, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and or (ii) providing requiring, in the reasonable judgment of a licensed architect selected by Landlord, more than one hundred eighty (180) days to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) repair or restore. If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Fixed Rent shall be abated for the portion of the Premises that is not usable by Tenant shall promptly commence and diligently prosecute for the restoration and repair period of time such portion is unusable, including any portion of the Premises which is not damaged but is rendered unusable as a result of damage to any other part of the Premises. Furthermore, including all exterior wallsTenant shall have the right to terminate this Lease if (a) the Major Casualty occurs during the last year of the Term (or during the last year of any Extended Term under Article 22 if the applicable extension option for such Extended Term shall have been exercised), roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with or (b) more than one hundred eighty (180) days would be required to repair or restore the operation of Tenant's business in damage to the Premises.
Section 8.3. If this Lease is not terminated in accordance with Section 8.2 hereof, as nearly as practicable Landlord shall repair and restore the Building and the structural elements and building systems of the Premises substantially to their respective conditions condition immediately prior to such damagethe casualty, provided that no Event of Default by Tenant shall have occurred and then be continuing.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice covenants and agrees that, in the event of any damage to or the destruction of the Premises by fire fire, the elements or any other casualty.
(b) If , Landlord, at its expense, promptly will repair, restore and rebuild the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant as nearly as possible to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain the condition that they were in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable immediately prior to such damage by a fraction, or destruction. In the numerator of which is the Floor Area of the Premises tenantable after event that such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to makes the Premises is to an extent that it cannot be repaired with Premises, in whole or in part, unfit in Tenant’s reasonable diligence within one (1) year after judgment for Tenant’s business use, then the destruction rent provided for in this lease, or damage; (iii) either the Shopping Center or the building of which the Premises are a proportionate part is damaged thereof according to the extent of fifty Tenant’s loss of use of the Premises, shall xxxxx until the Premises have been repaired, restored and rebuilt as aforesaid. Notwithstanding the foregoing, in the event that the Premises are more than sixty percent (5060%) destroyed by fire, the elements or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orother casualty, (vi) any insurance proceeds received by then Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option either to repair, restore and rebuild the Premises as aforesaid or to terminate this Lease. Said option lease; provided, that Landlord shall be exercised, if at all, by give written notice to the other party on or before the ninetieth Tenant of its exercise of such option to terminate this lease within thirty (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (6030) days after the occurrence of such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d)destruction and, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, in the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery absence of such notice, shall be deemed to have elected to repair, restore and rebuild the Premises. In the event that the Premises are damaged or destroyed, in whole or in part, and cannot be made fully available to extend beyond the date which is 90 Tenant for Tenant’s use within seventy-five (75) days after the date of loss, security for payment occurrence of such excess costs reasonably satisfactory damage or destruction, then Tenant may within ninety (90) days after the occurrence of such damage or destruction, at its option, by written notice to the terminating party and its lenders (if any)Landlord terminate this lease without further obligation to Landlord.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Lease Agreement (Telvent Git S A)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage Subject to the provisions of Paragraphs 11 (b) and 11 (e) below, if, during the Term, the Premises are totally or partially destroyed from any insured casualty, Landlord shall, within ninety (90) days after the destruction, commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion. Such destruction shall not terminate this Lease. Landlord's obligation shall not include repair or replacement of Tenant's alterations or Tenant's equipment, furnishings, fixtures and personal property. If the existing laws do not permit the Premises to be restored to substantially the same condition as they were in immediately before destruction, and Landlord is unable to get a variance to such laws to permit the commencement of restoration of the Premises within the 90-day period, then either party may terminate this Lease by fire or giving written notice to the other casualtyparty within thirty (30) days after expiration of the 90-day period.
(b) Despite the provisions of Paragraph 11 (a) above, Landlord may decide within ninety (90) days after such destruction to demolish the Building rather than rebuild it, in which case this Lease will terminate as of the date of the destruction. Landlord shall give Tenant written notice of its intention within ninety (90) days after the destruction.
(c) If any destruction occurs to the Premises during the last six (6) months of the initial Term or during the last six (6) months of any extension period, regardless of the nature extent of the destruction, either party can elect to terminate this Lease within thirty (30) days after the destruction occurs. If this Lease does not terminate pursuant to this Paragraph 11 (c), the provisions of Paragraph 11
(a) above shall apply.
(d) If the Premises are damaged from any uninsured casualty to any extent whatsoever, Landlord may within ninety (90) days following the date of such damage: (i)commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect; or (ii) within the 90-day period Landlord may elect not to so restore the Premises, in which event this Lease shall cease and terminate. In either such event, Landlord shall give Tenant written notice of its intention within the 90-day period.
(e) In the event of destruction or damage to the Premises which materially interferes with Tenaxx'x xse of the Premises, if this Lease is not terminated as above provided, there shall be rendered wholly untenantable by a casualtyan abatement or reduction of Base Rent between the date of destruction and the date Landlord substantially completes its reconstruction obligations, unless terminated pursuant based upon the extent to Section 7.1(d)(i) or 7.1(d)(ii) hereof, which the destruction materially interferes with Tenant's use of the Premises. All other obligations of Tenant under this Lease shall remain in full force and effect except that Rent effect. Except for abatement of Base Rent, Tenant shall fully xxxxx commencing on the date have no claim against Landlord for any loss suffered by Tenant due to damage or destruction of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently or any work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a partrepair undertaken as herein provided.
(cf) If only a portion The provisions of the Premises shall be rendered untenantable, this Lease shall remain in full force California Civil Code Sections 1932(2) and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e1933(4), of the structural elements of the building of which the Premises form a part. In such eventand any successor statutes, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant inapplicable with respect such damage and to any destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with such sections providing that a lease terminates upon the operation destruction of Tenant's business in the Premises, as nearly as practicable Premises unless otherwise agreed between the parties to their respective conditions prior to such damagethe contrary.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of In the event improvements on the premises are damaged and rendered uninhabitable in whole or in part by any damage casualty which is covered under an insurance policy required to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated maintained pursuant to Section 7.1(d)(iParagraph 14 or otherwise, the Landlord may, at Landlord's option, either (1) or 7.1(d)(iirepair such damage as soon as reasonably possible, but no later than thirty (30) hereofdays after the damage occurs, at Landlord's expense, in which event this Lease shall remain continue in full force and effect except that Rent shall fully xxxxx commencing on effect, or (2) give written notice to Tenant within seven (7) days after the date of loss occurrence of such damage of Landlord's inability to correct the damages within thirty (30) days, stating the length of time estimated for Landlord to make such repairs and continuing until the earlier therefore its intention to occur of: (i) the date Tenant reopens the Premises for businesscancel and terminate this lease, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), as of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion occurrence of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a partdamage. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by event Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option elects to terminate this Lease. Said option shall be exercised, if at allbecause of its inability to correct the problem within thirty (30) days, by notice to the other party on or before the ninetieth (90th) day after the date of loss andas aforesaid, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, have the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party right within ten (10) days after delivery receipt of the termination required notice, and to notify Landlord in writing of either (ii1) providing Tenant's intention to the terminating partyrepair such damage at Tenant's expense, within a reasonable period after delivery of such noticewithout reimbursement from Landlord, not to extend beyond the date in which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and event this Lease is not terminatedshall continue in full and effect, and Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, proceed to make such repairs as nearly soon as practicable to their respective conditions prior to such damage.reasonably possible; or
Appears in 1 contract
Samples: Commercial Lease Agreement (Military Resale Group Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice If all or any part of any damage to the Premises or any material portion of the balance of the Real Property is damaged by fire or other casualty.
