Common use of Damage or Destruction Clause in Contracts

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly destroyed or damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlord.

Appears in 1 contract

Samples: Office Lease (Cougar Biotechnology, Inc.)

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Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty and casualty, Tenant shall give immediate written notice thereof to Landlord. Within sixty (60) days after receipt of such notice from Tenant, Landlord shall notify Tenant in writing of its estimate of the time necessary to repair the damage. If Landlord estimates that the damage or destruction cannot in Landlord’s reasonable judgment can be repaired or substantially restored in accordance with the then-existing Governmental Requirements within 120 one hundred-eighty (180) days of the date after Landlord is notified by Tenant of such damage or destructionand if there are sufficient insurance proceeds available to repair such damage, then Landlord shall so notify proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, in Landlord’s estimation, the damage cannot be repaired within such 180 day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Premises under this paragraph, then Landlord shall use commercially reasonable efforts to proceed toward completion of the restoration and Landlord shall not be required to repair or restore Tenant Improvements, Tenant Alterations (including Telecommunication Facilities), or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises at the time of the damage and either party hereto maywas not owned by Landlord. Base Rent and Additional Rent due under this Lease during any reconstruction period shall be abated in proportion to the floor area of the Premises which is untenantable. Tenant agrees to look to the provider of Tenant’s insurance for coverage for the loss of Tenant’s use of the Premises and any other related losses or damages incurred by Tenant during any reconstruction period. Notwithstanding anything to the contrary contained herein, in the event that Landlord estimates that the repair of the damage cannot be substantially completed (except for such Punch List Work which does not materially interfere with Tenant’s business operations in the Premises) within one hundred eighty (180) days after the date Landlord is notified by Tenant of the casualty, subject to extension on account of delays caused by adjustment of the insurance loss or by force majeure, then Landlord shall give written notice thereof to Tenant, and Tenant, at its option, may cancel and terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable received by Landlord on or before the thirtieth (30th) day after Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at has received Landlord’s expensenotice. Further, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to that Landlord has not substantially completed the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs repair and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition (except for such Punch List Work which does not materially interfere with Tenant’s business operations in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed Premises) within 270 days after the earlier of one hundred eighty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90180) days after the date Landlord is notified by Tenant of the damage casualty, subject to extension on account of delays caused by adjustment of the insurance loss or destructionby force majeure, then Tenant Tenant, at its option, may within ten (10) days after the expiration of such 270 day period elect to cancel and terminate this Lease by giving upon thirty (30) days written notice thereof to LandlordLandlord if the repair and restoration have not been substantially completed within such thirty (30) day period. If Tenant elects to exercise the option to terminate as set forth in this Paragraph, in which case rent Tenant shall be prorated to released from all of its liabilities and obligations hereunder accruing from and after the date of termination, Tenant’s security deposit but Tenant shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay remain liable for the repair or restoration payment of damage or destruction to Rent and other charges and the Premises caused by fire or other casualty more than the amount performance of the insurance proceeds payable for terms and provisions of this Lease due and owing or accrued up to and including the benefit date of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordtermination.

Appears in 1 contract

Samples: Lease (PharMEDium Healthcare Holdings, Inc.)

Damage or Destruction. If either In the Building, the Project or event (i) the Premises should be partially or wholly destroyed or are damaged by fire fire, explosion or other casualty insured under Landlord's fire and such damage extended coverage insurance policy (an "Insured Casualty") to the extent of twenty-five percent (25%) or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days more of the date insurable value thereof immediately preceding the casualty, (ii) the BTC is damaged by an Insured Casualty to the extent of such damage fifty percent (50%) or destructionmore of the insurable value thereof immediately preceding the casualty, then (iii) the Premises or the BTC are damaged by a casualty or occurrence other than Insured Casualty, or (iv) the Premises or the BTC are damaged by a casualty or occurrence and Landlord's mortgagee does not authorize the disbursement of insurance proceeds to repair or replace the same, Landlord shall so notify Tenant and either party hereto may, at its option, may terminate this Lease by giving Tenant written notice thereof to the other party of termination within 30 sixty (60) days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as happening of the date of such casualty. If neither party exercises this option, then event causing the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial constructiondamage. In the event of such reconstruction, rent shall be abated in proportion the damage is not extensive enough to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and give rise to Landlord's option to terminate this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or does not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for promptly repair and replace the repair roof, exterior walls, foundation and any other improvements furnished or restoration of damage or destruction existing on the Commencement Date, to the Premises caused by fire condition existing immediately preceding such fire, explosion or other casualty more than the amount casualty. During any period of reconstruction or repair of the Premises, Tenant shall operate its business in the Premises to the extent practicable. Rent or other sums payable under this Lease shall be reduced or abated during the period of such repair and restoration (to the extent of any rent insurance proceeds payable for the benefit of actually received by Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordtherefor).

Appears in 1 contract

Samples: Lease (Ophidian Pharmaceuticals Inc)

Damage or Destruction. 17.1 If either the Building, the Project Premises or the Building are totally or partially damaged or destroyed thereby rendering the Premises should be totally or partially inaccessible or wholly destroyed or damaged by fire or other casualty unusable, then Landlord shall diligently repair and restore the Premises and the Building to substantially the same condition they were in prior to such damage or destruction cannot destruction; provided, however, that if in Landlord’s reasonable judgment such repair and restoration cannot be repaired or substantially restored completed within 120 two hundred seventy (270) days of after the date occurrence of such damage or destructiondestruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof of termination within forty five (45) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to Landlordthis Article, in which case then rent shall be prorated apportioned (based on the portion of the Premises which is usable or used after such damage or destruction) and paid to the later of the date of termination, Tenant’s security deposit shall be returned, after deduction termination or the date Tenant completely vacates and abandons the Premises on account of any amount thereof to which such damage and (if applicable) Landlord shall be entitled, and neither party shall have entitled to any further liability insurance proceeds received by Tenant that are attributable to the other under this Lease, except under the indemnification provisions contained improvements insured or required to be insured by Tenant that would remain in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than at the amount end of the insurance proceeds payable for the benefit of Landlord by reason Lease Term. If this Lease is not terminated as a result of such damage or destruction, plus any amounts actually paid by then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay rent only for the excess portion of the Premises that is usable while such repair and restoration are being made; provided, however, that (x) if such damage or destruction was caused by the act or omission of Tenant or any Agent of Tenant, then Tenant shall not be entitled to any such rent reduction and (y) if Tenant fails to immediately pay over to Landlord insurance proceeds when received from Tenant’s insurance any such rent abatement shall end on the date when Landlord would have been able to substantially complete repair and restoration of the Premises had Tenant timely paid Landlord such insurance proceeds. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the act or omission of Tenant or any Agent of Tenant, then Tenant shall pay Landlord’s deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to maintain the insurance required by Section 13.3, that Landlord would have received had Landlord maintained such insurance required by Section 13.3), (b) Tenant shall pay the amount by which the cost of reconstructing restoring any item which Landlord is required to restore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and (c) Landlord shall not be required to repair or restore any tenant improvements over installed in the original Premises (except to the extent Landlord receives proceeds therefor from Tenant’s insurance), any Alterations or any other contents of the Premises (including Tenant’s trade fixtures, decorations, furnishings, equipment or personal property). Notwithstanding anything herein to the contrary, Landlord shall have the right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of such tenant improvements paid initially repair and restoration (so long as Landlord maintains the insurance required by LandlordSection 13.3), (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds thirty five percent (35%) of the replacement value of the Building.