, Landlord shall, within sixty (b60) If days of the Premises date of the damage, give Tenant written notice of Landlord’s reasonable estimate of the time required from the date of the damage to repair the damage (the “Damage Estimate”). Landlord shall be rendered wholly untenantable by a casualtyuse commercially reasonable efforts to diligently proceed to repair the damage (including the repair of Landlord’s Work, unless terminated pursuant to Section 7.1(d)(ithe Initial Alterations and subsequent Alterations, but not above Building standard Alterations) or 7.1(d)(ii) hereof, and this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: if (i) the date Tenant reopens damage is caused by a peril covered by Landlord’s insurance, the Premises for businessproceeds from such insurance (together with Landlord’s deductible under the policy, which reopening Landlord if any) are sufficient to repair the damage (an “Insured Casualty”), and Tenant shall diligently work together to expeditethe Damage Estimate is six (6) months or less, or (ii) the date forty five damage is caused by a peril not covered by Landlord’s insurance or the proceeds from Landlord’s insurance (45together 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 after 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 completes the restoration, pursuant to Section 7.1(e), within sixty (60) days of the structural elements date of the building of damage, shall either (a) diligently proceed to repair the damage, in which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, event this Lease shall remain continue in full force and effect except that Rent effect, or (b) terminate this Lease as of the date specified by Landlord in the notice, which date shall partially xxxxx commencing 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 loss Tenant’s movable furniture, equipment, trade fixtures, and continuing until other personal property, nor any above Building standard Alterations installed in the earlier Premises by or at the request of Tenant (including those installed by Landlord at Tenant’s request, whether prior or subsequent to occur of: (i) the date commencement of the Lease term), and no damage to any of the foregoing shall entitle Tenant reopens 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 repaired portion damage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises for businessis 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 reopening 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 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 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 (90) 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 Lease term, Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall each have the option to terminate this Lease. Said option shall be exercised, if at all, Lease by giving written notice to the other other, in the case of Landlord together with the Damage Estimate, or, in the case of Tenant, within thirty (30) days of Tenant’s receipt of the Damage Estimate, and this Lease shall terminate as of the date specified by the party on or in its termination notice, which date shall not be before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first such notice or more than thirty (1st30) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory notice. Notwithstanding anything to the terminating 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 and its lenders (if any).
(e) from whose misconduct such damage results shall have no right to terminate this Lease. If there shall be damage to the Premises by fire or other casualty damages the Premises or the Common Areas of the Real Property necessary for Tenant’s use and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair occupancy of the Premises, including all exterior wallsTenant ceases to use any portion of the Premises as a result of such damage, roofsand the damage does not result from the negligence or willful misconduct of Tenant or any other Tenant Parties, floors then during the period the Premises or portion thereof are rendered unusable by such damage and supportsrepair, all internal partitionsTenant’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, fixturesand Tenant does not conduct, trade fixturesits 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, shelving, casework, furniture and furnishings used in connection with the operation rebuilding or restoration of Tenant's business in the Premises, as nearly as practicable the Building or access thereto, except for the rent abatement expressly provided above. Tenant hereby waives California Civil Code Sections 1932(2) and 1933(4), providing for termination of hiring upon destruction of the thing hired and Sections 1941 and 1942, providing for repairs to their respective conditions prior to such damageand of premises.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice In case of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises building, if the repair cannot be made within thirty (30) days or if twenty (20) percent of the building or more is destroyed, the premises shall be reconstructed at the option of RPM and this Lease shall be terminated. TENANT(S) agrees to an pay for all damages or destruction cased by TENANT(S) or TENANT(S)’ guests. In the case of broken windows and/or screens, TENANT(S) has Care and Custody of the Rental Unit and is responsible for repair and replacement of broken windows and screens due to negligence or vandalism. TENANT(S) further understand and agree that if it is proven that a TENANT(S) or guest has vandalized the screens or windows, it is the TENANT(S) responsibility to pay for the repair/replacement of these items. In the event the property is damaged by fire, the elements, acts of God or other causes to such extent that it canis rendered untenantable by TENANT(S) and in the event RPM elects not to rebuild the Property as it existed prior to the damage or in some other manner satisfactory to TENANT(S), then RPM, within thirty (30) days of the date damage occurred, shall notify TENANT(S) in writing of such election, and this Agreement shall be repaired with reasonable diligence within canceled as of the date the damage occurred and RPM and TENANT(S) shall have no further obligations to one (1) year after another. In the destruction event RPM elects to rebuild the Property as it existed prior to the damage or damagein some other manner satisfactory to TENANT(S), then RPM shall commence such rebuilding as promptly as possible. Upon completion of such rebuilding, this Lease shall be reinstated in all of its terms; (iii) either provided however, the Shopping Center or rent shall xxxxx in full during the building period of which such rebuilding. In the Premises are a part event that the property is not damaged to the such extent of fifty percent (50%that it is rendered wholly untenantable by TENANT(S), then TENANT(S) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years shall continue to occupy that portion of the Term; orProperty which is tenantable, (vithe rent shall xxxxx proportionally to the portion occupied, and RPM shall as promptly as possible commence and complete repairs to the portion damaged. In no event and under no circumstances shall RPM be liable to TENANT(S) for any insurance proceeds received loss occasioned by Landlord or Tenant for such damage are inadequate or unavailable for repairsto the Property, other than because for the abatement of rent as provided in this Paragraph. Under no circumstances shall there be any deductible amount abatement of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have rent under this Paragraph if the option to terminate this Lease. Said option shall be exercised, if at all, by notice damages to the other party on Property are caused by act or before the ninetieth (90thnegligence of TENANT(S), its agents, employees or guests. TENANT(S) day after the date of loss and, if exercised, shall agree to be effective on the last day responsible for all damage incurred to interior and exterior of the first (1st) full calendar month unit during their tenancy except damage caused by natural causes like: wind damage, storm damage, snow, falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)tree branches.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Residential Rental Lease
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable are damaged by a fire, other casualty, unless terminated pursuant to Section 7.1(d)(i) acts of God, or 7.1(d)(ii) hereofthe elements (a "Casualty"), this Lease shall remain not terminate and such damaged portion of the Premises shall be repaired or rebuilt as set forth in full force and effect except Paragraph 17(b), unless this Lease is terminated as provided in this Paragraph 17(a). If the Premises are (i) damaged to such an extent that Rent shall fully xxxxx commencing on repairs cannot, in Landlord's judgment, be completed within one hundred eighty (180) days after the date of loss and continuing until the earlier to occur of: Casualty (iif Landlord so determines that the repairs cannot be completed within such one hundred eighty (180) day period, Landlord shall give Tenant notice of such determination within forty five days after the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expediteof such Casualty), or (ii) damaged or destroyed as a result of a risk which is not insured under standard fire insurance policies with extended coverage endorsement, or (iii) damaged or destroyed during the date last eighteen (18) months of the Term, or if the Building is damaged in whole or in part (whether or not the Premises are damaged), to such an extent that the Building cannot, in Landlord's judgment, be operated economically as an integral unit, then and in any such event Landlord may at its option terminate this Lease by notice in writing to the Tenant within forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until such occurrence. If the earlier Premises are damaged to occur of: such an extent that repairs cannot, in Landlord's judgment, be completed within one hundred eighty (i180) days after the date Tenant reopens the repaired portion of the Casualty or if the Premises for businessare substantially damaged during the last eighteen (18) months of the Term, which reopening then in either such event Tenant may elect to terminate this Lease by notice in writing to Landlord and Tenant shall diligently work together to expedite, or (ii) the date within forty five (45) days after Landlord completes the restoration, date of such occurrence. If the Lease is terminated pursuant to Section 7.1(ethis Paragraph 17(a), the termination shall be effective as of the structural elements date of the building of which the Premises form a part. In such event, Casualty and the Rent shall xxxxx from that date, and any Rent paid for any period beyond such date shall be reduced refunded to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damageTenant.
(db) If there shall be damage to the Shopping Center by fire or other casualtythis Lease is not terminated as provided in Paragraph l7(a), whether or not then Landlord shall, at its sole cost and expense, restore the Premises is affected therebyas speedily as practical, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by including without limitation any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received Tenant Improvements constructed by Landlord or Tenant Improvements for which Landlord gave Tenant an allowance; provided, however, Landlord's obligation shall be limited to the original Base Building Work and any other work or improvements which were originally performed or installed at Landlord's expense as described in Exhibit C attached hereto or --------- with the proceeds of the Construction Allowance. During the restoration period, a just and proportionate part of the Fixed Rent shall xxxxx for the period during which the Premises or a portion thereof are not suitable for Tenant's business needs. If the cost of performing such repairs exceeds the actual proceeds of insurance paid or payable to Landlord on account of such Casualty, or if Landlord's mortgagee or the lessor under a ground or underlying lease shall require that any insurance proceeds from a casualty loss be paid to it, Landlord may terminate this Lease unless Tenant, within forty five (45) days after demand therefor, deposits with Landlord a sum of money sufficient to pay the difference between the cost of repair and the proceeds of the insurance available to Landlord for such damage are inadequate or unavailable for repairspurpose.
(c) If Landlord, other than because of any deductible amount of any policy other than subject to Force Majeure and subject to delays caused by Tenant's earthquake insurance policy, thendoes not restore the Premises as required in Paragraph 17(b) within the time period therein set forth, in any such event, either party shall have the option to Tenant may terminate this Lease. Said option Lease at any time thereafter [and Rent shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after accounted for as of the date of loss and, if exercised, shall be effective on the last day termination (as of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant date of the Casualty with respect to the damaged portion)], prior to the date such damage and destruction (other than proceeds of insurance covering tenant's personal property (includingrestoration is substantially completed, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by provided (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten Tenant gives Landlord not less than thirty (1030) days after delivery of the termination prior written notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, Landlord does not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute complete the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to during such damagethirty (30) day period.
Appears in 1 contract
Samples: Net Lease Agreement (Wells Real Estate Fund Xi L P)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage Subject to the provisions of Paragraphs 11(b) and 11(c) below, if, during the Term, the Premises are totally or partially destroyed from any insured casualty, Landlord shall, within SIXTY (60) DAYS after the destruction, commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion. Such destruction shall not terminate this Lease. Landlord's obligation shall not include repair or replacement of Tenant's alterations or Tenant's equipment, furnishings, fixtures and personal property. If the existing laws do not permit the Premises to be restored to substantially the same condition as they were in immediately before destruction, and Landlord is unable to get a variance to such laws to permit the commencement of restoration of the Premises within the 60-day period, then either party may terminate this Lease by fire or giving written notice to the other casualtyparty within thirty (30) days after expiration of the 60-day period.
(b) If Despite the Premises shall be rendered wholly untenantable by a casualtyprovisions of Paragraph 11 (a) above, unless terminated pursuant Landlord may decide within SIXTY (60) days after such destruction to Section 7.1(d)(i) or 7.1(d)(ii) hereofdemolish the Building rather than rebuild it, in which case this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on will terminate as of the date of loss and continuing until the earlier to occur of: destruction. Landlord shall give Tenant written notice of its intention within SIXTY (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4560) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a partdestruction.
(c) If only a portion any destruction occurs to the Premises during the last six (6) months of the Premises shall be rendered untenantableinitial Term or during the last six (6) months of any extension period, regardless of the nature and extent of the destruction, either party can elect to terminate this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: within thirty (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Landlord completes the restoration, destruction occurs. If this Lease does not terminate pursuant to Section 7.1(ethis Paragraph 11 (c), the provisions of the structural elements of the building of which the Premises form a part. In such event, the Rent Paragraph 11
(a) above shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damageapply.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected therebyare damaged from any uninsured casualty to any extent whatsoever, in whichLandlord may within SIXTY (60) days following the date of such damage: (i) commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion, in which event this Lease shall be sufficiently damaged to render the entire Premises wholly untenantablecontinue in full force and effect; or (ii) within the damage or 90-day period Landlord may elect not to so restore the Premises, in which event this Lease shall cease and terminate. In either such event, Landlord shall give Tenant written notice of its intention within the 90-day period.
(f) The provisions of California Civil Code Sections 1932(2) and 1933(4), and any successor statutes, are inapplicable with respect to any destruction of the Premises, such sections providing that a lease terminates upon the destruction of the Premises unless otherwise agreed between the parties to the Premises is to an extent that it cannot be repaired with reasonable diligence within one contrary.
(1g) year after the destruction or damage; (iii) either the Shopping Center or the building Notwithstanding any other provisions of which this Paragraph 11, if the Premises are a part is damaged to the extent of fifty percent (more than 50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, % destroyed then, in any such event, either party Tenant shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects right to terminate this Lease pursuant to this Section 7.1(d)lay giving Landlord written notice thereof; provided, then Tenant shall turn over to however, Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to does not substantially complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery restoration of the termination notice, and (ii) providing Premises prior to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation receipt of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagewritten notice of termination.