Appears in 1 contract

Samples: Office Lease Agreement (Bicara Therapeutics Inc.)

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty casualty, Tenant shall promptly give written notice thereof to Landlord. Within ninety (90) days after (i) the date of receipt of such notice from Tenant or (ii) such earlier date that Landlord is aware of the damage which affects the Premises together with the Common Areas or other portions of the Building (hereinafter referred to as a “Damage Notice Date”), Landlord shall notify Tenant in writing of its reasonable estimate of the time necessary to repair the damage and whether Landlord has elected to make such repair. If Landlord reasonably estimates that the damage or destruction cancan be repaired in accordance with the then-existing Governmental Requirements within two hundred seventy (270) days after the Damage Notice Date and if there are sufficient insurance proceeds available to repair such damage, then Landlord shall promptly commence and thereafter proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, in Landlord’s reasonable judgment estimation, the damage cannot be repaired within such two hundred seventy (270) day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially restored within 120 days of the date of such condition which existed prior to the damage or destructionand this Lease will continue. If Landlord restores the Premises under this Section 4.9, then Landlord shall so notify use commercially reasonable efforts to proceed toward completion of the restoration and (1) the Lease Term shall be extended for the time required to complete such restoration, and (2) Landlord shall not be required to repair or restore Tenant Improvements, Tenant Alterations (including Telecommunication Facilities), or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises at the time of the damage and either party hereto maywas not owned by Landlord, and Tenant shall be responsible for the restoration and repair of such items. Base Rent and Additional Rent due under this Lease after the occurrence of the damage and during any reconstruction period under this Section 4.9.1 and Sections 4.9.2, 4.9.3 and 4.9.4 below shall be abated in proportion to the floor area of the Premises which is not usable for the Permitted Use. Tenant agrees to look to the provider of Tenant’s insurance for coverage for the loss of Tenant’s use of the Premises and any other related losses or damages incurred by Tenant during any reconstruction period. Notwithstanding anything to the contrary contained herein, in the event that Landlord estimates that the repair of the damage cannot be substantially completed (except for such Punch List Work which does not materially interfere with Tenant’s business operations in the Premises) within two hundred seventy (270) days after a Damage Notice Date or Landlord does not elect to repair the damage, then Tenant, at its option, may cancel and terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable received by Landlord on or before the thirtieth (30th) day after Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at has received Landlord’s expensenotice. Further, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to that Landlord has not substantially completed the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs repair and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition (except for such Punch List Work which does not materially interfere with Tenant’s business operations in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed Premises) within 270 days after the earlier of two hundred seventy (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90270) days after the date a Damage Notice Date, subject to extension on account of the damage or destructionforce majeure, then Tenant Tenant, at its option, may within ten (10) days after the expiration of such 270 day period elect to cancel and terminate this Lease by giving upon thirty (30) days written notice thereof to LandlordLandlord if the repair and restoration have not been substantially completed within such thirty (30) day period. If Tenant elects to exercise the option to terminate as set forth in this Paragraph, in which case rent Tenant shall be prorated to released from all of its liabilities and obligations hereunder accruing from and after the date of termination, Tenant’s security deposit but Tenant shall be returned, after deduction remain liable for the payment of any amount thereof to which Landlord shall be entitled, Rent and neither party shall have any further liability other charges (to the other under this Lease, except under extent the indemnification provisions contained in this Lease. Notwithstanding anything else to same are not abated as provided herein) and the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount performance of the insurance proceeds payable for terms and provisions of this Lease due and owing or accrued up to and including the benefit date of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordtermination.

Appears in 1 contract

Samples: Lease (Mattersight Corp)

Damage or Destruction. 17.1 If either all or any portion of the Building, the Project Building or the Premises should be are totally or partially damaged or wholly destroyed thereby rendering the Premises totally or damaged by fire partially inaccessible or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored unusable (a “Casualty”), then Landlord shall, within 120 forty-five (45) days of the date occurrence of such damage or destruction, then provide Tenant with an estimate of the length of time needed to repair such damage or destruction, which estimate shall be prepared by an independent, third-party architect (the “Repair Estimate”). Landlord shall so notify Tenant diligently repair and either party hereto mayrestore the Premises and the Building (but specifically excluding the original tenant improvements installed pursuant to Exhibit B, at its option, terminate this Lease by giving written notice thereof any Alterations or any other contents of the Premises) to substantially the other party within 30 days after the date of same condition they were in prior to such “casualty, damage or destruction; provided, however, that Tenant shall not have the right to terminate if the Premises can Repair Estimate provides that such repair and restoration cannot be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of one hundred eighty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90180) days after the date occurrence of the such damage or destructiondestruction (the “Restoration Period”), then Landlord and Tenant may within ten (10) days after shall each have the expiration of such 270 day period elect right to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability termination to the other under this Leasewithin sixty (60) days after such party’s receipt of the Repair Estimate (the “Termination Notice Period”), except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord provided further that Tenant shall have no obligation further right to pay for terminate the Lease Term after Landlord has commenced any restoration and repair or so long as Landlord diligently pursues such restoration of damage or destruction and repair to completion, except as otherwise provided in Section 17.2 below. Notwithstanding the Premises caused by fire or other casualty more than preceding sentence, if the amount Casualty occurs during the (i) second-to-last Lease Year of the insurance proceeds payable for then-existing Lease Term (including any exercised renewals), then (a) the benefit of Landlord by reason of such damage or destructionforegoing forty-five (45) day period to provide the Repair Estimate will be reduced to thirty (30) days, plus any amounts actually paid by Tenant for (b) the excess foregoing one hundred eighty (180) day Restoration Period will be reduced to ninety (90) days, and (c) the foregoing sixty (60) day Termination Notice Period will be reduced to thirty (30) days, and (ii) the last Lease Year of the cost of reconstructing tenant improvements over then-existing Lease Term (including any exercised renewals), then (x) the original cost of such tenant improvements paid initially by Landlordforegoing forty-five (45) period to provide the Repair Estimate will be reduced to twenty (20) days, (y) the foregoing one hundred eighty (180) day Restoration Period will be reduced to ninety (60) days, and (z) the foregoing sixty (60) day Termination Notice Period will be reduced to ten (10) days.