Appears in 1 contract
Samples: Office Lease (MCB Financial Corp)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: :
(i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
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Damage or Destruction. (a) Tenant If the Premises are damaged by fire, other casualty, acts of God, or the elements (a "Casualty"), this Lease shall not terminate and such damaged portion of the Premises shall be repaired or rebuilt as set forth in Paragraph 17(b), unless this Lease is terminated as provided in this Paragraph 17(a). If the Premises are (i) damaged to such an extent that repairs cannot, in Landlord's judgment, be completed within one hundred eighty (180) days after the date of the Casualty (if Landlord so determines that the repairs cannot be completed within such one hundred eighty (180) day period, Landlord shall give Landlord prompt Tenant notice of any damage to such determination within forty-five (45) days after the date of such Casualty), or (ii) damaged or destroyed as a result of a risk which is not insured under standard fire insurance policies with extended coverage endorsement, or (iii) damaged or destroyed during the last eighteen (18) months of the Term, or if the Building is damaged in whole or in part (whether or not the Premises are damaged), to such an extent that the Building cannot, in Landlord's judgment, be operated economically as an integral unit, then and in any such event Landlord may at its option terminate this Lease by fire notice in writing to Tenant within forty-five (45) days after the date of such occurrence. If the Premises are damaged to such an extent that repairs cannot, in Landlord's judgment, be completed within one hundred eighty (180) days after the date of the Casualty or other casualtyif the Premises are substantially damaged during the last eighteen (18) months of the Term, then in either such event Tenant may elect to terminate this Lease by notice in writing to Landlord within forty-five (45) days after the date of such occurrence. If the Lease is terminated pursuant to this Paragraph 17(a), the termination shall be effective as of the date of the Casualty and the Rent shall xxxxx from that date, and any Rent paid for any period beyond such date shall be refunded to Tenant.
(b) If this Lease is not terminated as provided in Paragraph l7(a), then Landlord shall, at its sole cost and expense, restore the Premises as speedily as practical; provided, however, Landlord's obligation shall be rendered wholly untenantable by limited to restoration of the Premises substantially to the condition existing immediately prior to the Casualty. During the restoration period, Fixed Rent and Additional Rent shall not xxxxx for any period the Premises are undergoing restoration or repair. If the cost of performing such repairs exceeds the actual proceeds of insurance paid or payable to Landlord on account of such Casualty, or if Landlord's mortgagee or the lessor under a casualtyground or underlying lease shall require that any insurance proceeds from a casualty loss be paid to it, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, Landlord may terminate this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for businessunless Tenant, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty within forty-five (45) days after Tenant completes demand therefor, deposits with Landlord a sum of money sufficient to pay the restoration, pursuant to Section 7.1(e), difference between the cost of repair and the proceeds of the structural elements of the building of which the Premises form a partinsurance available to Landlord for such purpose.
(c) If only a portion of Landlord, subject to Force Majeure and subject to delays caused by Tenant, does not restore the Premises as required in Paragraph 17(b) within the time period therein set forth, Tenant may terminate this Lease at any time thereafter [and Rent shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on accounted for as of the date of loss and continuing until termination (as of the earlier date of the Casualty with respect to occur of: the damaged portion)], prior to the date such restoration is substantially completed, provided (i) the date Tenant reopens the repaired portion of the Premises for businessgives Landlord not less than thirty (30) days' prior written notice, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) Landlord does not complete the date forty five restoration during such thirty (4530) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damageday period.
(d) If there the Modular Office Furniture set forth on Exhibit M shall be damage to the Shopping Center --------- destroyed by fire or fire, other casualty, whether or not the Premises is affected therebyacts of God, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs elements during the last three (3) years Term of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair be required to replace such Modular Office Furniture with modular office furniture of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, equal value as nearly soon as reasonably practicable to their respective conditions prior to such damageusing due diligence.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of 14.1 If any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), part of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which Building is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether Tenant shall give prompt notice to Landlord. If damage by fire or not other casualty renders any substantial part of the Premises is affected thereby, Building untenantable and the repair time to restore the Building to a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the case of damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs occurring during the last three twelve (312) years months of the Term; orterm), (vi) or if any part of the Land and/or the Building is so damaged that in Landlord's judgment, substantial alteration or reconstruction is required, or if any mortgagee of the Property requires application of the insurance proceeds received by to the reduction of the mortgage debt, or if any material uninsured loss occurs, Landlord or Tenant for such damage are inadequate or unavailable for repairsmay, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policyat its option, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, Lease by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least so notifying Tenant in writing within sixty (60) days after such noticethe date of the casualty. If the damage by fire or other casualty renders any substantial part of the Building untenantable and if the repair time to restore the Building to a tenantable condition will exceed one hundred twenty (120) days (or will exceed thirty (30) days in the case of damage occurring during the last twelve (12) months of the term), Tenant elects may elect to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to by so notifying Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten sixty (1060) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of lossthe casualty. In the event that notice of termination is given by either or both of Landlord and/or Tenant, security for payment of the Lease shall be deemed to terminate on the sixtieth (60th) day after the first such excess costs reasonably satisfactory notice is sent to the terminating other party by the party effecting the termination. If neither party terminates this Lease as a result of casualty damage as specified above, Landlord shall promptly begin and its lenders diligently pursue the work of restoring the Building (if any).
(eincluding the tenant improvements) If there to substantially their former condition as soon as reasonably possible. The rent shall be damage xxxxx during the time and to the Premises by extent the Building is untenantable (or access to the Land and/or the Building is obstructed) in whole or in part, as the result of fire or other casualty, but such abatement shall not extend the term. If the Building is more than forty percent (40%) untenantable, then all rent shall xxxxx. The foregoing right of the Tenant to terminate this Lease shall be in addition to any other right of Tenant to terminate this Lease.
14.2 As long as Tenant is not in material default hereunder, Landlord covenants that Tenant shall peaceably hold and enjoy the Land and the Building, subject to the terms of this Lease. All entrances, exits, and all access to light and air now enjoyed by the Land and the Building, shall be and remain intact and uninterrupted by any act or omission of Landlord, its managers, owners, partners, officers, directors, employees, agents, customers, or contractors during the term of this Lease. The Landlord will not knowingly suffer or permit any material violation of the Tenant's right of quiet enjoyment.
14.3 Landlord shall maintain property and casualty insurance on the Land and the Building, with an insurance company licensed to do business in Tennessee, with extended coverage or such other additional coverage as Landlord shall elect, in an amount of not less than Five Hundred Thousand Dollars ($500,000.00), said premium for said policy of insurance to be reimbursed by Tenant to Landlord. Landlord shall use the proceeds of any insurance payment related to a casualty loss to the Land and/or the Building to, among other things, repair the Property to its condition immediately prior to such casualty loss, unless this Lease is not terminatedterminated in accordance with Subsection 14.1 hereof.
14.4 Other than rental abatement provided in Section 14.1, Tenant except for the Landlord's gross negligence, willful misconduct or voluntary act, no damages, compensation or claim shall promptly commence and diligently prosecute the be payable by Landlord for inconvenience or loss of business arising from interruption of business, repair or restoration and repair of the Building or Premises, including all exterior walls, roofs, floors . Landlord shall use its best efforts t& effect repairs and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used restoration in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagea prompt manner.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises or the Building shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) so damaged or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises destroyed by fire or other casualty so as to render them untenantable for a period of in excess of one hundred eighty (180) days, then Landlord, at its sole option, shall have the right to cancel and terminate this Lease is Lease. If not terminated, Tenant then Landlord shall promptly commence repair and diligently prosecute restore the restoration and repair of Premises with all reasonable speed to substantially the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, same condition as nearly as practicable to their respective conditions immediately prior to such damagedamage or 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 abated from the date of the fire or other casualty until the Premises shall have been repaired and restored by Landlord. But if the Premises shall be so lightly damaged by fire or other casualty as not to be rendered untenantable, then Landlord agrees to repair the Premises with reasonable promptness and the rent accrued and accruing, shall not cease. “Untenantable” Premises shall be such as to not allow Tenant to transact and effectuate its operations efficiently in the ordinary course of business. If Landlord estimates that the Premises will remain untenantable for in excess of one hundred eighty (180) days, or if there is a casualty during the last twelve (12) months of the Term (as may be extended) and Landlord estimates that the Premises shall remain untenantable for in excess of thirty (30) days, then Tenant may elect to terminate this Lease by written notice delivered to Landlord within thirty (30) days following Landlord’s delivery to Tenant of the estimated duration that the Premises will remain untenantable.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage Subject to the provisions of Paragraphs 11(b) and ll(c) below, if, during the Term, the Premises are totally or partially destroyed from any insured casualty, Landlord shall, within ninety (90) days after the destruction, commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion. Such destruction shall not terminate this Lease. Landlord's obligation shall not include repair or replacement of Tenant's alterations or Tenant's equipment, furnishings, fixtures and personal property. If the existing laws do not permit the Premises to be restored to substantially the same condition as they were in immediately before destruction, and Landlord is unable to get a variance to such laws to permit the commencement of restoration of the Premises within the 90-day period, then either party may terminate this Lease by fire or giving written notice to the other casualtyparty within thirty (30) days after expiration of the 90-day period.
(b) Despite the provisions of Paragraph ll(a) above, Landlord may decide within ninety (90) days after such destruction to demolish the Building rather than rebuild it, in which case this Lease will terminate as of the date of the destruction. Landlord shall give Tenant written notice of its intention within ninety (90) days after the destruction.
(c) If any destruction occurs to the Premises during the last six (6) months of the initial Term or during the last six (6) months of any extension period, regardless of the nature and extent of the destruction, either party can elect to terminate this Lease within thirty (30) days after the destruction occurs. If this Lease does not terminate pursuant to this Paragraph ll(c), the provisions of Paragraph ll(a) above shall apply.
(d) If the Premises are damaged from any uninsured casualty to any extent whatsoever, Landlord may within ninety (90) days following the date of such damage: (i) commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect; or (ii) within the 90-day period Landlord may elect not to so restore the Premises, in which event this Lease shall cease and terminate. In either such event, Landlord shall give Tenant written notice of its intention within the 90-day period.
(e) In the event of destruction or damage to the Premises which materially interferes with Tenant's use of the Premises, if this Lease is not terminated as above provided, there shall be rendered wholly untenantable by a casualtyan abatement or reduction of Base Rent between the date of destruction and the date Landlord substantially completes its reconstruction obligations, unless terminated pursuant based upon the extent to Section 7.1(d)(i) or 7.1(d)(ii) hereof, which the destruction materially interferes with Tenant's use of the Premises. All other obligations of Tenant under this Lease shall remain in full force and effect except that Rent effect. Except for abatement of Base Rent, Tenant shall fully xxxxx commencing on the date have no claim against Landlord for any loss suffered by Tenant due to damage or destruction of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently or any work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a partrepair undertaken as herein provided.
(cf) If only a portion The provisions of the Premises shall be rendered untenantable, this Lease shall remain in full force California Civil Code Sections 1932(2) and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e1933(4), of the structural elements of the building of which the Premises form a part. In such eventand any successor statutes, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant inapplicable with respect such damage and to any destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with such sections providing that a lease terminates upon the operation destruction of Tenant's business in the Premises, as nearly as practicable Premises unless otherwise agreed between the parties to their respective conditions prior to such damagethe contrary.
Appears in 1 contract
Samples: Sublease Agreement (Cerent Corp)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of If the Building or any damage to the Premises part thereof should be destroyed or damaged by fire or other casualty during the Term of this Lease, then (unless this Lease is terminated by Landlord or Tenant as hereinafter provided) Landlord shall within sixty (60) days of the date of the casualty, proceed to diligently and continuously reconstruct, restore and repair the Building and the base building systems and Building standard improvements contained in the Premises, as the case may be, to a condition substantially equivalent to their former condition. If Landlord fails to commence or diligently and continuously proceed with such action within this period of time or if the restoration is not substantially completed within one-hundred and eighty (180) days of the casualty, then Tenant, as its sole and exclusive remedy for such failure (in addition to Section 9.01(c)), may forthwith terminate this Lease (effective no later than one hundred eighty (180) days after the date of Tenant's notice) prior to the substantial completion of such restoration.
(b) If Notwithstanding anything to the Premises contrary in Section 9.01 (a), Landlord's obligation to restore shall be rendered wholly untenantable by a casualtylimited to the insurance proceeds it receives; provided however, unless terminated pursuant such limitation shall not impair or limit Tenant's right to terminate the Lease for Landlord's failure to timely commence or to complete restoration as provided in Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: 9.01 (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(ea), of the structural elements of the building of which the Premises form a part.
(c) If only a Commencing with the date of such damage, the Rent provided for herein shall xxxxx pro rata to the extent that, and for so long as, any portion of the Premises shall be rendered untenantableis adversely affected for the use described in Section 7.01(a) or for so long as damage to Common Building Facilities adversely affects the performance of Tenant's business; provided however that upon substantial completion by Landlord of its restoration work, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing commence on the date expiration of loss and continuing until the earlier a reasonable time thereafter required for Tenant to occur of: substantially complete its restoration work under Section 9.01 (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(ee), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to It is agreed that if the Shopping Center by fire or other casualty, whether or not the Premises Building is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused totally destroyed by any risk not covered cause or is so substantially destroyed such that reconstruction would require more than one hundred eighty (180) days, as reasonably estimated by either Landlord's architect or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orcontractor, (vi) any insurance proceeds received by either Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects may elect to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, giving the other party may avoid termination written notice of this Lease by such election within thirty (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (1030) days after delivery the giving of the notice from Landlord hereinafter provided. Such termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery shall be effective as of such notice, not to extend beyond the date which is 90 days after the date of losssuch election. In the event of any substantial casualty, security for payment Landlord shall within thirty (30) days thereafter, give Tenant written notice of such excess costs the estimated time required to repair the same as reasonably satisfactory to the terminating party and its lenders (if any)estimated by Landlord's contractor or architect.