Appears in 1 contract

Samples: Office Lease Agreement (Blackboard Inc)

Damage or Destruction. If either Except as provided in Article 9, if the Building, the Project Building (or the Premises should be partially or wholly destroyed or any portion thereof) is damaged by fire or other casualty casualty, then Landlord shall cause Landlord's architect to provide to both Landlord and Tenant a written estimate of the time period required to repair and restore the damage to the Building (or applicable portion thereof) to the condition that existed prior to such damage or destruction cannot in Landlord’s reasonable judgment be repaired without payment of overtime or substantially restored within 120 other premiums ("Restoration Period"). If the Restoration Period is three hundred sixty-five (365) days of or less from the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant and there are sufficient insurance proceeds available to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not cover the cost of restoration exceeds or repair, then, except as otherwise expressly provided in this Article 16 below, Landlord shall diligently repair the cost damage by and at the expense of initial constructionthe Landlord. In the event of Until such reconstruction, repairs are completed rent shall be abated in proportion to the area part of the Premises not capable of use which is unusable by Tenant from in the conduct of its business (but there shall be no abatement of rent by reason of any portion of the Premises being unusable for a period equal to one (1) day or less). If the estimation of the restoration period exceeds three hundred sixty-five (365) days or if there are not sufficient insurance proceeds available to cover the cost of restoration or repair, Landlord may terminate this Lease or Landlord may elect to repair or restore the Building, or applicable portion thereof so damaged or destroyed. Landlord's election to make such repairs must be evidenced by written notice to Tenant within sixty (60) days after the learning of the occurrence of the damage. Subject to the terms of this paragraph below, if at any time during the last eighteen (18) eighteen months of the Lease Term there is substantial damage to the Premises and Landlord's architect's estimate of the expiration of the Restoration Period with respect to such damage is later than the date six (6) months prior to the expiration of the Lease Term, then Landlord may, notwithstanding anything to the contrary contained herein, at Landlord's option, terminate this Lease as of the date of occurrence of such damage by giving written notice to Tenant of Landlord's election to do so within ten (10) days after the casualty until substantial completion date Landlord receives the estimate of the reconstruction repairs Restoration Period from Landlord's architect. Landlord's failure to give written notice of termination of the Lease within said ten (10) day period shall be deemed Landlord's waiver of its termination right under the terms of this paragraph. Notwithstanding the terms of this paragraph above, if there is substantial damage to the Premises during the last eighteen (18) months of the Lease Term (and there are sufficient insurance proceeds available to repair or restore such damage) and Landlord's architect's estimate of the Restoration Period with respect to such damage is later than the date six (6) months prior to the expiration of the Lease Term, then, if the time within which to exercise Tenant's option to extend this Lease (as set forth in Article 34 below) has not yet expired, Tenant shall exercise such option, if it is to be exercised at all, no later than five (5) days after the date Tenant receives the estimate of the Restoration Period. If Tenant duly exercises such option during such five (5) day period, Landlord shall, at Landlord's expense, repair such damage (to the extent of available insurance proceeds), but not Tenant's fixtures, personal property, equipment of tenant improvements, and this Lease shall continue in full force and effect for the balance of the Termeffect. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of Tenant fails to exercise such damageoption during said five (5) day period, then such damaged part of the Premises shall be reconstructed and restored, Landlord may at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and 's option terminate this Lease shall continue in full force and effect for the balance effective as of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destructionby giving written notice to Tenant of Landlord's election to do so within ten (10) days following the date Landlord receives the estimate of the Restoration Period from Landlord's architect. Notwithstanding the foregoing, then if Landlord's architect estimates that the Restoration Period will be longer than one hundred eighty (180) days from the date Landlord receives building permits for the repair and restoration, Tenant may shall have the right to terminate this Lease by giving Landlord written notice of such termination within ten (10) days after the expiration date Tenant receives the estimate of such 270 the Restoration Period from Landlord's architect. Tenant's failure to give written notice of termination of the Lease within said ten (10) day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated deemed Tenant's waiver of its termination right and election to permit Landlord to restore the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under Premises in accordance with this Lease, except under the indemnification provisions contained in this LeaseArticle 16. Notwithstanding anything else to the contrary contained Except as provided in this Article 1716, Landlord there shall have be no obligation to pay for the repair or restoration abatement of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit rent and no liability of Landlord by reason of any injury to or interference with Tenant's business or property arising from such damage or destructiondestruction or the making of any repairs, plus alterations or improvements in accordance with this Section in or to any amounts actually paid by Tenant for the excess portion of the cost Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of reconstructing tenant improvements over any kind for Tenant's furniture, furnishings, fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the original cost same. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of such tenant improvements paid initially by LandlordSections 1932(2) and 1933(4) of the California Civil Code.

Appears in 1 contract

Samples: Standard Office Lease (Netgear Inc)