(e) If there shall be damage For any casualty to the Premises by fire only, or other any casualty to the Building and this Lease Premises in which Landlord is not terminatedobligated to restore the Building or otherwise elects to restore the Building, Tenant Tenant, subject to Sections 9.01(a), (c) and (d) above, shall promptly commence and diligently prosecute to completion the restoration of all leasehold improvements, alterations, installations, additions and repair trade fixtures which are damaged or destroyed to a completion substantially equivalent to their condition on the date of the Premisescasualty; provided, including all exterior wallshowever, roofsthat in the event such casualty referred to in this Section 9.01(e) shall occur in the last two Lease Years, floors then Tenant shall have the right to terminate this Lease within thirty (30) days following such casualty upon written notice to Landlord, which notice shall specify the effective date of termination and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with which date will not be more than one hundred eighty (180) days after the operation date of Tenant's business notice of termination. Notwithstanding anything to the contrary in this Paragraph 9.01, Landlord and Tenant agree to the following:
(1) In the event that a casualty materially and adversely affects Tenant's use of the Data Center Space for 150 consecutive days ("150 Day Period"), then Landlord, at its sole cost and expense, shall have the right prior to the expiration of the 150 Day Period to relocate the Data Center Space to other space in the PremisesBuilding and to construct new Data Center Space. In such event, Landlord, at its sole cost and expense, shall construct such new Data Center Space within the 150 Day Period so that such space shall be in substantially the same condition as nearly as practicable to their respective conditions existed in the original Data Center Space prior to the casualty. Such new Data Center Space shall include the Liebert Units, Diesel Motor and electronic switching equipment located in the Data Center Space (the "Switching Equipment"), and Landlord shall insure that the new Data Center Space shall be located within 300 feet of Tenant's satellite dishes, or Landlord shall move such damage.satellite dishes to a location mutually acceptable to Landlord and Tenant which is within 300 feet of the new Data Center Space. During the construction of the new Data Center Space, Rent for the Data Center Space shall xxxxx. Upon substantial completion of construction of such new Data Center Space within the 150 Day Period and the commencement of operations in the
Appears in 1 contract
Samples: Office Lease (Helmerich & Payne Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of If, at any damage time prior to the Premises by fire expiration or other casualty.
(b) If termination of this Lease, the Premises shall be rendered wholly untenantable by or the Building or the Property is totally or partially damaged or destroyed from a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not which damage renders the Premises is affected thereby, or any material portion thereof inaccessible or unusable to Lessee in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more ordinary course of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orbusiness, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairsLessor may elect, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such eventat its sole option, either party shall have the option to (a) terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after Lease as of the date of loss andsuch fire or other casualty, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least by written notice to Lessee within sixty (60) days after notice to Lessor of the occurrence of such noticedamage 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 Tenant elects Lessor cannot or does not complete the repair and restoration within such period, or fails to terminate this Lease pursuant give Lessee written notice of its intention to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to proceed under clause (iva) or (vi)b) above within sixty (60) days of the casualty, above, Lessee shall have the other party may avoid termination of option to cancel this Lease by (i) committing written notice to Lessor. If Lessor elects to repair or restore such damage or destruction, this Lease shall continue in writing to pay the additional funds required to complete the necessary repairs full force and restoration, which writing effect but a proportionate reduction of Rent shall be delivered 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 terminating party within ten (10) days after delivery provisions of the termination noticeforegoing sentence, and (ii) providing to the terminating partyno damages, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there compensation or claim shall be payable by Lessor for any inconvenience, any interruption or cessation of Lessee’s business, or any annoyance, arising from any damage to or destruction of all or any portion of the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair Building or the Property regardless of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's cause thereof. Lessee shall look to its own casualty insurance for protection against business in the Premiseslosses and, as nearly as practicable a material inducement to their respective conditions prior to such damageLessor’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. (a) Tenant shall give Landlord prompt notice to Landlord of any damage to the Premises by fire or other casualty.
(b) If casualty to the Premises or any portion thereof. In the event that the Premises, or any part thereof, or access thereto, shall be rendered wholly untenantable so damaged or destroyed by fire or other insured casualty (a casualty, unless terminated pursuant "Casualty") that the Tenant shall not have reasonably convenient access to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a any portion of the Premises shall thereby be otherwise rendered untenantableunfit for use and occupancy by the Tenant for the purposes set forth in Section 6.01, this Lease shall remain and if in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion judgment of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot may be repaired with reasonable diligence within one hundred and eighty (1180) year after days with available insurance proceeds, then the destruction or damage; (iii) either Landlord shall so notify the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least within sixty (60) days after the occurrence of the damage or destruction (the "Notice Period") and shall repair such noticedamage 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 the Tenant shall have the right to terminate the term of this lease by giving written notice of such termination to the Landlord within twenty (20) days after 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 elects notice of its decision to repair such damage within sixty (60) days after the occurrence of the Casualty, then either party shall have the right to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination term of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered giving written notice of such termination to the terminating other party within ten the period of sixty (1060) to seventy-five (75) days after delivery the occurrence of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)Casualty.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises or the Building shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center damaged by fire or other casualty, whether the damage (exclusive of any improvements or not other changes made to the Premises is affected therebyand paid for by Lessee), in which: (i) may, at the Premises shall option of Lessor, be sufficiently damaged repaired by and at the expense of Lessor to render the entire Premises wholly untenantable; (ii) the as near condition which existed immediately prior to such damage or destruction to the Premises is to an extent as reasonably possible; provided, however, that it cannot be repaired with reasonable diligence within one (1) year after the destruction if as a result of damage by fire or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of other casualty more than fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; ornet rental area of the Building is rendered untenantable, (vi) any insurance proceeds received by Landlord then and in such even either Lessor or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party Lessee shall have the right and option to terminate this Lease. Said option shall be (exercised, if at all, by giving written notice to the other party on within thirty (30) days of such destruction or before the ninetieth (90thcasualty) day after to terminate this Lease as of the date of loss andsuch casualty. Subject to the foregoing, if exercised, the Lessor shall be effective on the last day of the first (1st) full calendar month falling at least commence such repair within sixty (60) days after such noticecasualty and shall complete the same within a reasonable time thereafter, subject to acts of God, strikes and other occurrence not within the control of Lessor. If Tenant elects In the event Lessor fails to commence such repair or restoration within such period or shall fail to prosecute such repair and restoration in a timely manner, then Lessee shall have the right and option (exercised, if at all, by giving written notice within fifteen (15) days of such failure) to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixturesLease. If either party elects to terminate In the event this Lease pursuant to clause (iv) is terminated for any of the reasons aforesaid, any rents or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing payments shall be delivered prorated as of the effective date of such termination and proportionately refunded to the terminating party within ten (10) days after delivery of Lessee or paid to Lessor as the termination notice, and (ii) providing to the terminating party, within a reasonable case may be. During any period after delivery of such notice, not to extend beyond the date in time which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises or any portion thereof is rendered untenantable by fire or other casualty and casualty, the rent shall xxxxx proportionately to the area rendered untenantable for the period of time during which this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damagecondition exists.
Appears in 1 contract
Samples: Lease Agreement (Overstock Com Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of In the event that the leased premises or any damage to the Premises --------------------------- part thereof are totally or partially damaged or destroyed by fire or by other casualty.
(b) If perils against which the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereofleased premises are insured, this Lease lease shall continue and remain in full force and effect except that Rent shall fully xxxxx commencing on throughout the date remainder of loss and continuing until the earlier term, subject to occur of: the following:
7.12.1. - That the Landlord notifies the Tenant within thirty (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements occurrence of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction that it will repair or rebuild the same, provided that if the Landlord notifies the Tenant within thirty (30) days of the occurrence of the damage or this lease and any renewal thereof shall be terminated from the happening of such damage or destruction and the Tenant shall immediately surrender the said leased premises and all interest therein to the Premises is Landlord, and the Landlord may re- enter or repossess the leased premises discharged by this lease, and may remove all parties therefrom with a reasonable time thereafter; and all payments required to an extent that it cannot be repaired with reasonable diligence within one (1) year after made under the destruction or damage; (iii) either terms of this lease shall be apportioned and in making such apportionment the Shopping Center or the building of which the Premises are a part is damaged Tenant shall pay rent only to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years time of the Term; orhappening of such damage, (vi) any insurance proceeds received by Landlord or but the Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period time after delivery of such noticenotification to remove its property from the leased premises, not provided that all rent due or to extend beyond the date which become due hereunder is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)fully paid.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Lease Agreement (Cacheflow Inc)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice The destruction of any damage to the Premises leased premises ---------------------- or the Building, by fire or the elements or other casualty.
casualty or such material injury thereto so as to render the leased premises unquestionably untenantable for one hundred twenty (b120) days, shall produce and work a termination of this lease. Provided, however, that such destruction or injury so as to render the leased premises unquestionably untenantable for more than twenty (20%) percent of the unexpired term shall also, at the option of the Landlord, produce and work a termination of this lease. If Landlord and Tenant cannot agree as to the Premises number of days the Building or leased premises are unquestionably untenantable, the fact shall be rendered wholly untenantable determined by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on arbitration; the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty each choose an arbitrator within five (455) days after Tenant completes either has notified the restorationother in writing of such damage. The two arbitrators so chose, pursuant to Section 7.1(e)before entering on the discharge of their duties, shall elect a third, and the decision of any two of such arbitrators shall be conclusive and binding upon both parties hereto. If it is determined by arbitration, or by agreement between the Landlord and Tenant, that said premises are not unquestionably untenantable for one hundred twenty (120) days or twenty (20%) percent of the structural elements of unexpired term, whichever is applicable, then Landlord shall restore said premises to substantially the building of same condition in which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises they existed prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either at Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; orown expense, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage all reasonable speed and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination noticepromptness, and (ii) providing to the terminating party, within in such case a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party just and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.proportionate part of
Appears in 1 contract
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to the Premises by fire or other casualty.
(b) If the Premises shall be rendered wholly untenantable by a casualty, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, this Lease shall remain in full force and effect except that Rent shall fully xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part.
(c) If only a portion of the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently materially damaged or destroyed during the last year of the Lease Term (it being agreed that, if the Extension Option was exercised prior to render such damage or destruction and Tenant’s right of rescission thereof has lapsed or is waived in writing by Tenant not later than the entire Premises wholly untenantable; 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 deemed to be the last year of the Extension Period), or (ii) the Premises is damaged or destroyed to such extent that the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one a period of three hundred sixty-five (1365) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years days of the Term; ordate of such damage or destruction, (vi) any insurance proceeds received by either Landlord or Tenant for may terminate this Lease by written notice (the “Damage Notice”) delivered to the other within sixty (60) days of the date of such damage are inadequate or unavailable for repairsdestruction (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, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policyLandlord, thenat its sole option, in any such event, either party shall have the option right to cancel and terminate this Lease. Said option shall be exercised, if at all, by written notice (the “Section 10 Notice”) delivered to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least Tenant not later than sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d)the date of damage or destruction, then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, in the other party may avoid termination of this Lease by event (i) committing in writing to pay the additional funds required to complete the necessary repairs and restorationPremises is materially damaged or destroyed, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing the unexpired portion of the Lease Term which will remain after completion of rebuilding or restoration of the Premises (based on the estimated time 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 such damage or destruction and Tenant’s right of rescission thereof has lapsed or is waived in writing by Tenant not later than the terminating partyearlier of (x) 315 days in advance of the Expiration Date, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 or (y) thirty (30) days after the date of losssuch damage or destruction, security 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 payment 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 excess costs reasonably satisfactory damage or destruction, shall exclude the Extension Period, and in all events shall exclude the estimated time to rebuild or restore the Premises) is less than forty-two (42) months, 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 terminating party and its lenders expiration of the 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 Notice or the Section 10 Notice to Tenant within sixty (if any).
(e60) If there days after the date of the damage or casualty, Landlord shall be deemed to have waived its right to terminate this Lease in connection with such damage to the Premises by fire or other casualty and destruction. If this Lease is not terminated, Tenant then Landlord shall promptly commence repair and diligently prosecute restore the restoration and repair Premises (exclusive of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixturesTenant’s equipment, trade fixtures, shelvinginventory, casework, furniture fixtures and furnishings used personal property) with all reasonable speed (but in connection with all events not later than twelve (12) months after the operation date of Tenant's business in the Premises, damage) to substantially the same condition as nearly as practicable to their respective conditions immediately prior to such damagedamage or destruction, and the Rent and Additional Rent or a just and proportionate part thereof, according to Tenant’s ability to utilize the Premises in its damaged condition, shall be abated until the Premises shall have been repaired and restored by Landlord.
Appears in 1 contract
Samples: Deed of Lease (Gtsi Corp)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage Subject to the provisions of Paragraphs 11(b) and 11(c) below, if, during the Term, the Premises are totally or partially destroyed from any insured casualty, Landlord shall, within ninety (90) days after the destruction, commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion. Such destruction shall not terminate this Lease. Landlord's obligation shall not include repair or replacement of Tenant's alterations or Tenant's equipment, furnishings, fixtures and personal property. If the existing laws do not permit the Premises to be restored to substantially the same condition as they were in immediately before destruction, and Landlord is unable to get a variance to such laws to permit the commencement of restoration of the Premises within the 90-day period, then either party may terminate this Lease by fire or giving written notice to the other casualtyparty within thirty (30) days after expiration of the 90-day period.
(b) Despite the provisions of Paragraph 11 (a) above, Landlord may decide within ninety (90) days after such destruction to demolish the Building rather than rebuild it, in which case this Lease will terminate as of the date of the destruction. Landlord shall give Tenant written notice of its intention within ninety (90) days after the destruction.