Damage or Destruction. 17.1 If either the Building, the Project or the Premises should be is totally or partially damaged or wholly destroyed or damaged by fire or other insured casualty, or if the Building is damaged or destroyed by fire or other insured casualty such that Tenant is deprived of reasonable access to the Premises, then, in either such event, but subject to the provisions of this Article XVII, Landlord shall diligently repair and restore such damaged or destroyed portions of the Premises and the Tenant Improvement Work in the Premises, and/or such portions of the Common Areas of the Building as are necessary to restore reasonable access to the Premises, to substantially the same condition the same were in prior to such damage or destruction cannot destruction; provided, however, that if in Landlord’s reasonable judgment such repair and restoration cannot be repaired or substantially restored completed within 120 two hundred seventy (270) days of from the date of such damage or destructiondestruction (taking into account, among other factors, the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans, and issuance of all required governmental permits), then Landlord shall so notify Tenant and either party hereto may, at its option, have the right to terminate this Lease by giving Tenant written notice thereof to of termination within sixty (60) days after the other party within 30 occurrence of such damage or destruction (“Landlord’s Notice”), which notice shall be effective thirty (30) days after the date of such “casualty, provided, however, that Tenant shall thereof. If Landlord does not have the right elect to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessibleLease, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant Notice shall reimburse Landlord for the excess cost of reconstructing the same specify whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises or those portions of the Building affecting the use and enjoyment of the Premises can be substantially restored reconstructed within 120 two hundred seventy (270) days from the occurrence of such fire or casualty. If Landlord’s Notice indicates that such reconstruction of the date Premises or those portions of such damage, then such damaged part the Building affecting the use and enjoyment of the Premises shall exceed two hundred seventy (270) days and Landlord does not elect to terminate the Lease as provided in Landlord’s Notice, Tenant shall have the right, to be reconstructed exercised within thirty (30) days after receipt of Landlord’s Notice, to elect, by notice to Landlord, to cancel this Lease (hereinafter called “Tenant’s Notice”). If (a) Landlord indicates in Landlord’s Notice that the Premises can be restored within two hundred seventy (270) days and restoredthe Premises is not restored within such two hundred seventy (270) day period, or (b) Landlord indicates in Landlord’s Notice that it will take a period of time longer than two hundred seventy (270) days to restore the Premises, Tenant has not previously elected to terminate this Lease and the Premises is not restored within such longer period of time, then this Lease may, at Landlord’s expensethe election of Tenant, be terminated by written notice delivered to substantially Landlord from Tenant at any time after the same condition expiration of the two hundred seventy (270) day period or such longer period, as they were prior applicable, which notice shall be effective forty-five (45) days after the giving of such notice; provided, however, that such termination shall only be effective if the Building is not restored by Landlord within such forty-five (45) day period. If this Lease is terminated pursuant to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlordthis Article XVII, then Tenant shall reimburse Landlord for the excess cost Base Rent and any recurring items of reconstructing the same whether or Additional Rent which are determined on a per square foot basis (including but not the cost of reconstruction exceeds cost of initial construction. Rent limited to Operating Charges and Taxes) shall be abated in apportioned (based on the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use is rendered unusable as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier direct result of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the such damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated and paid to the date of termination. If this Lease is not so terminated by either Landlord or Tenant as hereinabove permitted, then until Landlord’s repair and restoration of the Premises is substantially complete (or would have been complete but for any delay(s) caused by Tenant or Tenant’s Agents), then to the extent Landlord receives the proceeds of any rent abatement insurance, Tenant shall only be required to pay Base Rent and any recurring items of Additional Rent which are determined on a per square foot basis for the portion of the Premises that is usable while such repair and restoration is being made. After receipt of all insurance proceeds, Landlord shall proceed with such repair and restoration of the Premises and the Building. However, Landlord shall not be required to repair or restore any Alterations or any other improvements or contents of the Premises (including, without limitation, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, trade fixtures and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordpersonal property).

Appears in 1 contract

Samples: Lease Agreement (Jackson Hewitt Tax Service Inc)

Damage or Destruction. If either the Building, the Project all or any part of the Premises should be partially or wholly destroyed or any material portion of the balance of the Real Property is damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 becomes inaccessible, Landlord shall, as soon as reasonably practicable thereafter but no later than sixty (60) days of the date of such damage or destructionthe damage, then Landlord shall so notify give Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as Landlord’s reasonable estimate of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant time required from the date of the casualty until substantial completion damage to repair the damage (the “Damage Estimate”). Landlord shall use commercially reasonable efforts to diligently proceed to repair the damage and this Lease shall remain in full force and effect if (i) the damage is caused by a peril covered by Landlord’s insurance (or 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 one hundred eighty (180) days or less, or (ii) the damage is caused by a peril not covered (and not required to be covered) by Landlord’s insurance or the proceeds from Landlord’s insurance are not sufficient (without considering any deductible amounts) to repair the damage (an “Uninsured Casualty”), and the Damage Estimate is ninety (90) days or less. If the Damage Estimate is more than one hundred eighty (180) days, 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 as soon as reasonably practicable but no later than sixty (60) days of the reconstruction repairs and date of the damage, shall either (a) diligently proceed to repair the damage, in which event this Lease shall continue in full force and effect for the balance effect, or (b) terminate this Lease as of the Termdate specified by Landlord in the notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice. If neither Landlord nor Tenant elect to termination this Lease in accordance with this Paragraph, then Landlord shall repair the Premises to its condition immediately prior to the fire or other casualty, subject to the provisions contained in the following sentences. Notwithstanding the foregoing, Landlord shall not be obligated to repair or replace any of Tenant’s movable furniture, equipment, trade fixtures, and other personal property, nor any above Building standard Alterations installed in the Premises by or at the request of Tenant (including those installed by Landlord at Tenant’s request, whether prior or subsequent to the commencement of the Lease term), and no damage to any of the foregoing shall entitle Tenant to any 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 Projectdamage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, the Building or Damage Estimate is more than one hundred eighty (180) days, and Landlord does not give notice terminating this Lease within the Premises should 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 date shall not be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of before the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions notice or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of more than thirty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9030) 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 one hundred eighty (180) days following the date of the damage (such period to be extended by any delays directly caused by Tenant or destructionits agents), then Tenant may within ten terminate this Lease by providing Landlord with written notice of such termination at any time 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 (1030) days after the expiration date of such 270 day period elect notice. 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 each have the option to terminate this Lease by giving written notice thereof to Landlordthe 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 in its termination notice, which case rent date shall not be prorated to before the date of terminationsuch notice or more than thirty (30) days after the date of such notice. Notwithstanding anything to the contrary in this Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither the party from whose misconduct such damage results shall have any further liability no right to the other under this Lease, except under the indemnification provisions contained in terminate this Lease. Notwithstanding anything else In the event all or a portion of the Premises is not tenantable and Tenant is not able to occupy all or a portion of the contrary contained in this Article 17Premises, Landlord shall have no obligation to pay Monthly Rent and Additional Rent for the repair or restoration portion of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of Tenant does not occupy shall xxxxx during such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordtime period.

Appears in 1 contract

Samples: Center (2U, Inc.)