(c) If any destruction occurs to the Premises during the last six (6) months of the initial Term or during the last six (6) months of any extension period, regardless of the nature and extent of the destruction, either, party can elect to terminate this Lease within thirty (30) days after the destruction occurs. If this Lease does not terminate pursuant to this Paragraph 11 (c), the provisions of Paragraph 11
(a) above shall apply.
(d) If the Premises are damaged from any uninsured casualty to any extent whatsoever, Landlord may within ninety (90) days following the date of such damage: (i) commence to restore the Premises to substantially the same condition as they were in immediately before the destruction and prosecute the same diligently to completion, in which event this Lease shall continue in full force and effect; or (ii) within the 90-day period Landlord may elect not to so restore the Premises, in which event this Lease shall cease and terminate. In either such event, Landlord shall give Tenant written notice of its intention within the 90-day period.
(e) In the event of destruction or damage to the Premises which materially interferes with Tenant's use of the Premises, if this Lease is not terminated as above provided, there shall be rendered wholly untenantable by a casualtyan abatement or reduction of Base Rent between the date of destruction and the date Landlord substantially completes its reconstruction obligations, unless terminated pursuant based upon the extent to Section 7.1(d)(i) or 7.1(d)(ii) hereof, which the destruction materially interferes with Tenant's use of the Premises. All other obligations of Tenant under this Lease shall remain in full force and effect except that Rent effect. Except for abatement of Base Rent, Tenant shall fully xxxxx commencing on the date have no claim against Landlord for any loss suffered by Tenant due to damage or destruction of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently or any work together to expedite, or (ii) the date forty five (45) days after Tenant completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a partrepair undertaken as herein provided.
(cf) If only a portion The provisions of the Premises shall be rendered untenantable, this Lease shall remain in full force California Civil Code Sections 1932(2) and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e1933(4), of the structural elements of the building of which the Premises form a part. In such eventand any successor statutes, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center by fire or other casualty, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after the date of loss and, if exercised, shall be effective on the last day of the first (1st) full calendar month falling at least sixty (60) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant inapplicable with respect such damage and to any destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any).
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with such sections providing that a lease terminates upon the operation destruction of Tenant's business in the Premises, as nearly as practicable Premises unless otherwise agreed between the parties to their respective conditions prior to such damagethe contrary.
Appears in 1 contract
Samples: Full Service Lease (Cerent Corp)
Damage or Destruction. (a) Tenant shall give Landlord prompt notice of any damage to If the Premises are damaged by fire or other casualty, the damage shall be repaired by and at the expense of Lanlord, provided such repairs can be made within ninety (90) days after the occurance of such damage without the payment of overtime or other premiums, and until such repairs are completed, the 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 Premises being unusable if the damage is due to the act or negligence of the Tenant, its employees, agents or invitees or if the Premises are unusable for a period equal to one day or less).
(b) If the Premises shall such repairs cannot be rendered wholly untenantable by made within ninety (90) days, Landlord may, at its option, make such repairs within a casualtyreasonable time, unless terminated pursuant to Section 7.1(d)(i) or 7.1(d)(ii) hereof, and in such event this Lease shall remain continue in full force effect and effect except that Rent the rent shall fully xxxxx commencing on be abated in the date of loss and continuing until the earlier manner provided above. Landlord's election to occur of: make repairs must be evidenced by written notice to Tenant within thirty (i) the date Tenant reopens the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (4530) days after Tenant completes the restoration, pursuant to Section 7.1(e), occurrence of the structural elements of damage. If Landlord does not so elect to make such repairs which cannot be made within ninety (90) days, then either party may, by written notice to the building of which the Premises form a partother, cancel this Lease.
(c) If only a portion of Anything in this Section 18 to the contrary notwithstanding,; if the Premises shall be rendered untenantable, this Lease shall remain in full force and effect except that Rent shall partially xxxxx commencing on the date of loss and continuing until the earlier to occur of: (i) the date Tenant reopens the repaired portion of the Premises for business, which reopening Landlord and Tenant shall diligently work together to expedite, or (ii) the date forty five (45) days after Landlord completes the restoration, pursuant to Section 7.1(e), of the structural elements of the building of which the Premises form a part. In such event, the Rent shall be reduced to an amount computed by multiplying the Rent applicable prior to such damage by a fraction, the numerator of which is the Floor Area of the Premises tenantable after such damage and the denominator of which is the Floor Area of the Premises prior to such damage.
(d) If there shall be damage to the Shopping Center shall be substantially damaged or destroyed by fire or other casualtyotherwise, whether or not the Premises is affected thereby, in which: (i) the Premises shall be sufficiently damaged to render the entire Premises wholly untenantable; (ii) the damage or destruction to the Premises is to an extent that it cannot be repaired with reasonable diligence within one (1) year after the destruction or damage; (iii) either the Shopping Center or the building of which the Premises are a part is damaged to the extent of fifty percent (50%) or more of its insured replacement cost; (iv) the loss is caused by any risk not covered by either Landlord's or Tenant's insurance; (v) the damage occurs during the last three (3) years of the Term; or, (vi) any insurance proceeds received by Landlord or Tenant for such damage are inadequate or unavailable for repairs, other than because of any deductible amount of any policy other than Tenant's earthquake insurance policy, then, in any such event, either party shall have the option to terminate this Lease. Said option shall be exercised, if at all, by notice to the other party on or before the ninetieth (90th) day after Lease as of the date of loss and, if exercised, shall be effective on the last day of the first such damage or destruction by written notice to Tenant within thirty (1st) full calendar month falling at least sixty (6030) days after such notice. If Tenant elects to terminate this Lease pursuant to this Section 7.1(d), then Tenant shall turn over to Landlord any insurance proceeds received by Tenant with respect such damage and destruction (other than proceeds of insurance covering tenant's personal property (including, without limitation, merchandise and equipment) and trade fixtures. If either party elects to terminate this Lease pursuant to clause (iv) or (vi), above, the other party may avoid termination of this Lease by (i) committing in writing to pay the additional funds required to complete the necessary repairs and restoration, which writing shall be delivered to the terminating party within ten (10) days after delivery of the termination notice, and (ii) providing to the terminating party, within a reasonable period after delivery of such notice, not to extend beyond the date which is 90 days after the date of loss, security for payment of such excess costs reasonably satisfactory to the terminating party and its lenders (if any)destruction.
(e) If there shall be damage to the Premises by fire or other casualty and this Lease is not terminated, Tenant shall promptly commence and diligently prosecute the restoration and repair of the Premises, including all exterior walls, roofs, floors and supports, all internal partitions, fixtures, trade fixtures, shelving, casework, furniture and furnishings used in connection with the operation of Tenant's business in the Premises, as nearly as practicable to their respective conditions prior to such damage.
Appears in 1 contract
Samples: Lease Agreement (Dominion Homes Inc)