Damage or Destruction. 20.1 If either the Buildingthis lease is not so terminated, the Project or the Premises should be partially or wholly destroyed or damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto mayLessor shall, at its optionexpense, commence all necessary repairs (which will include repair of Lessee Improvements, but will not include repair of Lessee's trade fixtures, equipment, furniture and personal property) and shall diligently proceed to complete the same. If Lessor shall fail to commence all necessary repairs or shall not use its best efforts to diligently complete such repairs, then Lessee may give Lessor notice to do so. If Lessor shall not, within 30 days after Lessee's notice, commence repair or proceed to use best efforts to diligently complete such repairs, then in either case within 30 days after Lessee's notice, Lessee may terminate this Lease by written notice to Lessor within 15 days after expiration of such 30 day period. Such right to terminate may be exercised only by Lessee giving written notice thereof of termination to Lessor prior to substantial completion of the other party within 30 days after the date of such “casualtyrepairs by Lessor. If this Lease is terminated under this Section, provided, however, that Tenant shall not have the right to terminate if the Premises can monthly rent will be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease prorated (a) as of the date of such casualty. If neither party exercises this option, then the relevant termination as to the portion of the Premises shall be reconstructed that is not untenantable and restored, at Landlord’s expense, to substantially (b) as of the same condition date of the Casualty as they were prior to the casualtyuntenatable portion of the Premises, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated all in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue Rentable Areas attributable to such portions. During any period in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made which any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears is rendered untenantable by the Casualty, the monthly rent will be abated for the period of untenantablility(plus a period of 30 days or the number of days required for Lessee to the total area in the Premises from the date equip, furnish and move into such portion of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue Premises, whichever is less) in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence proportion to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordspace which is untenantable.

Appears in 1 contract

Samples: Business Lease (Sento Corp)

Damage or Destruction. In the event of a partial destruction of the said premises during the said term, from any cause, Landlord shall forthwith repair the same, provided such repairs can be made within sixty (60) days under the laws and regulations of State, County or Municipal authorities, but such partial destruction shall in no wise annul or void this Lease, except that Tenant shall be entitled to a proportionate deduction of rent while such repairs are being made, such proportionate deduction to be based upon the extent to which the making of such repairs shall interfere with the business carried on by Tenant in the said premises. If either the Building, the Project or the Premises should be partially or wholly destroyed or damaged by fire or other casualty and such damage or destruction repairs cannot be made in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destructionsixty (60) days, then Landlord shall so notify Tenant and either party hereto may, at its his option, terminate make same within a reasonable time, this Lease by giving written notice thereof continuing in force and effect and the rent to the other party within 30 days after the date of such “casualty, be proportionately rebated as aforesaid in this article provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event that Landlord does not so elect to make such repairs which cannot be made in sixty (60) days, or such repairs cannot be made under such laws and regulations, this Lease may be terminated at the option of such reconstructioneither party. In respect to any partial destruction which Landlord is obligated to repair or may elect to repair under the terms of this Article the provisions of Section 1932, rent shall be abated in proportion to the area Subdivision 2, and of Section 1933, Subdivision 4, of the Premises not capable of use by Tenant from the date Civil Code of the casualty until substantial completion State of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged California are waived by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairsTenant. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If event that the reconstruction or restoration of the Premises to a condition building in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed demised premises may be situated be destroyed to the planning extent of not less than thirty-three and permitting processone third (33-1/3%) or (2) ninety (90) days after the date percent of the damage or destructionreplacement cost thereof, then Tenant Landlord may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to LandlordLease, whether the demised premises be injured or not. A total destruction of the building in which case rent the said premises may be situated shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under terminate this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlord.

Appears in 1 contract

Samples: Americom Usa Inc

Damage or Destruction. If either (a) The receipts and recoveries of insurance carried pursuant to Section 5.06 shall be applied as provided in this Section 7.01 and the Building, Ground Lease. In the event that all or any part of the Project or the Premises should be partially or wholly Facilities is destroyed in whole or damaged by fire or other casualty requiring more than $250,000 for rehabilitation and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of reconstruction, the date of such damage or destructionCompany shall by notice given pursuant to Section 10.01, then Landlord shall so notify Tenant the Trustee and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party Issuer within 30 days after of said occurrence as to whether or not the date of such “casualtyProject Facilities, providedor the damaged or destroyed portion thereof, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General reconstructed and are accessible, notwithstanding reequipped. If the damage or destruction does not exceed $250,000, the Company shall be obligated to reconstruct and reequip the Project Facilities and shall apply the Net Insurance Proceeds, with the consent of the Issuer, to such reconstruction and reequipping. To the extent the Net Insurance Proceeds exceed $250,000, the Company shall elect that the Project Facilities or can some portion thereof be restored reconstructed and reequipped, (i) all Net Insurance Proceeds with respect to the Project Facilities shall be paid to the Trustee for deposit in a separate account in the Construction Fund and application in accordance with this Section 7.01, or if no 1999 Series A Bonds applicable to such destroyed or damaged Project Facilities are Outstanding, shall be so applied by the Company and (ii) the Company will promptly use its best efforts and proceed with reasonable speed and dispatch to reconstruct and reequip the applicable Project Facilities in accordance with the Plans and Specifications to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible equivalent to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were that immediately prior to the casualtyevent of damage or destruction (subject to any changes, provided that, if Tenant has made any alterationsmodifications, additions or improvements pursuant and deletions which the Company desires and to Article 11 or if tenant improvements have been constructed at a cost which the Issuer consents in excess accordance with Section 3.01(c) hereof) and will apply for such purposes so much as may be necessary of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial constructionany such Net Insurance Proceeds. In the event that the Net Insurance Proceeds are not sufficient to pay in full the costs of such reconstructionProject Facilities reconstruction and reequipping, rent the Company will nonetheless complete the work thereof and pay that portion of the costs thereof in excess of the amount of such Net Insurance Proceeds, provided that the Company may request that Additional Bonds be issued to provide Project Facilities costs. Any balance of Net Insurance Proceeds incident to the Project Facilities received by the Trustee remaining after paying therefrom the costs of such reconstruction and reequipping of the Project Facilities pursuant to this Section 7.01 shall be abated in proportion paid to the area Trustee for deposit into a separate account in the Bond Fund, and shall be promptly applied, at the direction of the Premises not capable Authorized Company Representative, (a) to be applied by the Trustee to purchase 1999 Series A Bonds in the open market (excluding any portion of use by Tenant from the purchase price which is attributable to interest accrued and/or accruing on such 1999 Series A Bonds until the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect purchase) for the balance purpose of cancellation; (b) to redeem 1999 Series A Bonds on the Term. If earliest redemption date thereof (paying principal sums only) for the Project, purpose of cancellation; or (c) to pay the Building or principal of and/or interest on the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty1999 Series A Bonds, provided that if Tenant has made the Company directs the Trustee to apply said balance pursuant to clause (c) above, the Company shall also deliver to the Trustee and the Issuer a Favorable Opinion of Bond Counsel to the effect that such use will not impair the exclusion of the interest on the 1999 Series A Bonds from gross income for federal income tax purposes. If the Company shall elect that the Project Facilities, or any alterationsdamaged or destroyed portion thereof, additions or improvements or if tenant improvements have been constructed not be reconstructed and reequipped, and any 1999 Series A Bonds are then Outstanding, then all Net Insurance Proceeds allocable to those portions of the Project Facilities that will not be reconstructed and reequipped shall be paid to the Trustee. All such Net Insurance Proceeds received by the Trustee shall be deposited into a separate account in the Bond Fund, and applied to redeem 1999 Series A Bonds (paying principal sums only) on the earliest redemption date permissible for a cost the purpose of cancellation. If the Net Insurance Proceeds are inadequate to pay and discharge the relevant 1999 Series A Bonds, the Company shall pay to the Trustee such moneys as may be required for such payment and discharge. If such Net Insurance Proceeds are in excess of amounts paid by Landlordthe amount required to pay, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated redeem, purchase in the proportion which open market or defease 1999 Series A Bonds equal in aggregate principal amount to all the approximate area of the then Outstanding 1999 Series A Bonds allocable to such damaged and or destroyed portion of the Premises bears Project Facilities, all such excess shall be paid to the total area in Issuer, as the Premises from the date governmental owner of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordProject Facilities.

Appears in 1 contract

Samples: Lease Agreement (Mesaba Holdings Inc)

Damage or Destruction. If either In the Building, event the Project PREMISES or the Premises should be partially or wholly destroyed or Building are damaged by fire or other casualty and such the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Building, the damage or destruction cannot in Landlord’s reasonable judgment shall be repaired or substantially restored by and at the expense of LANDLORD to the extent of such insurance proceeds available therefor, provided such repairs can, in LANDLORD'S sole opinion, be made within 120 one hundred twenty (120) days of after the date occurrence of such damage without the payment of overtime or destructionother premiums. Until such repairs are completed, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area part of the PREMISES which is unusable by TENANT in the conduct of its business. All rent shall be abated if partial untenantability renders the entire Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction unfit for TENANT's business. If repairs cannot, in LANDLORD'S sole opinion be made within one hundred twenty (120) days, LANDLORD may at its option make these within a reasonable time and this Lease shall continue in full force and effect for effect. In the balance case of repairs, which in LANDLORD'S opinion cannot be made within one-hundred twenty (120) days, LANDLORD shall notify TENANT within thirty (30) days of the Termdate of occurrence of such damage as to whether or not LANDLORD elects to make such repairs and if no such notice is given, LANDLORD shall be deemed not to have elected to make such repairs. If LANDLORD elects not to make such repairs which cannot be made within one hundred twenty (120) days of notice, then either party may, by written notice to the Projectother, cancel this Lease as of the Building or date of the Premises should be damaged by fire or other casualty andoccurrence of such damage. Notwithstanding anything to the contrary herein contained, in Landlord’s judgment, the Premises can be substantially restored event that such repairs are not completed within 120 one hundred eighty (180) days of the date of such damagecasualty, then in such damaged part of the Premises event, either party may cancel this Lease. Except as provided in this Section, there shall be reconstructed no abatement of rent and restoredno liability of LANDLORD by reason of any injury to or interference with TENANT'S business or property arising from any such fire or other casualty or from the making or not making of any repairs, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions alterations or improvements in or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed to any portion of the Premises bears Building or the PREMISES or in or to fixtures, appurtenances and equipment therein. TENANT understands that LANDLORD will not carry insurance of any kind on TENANT'S furniture or furnishings or on any fixtures or equipment removable by TENANT under the total area in the Premises from the date provisions of the casualty until substantial completion of the reconstruction repairs; and this Lease and that LANDLORD shall continue in full force and effect for not be obliged to repair any damage thereto or replace the balance of the Termsame. Landlord LANDLORD shall use reasonable diligence in completing such reconstruction repairs. In not be required to repair any case where Landlord shall be performing reconstruction injury or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than cause, or to make any repairs or replacements to or of improvements installed in the amount PREMISES by or for TENANT, except to the extent such improvements were permanently installed as part of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing initial tenant improvements over the original cost of such tenant improvements paid initially by Landlordimprovements.

Appears in 1 contract

Samples: Office Lease (Clark/Bardes Holdings Inc)

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty casualty, Tenant shall give prompt written notice thereof to Landlord. If Landlord reasonably and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored good faith estimates in a notice given to Tenant within 120 days of the date forty- five (45) Business Days after Tenant's notice of such damage or destructionthat the damage can be repaired in accordance with the then-existing Governmental Requirements within one hundred-eighty (180) Business Days after Landlord is notified by Tenant of such damage, then Landlord shall so notify proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, in Landlord's reasonable, good faith estimation provided in a notice given to Tenant and either party hereto maywithin forty-five (45) Business Days after Tenant's notice of such damage, at the damage cannot be repaired within such 180 Business Day period, Landlord may elect in such notice in its option, absolute discretion to either: (a) terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if or (b) restore the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were which existed prior to the casualtydamage and this Lease will continue. If, provided thatin Landlord's reasonable, if good faith estimation, the damage cannot be repaired within such 180 Business Day period but Landlord nonetheless elects to restore the Premises, Tenant has made may elect in its absolute discretion, by written notice given within twenty (20) Business Days after receipt of Landlord's election, to terminate this Lease. If Landlord restores the Premises under this paragraph, then (1) the Lease Term shall be extended for the time required to complete such restoration, (2) Tenant shall pay to Landlord, upon demand, Tenant's Pro Rata Share of any alterationsapplicable deductible amount specified under Landlord's insurance and (3) Landlord shall not be required to repair or restore Tenant Improvements, additions Tenant Alterations, or any or all furniture, fixtures, equipment, inventory, improvements pursuant to Article 11 or if tenant improvements have been constructed other property which was in or about the Premises at a cost in excess the time of costs paid or reimbursed the damage and was not owned by Landlord. Base Rent, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent Additional Rent and any other sum due under this Lease during any reconstruction period shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears that is not useable by Tenant in the conduct of Tenant's business in the ordinary course. Tenant agrees to look to the total area in the Premises from the date provider of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect Tenant's insurance for coverage for the balance loss of the Term. Landlord shall Tenant's use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction any other related losses or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid damages incurred by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordduring any reconstruction period.

Appears in 1 contract

Samples: Lease (Sonosite Inc)

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly any portion thereof are destroyed or damaged by fire storm, fire, lightning, earthquake, or other casualty and such damage or destruction casualty, Lessee shall immediately notify Lessor. In the event the Premises cannot not, in Landlord’s reasonable judgment Lessor's judgment, be repaired or substantially restored within 120 one hundred eighty (180) days of after the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this optiondestruction, then the Premises and all rent and other sums payable by Lessee hereunder shall be reconstructed accounted for as between Lessor and restored, at Landlord’s expense, to substantially the same condition Lessee as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant that date. Lessor shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored notify Lessee within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of forty-five (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9045) days after the date of the damage or destruction whether the Premises can be restored within one hundred eighty (180) days. If this Lease is not terminated as provided in this Paragraph, Lessor shall, to the extent insurance proceeds payable on account of such damage or destruction are made available to Lessor for restoration of the Premises (with the excess proceeds belonging to Lessor), within a reasonable time, repair, restore, rebuild, reconstruct, or replace the damaged or destroyed portion of the Premises to a condition substantially similar to the condition which existed prior to the damage or destruction. Provided, however, Lessor shall only be required to repair, restore, rebuild, reconstruct, and replace the Improvements to the Premises performed by Lessor pursuant to Exhibit E hereto, and Lessee shall, at its sole cost and expense, upon completion of such restoration by Lessor, repair, restore, rebuild, reconstruct, and replace, as required, any and all improvements installed in the Premises by Lessee and all trade fixtures, personal property, inventory, signs; and other contents in the Premises, and all other repairs not specifically required of Lessor hereunder, in a manner and to at least the condition existing prior to the damage. Lessee's obligations to pay Base Rent shall xxxxx until Lessor has repaired, restored, rebuilt, reconstructed, or replaced the Premises, as required herein, in proportion to the part of the Premises which are unusable by Lessee. If the damage or destruction is due to the act, neglect, fault, or omission of Lessee, there shall be no rent abatement. Notwithstanding the foregoing, if any such damage or destruction occurs within the final two (2) years of the term hereof, then Tenant may within ten (10) days after Lessor, in its sole discretion, may, without regard to the expiration of such 270 aforesaid 180-day period elect to period, terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordLessee.

Appears in 1 contract

Samples: Office Lease (AxoGen, Inc.)

Damage or Destruction. If either In the Building, event the Project or the Premises should be partially or wholly destroyed or Building is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Building, if any, the damage shall be repaired by and at the expense of Landlord from the proceeds of the insurance that Landlord is obligated to maintain under Section 17.D., provided such damage or destruction repairs cannot , in Landlord’s reasonable judgment opinion, be repaired made within two hundred forty (240) days after the occurrence of such damage without the payment of overtime or other premiums. Until such repairs are completed, the rent shall continue to be paid by Tenant (with the source of funds for such payment anticipated to be the proceeds of Tenant’s business income insurance) and shall not be abated. If repairs cannot, in Landlord’s reasonable opinion be made within two hundred forty (240) days, Landlord shall notify Tenant within thirty (30) days of the occurrence of such damage of its determination, in which event, or in the event such repairs are commenced but are not substantially restored completed within 120 two hundred forty (240) days of the date of such damage or destructionoccurrence, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may given within ten (10) days after Landlord’s notification or the expiration of such 270 said 240-day period elect to terminate period, as the case may be, cancel this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to as of the date of terminationthe occurrence of such damage. In the event the Premises are rendered untenantable by fire or other casualty during the last twelve (12) months of the Term, Tenant’s security deposit Landlord and Tenant shall be returned, after deduction each have the right to cancel this Lease as of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability the date of the occurrence of such damage by written notice to the other under party given within ten (10) days after such fire or casualty. Except as provided in this LeaseSection, except there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from any such fire or other casualty or from the making or not making of any repairs, alterations or improvements in or to any portion of the Building or in or to fixtures, appurtenances and equipment therein. Tenant hereby waives any statutory or common law rights of termination which may arise by reason of any partial or total destruction of the Building. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture or furnishings or on any fixtures or equipment removable by Tenant under the indemnification provisions contained in of this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Lease and that Landlord shall have no obligation not be obliged to pay for repair any damage thereto or replace the same. Landlord shall not be required to repair any injury or restoration of damage or destruction to the Premises caused by fire or other casualty more than cause, or to make any repairs or replacements, to or of improvements installed in the amount of the insurance proceeds payable Premises by or for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordTenant.

Appears in 1 contract

Samples: Office Lease (Walter Investment Management Corp)

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly any portion thereof are destroyed or damaged by fire storm, fire, lightning, earthquake or other casualty and such damage or destruction casualty, Lessee shall immediately notify Lessor. In the event the Premises cannot not, in Landlord’s reasonable judgment Xxxxxx's judgment, be repaired or substantially restored within 120 one hundred eighty (180) days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this optiondestruction, then the Premises and all rent and other sums payable by Lessee hereunder shall be reconstructed accounted for as between Lessor and restored, at Landlord’s expense, to substantially the same condition Xxxxxx as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant that date. Lessor shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored notify Lessee within 120 thirty (30) days of the date of such damage, then such damaged part of the damage or destruction whether the Premises shall can be reconstructed and restoredrestored within one hundred eighty (180) days. If this Lease is not terminated as provided in this Paragraph, at Landlord’s expenseLessor shall, to substantially the same condition as they were prior extent insurance proceeds payable on account of such damage or destruction are available to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for Lessor (with the excess cost of reconstructing the same whether proceeds belonging to Lessor), within a reasonable time, repair, restore, rebuild, reconstruct or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of replace the damaged and or destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed substantially similar to the planning and permitting process) or (2) ninety (90) days after the date of condition which existed prior to the damage or destruction. Provided, however, Lessor shall only be required to repair, restore, rebuild, reconstruct and replace the Lessor's Work shown on Exhibit "A," and Lessee shall, at its sole cost and expense, upon completion of the Lessor's Work, repair, restore, rebuild, reconstruct and replace, as required, any and all improvements installed in the Premises by Lessee and all trade fixtures, personal property, inventory, signs and other contents in the Premises, and all other repairs not specifically required of Lessor hereunder, in a manner and to at least the condition existing prior to the damage. Lessee's obligation to pay Base Rent shall xxxxx until Xxxxxx has repaired, restored, rebuilt, reconstructed or replaced the Premises, as required herein, in proportion to the part of the Premises which are unusable by Xxxxxx. If the damage or destruction is due to the act, neglect, fault or omission of Lessee, there shall be no rent abatement. Notwithstanding the foregoing, if any such damage or destruction occurs within the final two (2) years of the term hereof, then Tenant may within ten (10) days after Lessor, in its sole discretion, may, without regard to the expiration of such 270 aforesaid 180-day period elect to period, terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordXxxxxx.

Appears in 1 contract

Samples: Cover Page (Tekgraf Inc)

Damage or Destruction. If either the Building, the Project Property is damaged or the Premises should be partially or wholly destroyed or damaged by fire or other casualty and such (“Casualty”) to the extent of fifty percent (50%) or more of the Property’s value at the time, then Landlord, by giving written notice to Tenant within thirty (30) days after the Casualty, may terminate this Lease. If less than fifty percent (50%) of the Property’s value is so damaged or destroyed by Casualty (or if Landlord does not elect to terminate in the event of damage of 50% or destruction more), Landlord shall promptly commence restoration of the damaged areas to substantially the same condition that existed immediately prior to the Casualty. If the same cannot in Landlord’s reasonable judgment likely be repaired or substantially restored within 120 two hundred forty (240) days after the Casualty, as reasonably determined by Landlord, then either Landlord or Tenant, by giving written notice to the other within thirty (30) days after the Casualty, may terminate this Lease. If this Lease is not terminated as provided herein, but Landlord has not completed the restoration of the date of such damage or destructionProperty within two hundred forty (240) days after the Casualty, then Landlord shall so notify Tenant and either party hereto may, at its option, may thereafter terminate this Lease by giving written notice thereof of termination to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of the 240-day period. Any Lease termination under this paragraph shall be effective ten (10) days after such 270 day notice is given, except that if the Casualty has materially disrupted or prevented Txxxxx’s use of the Premises as of or about the date of said Casualty, the termination shall be effective as of the date of said Casualty. In no event shall Tenant be entitled to any part of any of Landlord’s insurance proceeds resulting from the Casualty. Rent and Additional Rent shall be abated during any period elect of restoration to the extent that Tenant is unable to occupy all or a portion of the Premises during said restoration. If there occurs a Casualty during the last twelve (12) months of the Lease Term, such that Landlord otherwise would be required under the terms of this Lease to restore the Premises, either Landlord or Tenant shall have the option to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the other within thirty (30) days of the date of termination, Tenant’s security deposit shall be returned, after deduction such Casualty if it is not reasonable to expect that Landlord will complete the restoration of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability the Premises on or before 60 days prior to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount end of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordLease Term.

Appears in 1 contract

Samples: Commercial Lease (Ciprico Inc)

Damage or Destruction. 17.1 If either the Building, the Project Premises or the Building are totally or partially damaged or destroyed thereby rendering the Premises should be totally or partially inaccessible or wholly destroyed or damaged by fire or other casualty unusable, then Landlord shall diligently repair and such damage or destruction cannot restore the Premises and the Building to substantially the same condition they were in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of prior to such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, ; provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can 's reasonable judgment such repair and restoration cannot be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of two hundred seventy (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90270) days after the date occurrence of the such damage or destructiondestruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), then Tenant may within ten (10) days after Landlord shall have the expiration of such 270 day period elect right to terminate this Lease by giving written notice thereof of termination within forty‑five (45) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to Landlordthis Article, in which case then rent shall be prorated apportioned (based on the portion of the Premises which is usable or used after such damage or destruction) and paid to the earlier of the date of termination, Tenant’s security deposit shall be returned, after deduction termination or the date Tenant completely vacates and abandons the Premises on account of any amount thereof to which such damage and Landlord shall be entitled, entitled to any insurance proceeds received by Tenant that are attributable to Tenant's Work and neither party shall have any further liability other improvements insured or required to the other under this Lease, except under the indemnification provisions contained be insured by Tenant that would remain in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than at the amount end of the insurance proceeds payable for the benefit of Landlord by reason Lease Term. If this Lease is not terminated as a result of such damage or destruction, plus any amounts actually paid by then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay rent only for the excess portion of the Premises that is usable while such repair and restoration are being made; provided, however, that (x) if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall not be entitled to any such rent reduction and (y) if Tenant fails to immediately pay over to Landlord insurance proceeds when received from Tenant's insurance any such rent abatement shall end on the date when Landlord would have been able to substantially complete repair and restoration of the Premises had Tenant timely paid Landlord such insurance proceeds. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the willful misconduct of Tenant or any Agent, then Tenant shall pay Landlord's deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to maintain the insurance required by Section 13.3, that Landlord would have received to the extent Landlord maintained such insurance required by Section 13.3), (b) Tenant shall pay the amount by which the cost of reconstructing restoring any item which Landlord is required to restore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and (c) Landlord shall not be required to repair or restore any tenant improvements over installed in the original Premises (except to the extent Landlord receives proceeds therefor from Tenant's insurance), any Alterations or any other contents of the Premises (including Tenant's trade fixtures, decorations, furnishings, equipment or personal property). Notwithstanding anything herein to the contrary, Landlord shall have the right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of such tenant improvements paid initially repair and restoration (so long as Landlord maintains the insurance required by LandlordSection 13.3), (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds thirty‑five percent (35%) of the replacement value of the Building.

Appears in 1 contract

Samples: Office Lease Agreement (Wells Real Estate Fund Xi L P)

Damage or Destruction. 17.1 If either the Building, the Project Premises or the Building are totally or partially damaged or destroyed thereby rendering the Premises should be totally or partially inaccessible or wholly destroyed or damaged by fire or other casualty unusable, then Landlord shall diligently repair and restore the Premises and the Building to substantially the same condition they were in prior to such damage or destruction cannot destruction; provided, however, that if in Landlord’s reasonable judgment such repair and restoration cannot be repaired or substantially restored completed within 120 two hundred seventy (270) days of after the date occurrence of such damage or destructiondestruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof of termination within forty-five (45) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to Landlordthis Article, in which case then rent shall be prorated apportioned (based on the portion of the Premises which is usable or used after such damage or destruction) and paid to the earlier of the date of termination, Tenant’s security deposit shall be returned, after deduction termination or the date Tenant completely vacates and abandons the Premises on account of any amount thereof to which such damage and Landlord shall be entitled, entitled to any insurance proceeds received by Tenant that are attributable to Tenant’s Work and neither party shall have any further liability other improvements insured or required to the other under this Lease, except under the indemnification provisions contained be insured by Tenant that would remain in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than at the amount end of the insurance proceeds payable for the benefit of Landlord by reason Lease Term. If this Lease is not terminated as a result of such damage or destruction, plus any amounts actually paid by then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay rent only for the excess portion of the Premises that is usable while such repair and restoration are being made; provided, however, that (x) if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall not be entitled to any such rent reduction and (y) if Tenant fails to immediately pay over to Landlord insurance proceeds when received from Tenant’s insurance any such rent abatement shall end on the date when Landlord would have been able to substantially complete repair and restoration of the Premises had Tenant timely paid Landlord such insurance proceeds. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall pay Landlord’s deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to maintain the insurance required by Section 13.3, that Landlord would have received to the extent Landlord maintained such insurance required by Section 13.3), (b) Tenant shall pay the amount by which the cost of reconstructing restoring any item which Landlord is required to restore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and (c) Landlord shall not be required to repair or restore any tenant improvements over installed in the original Premises (except to the extent Landlord receives proceeds therefor from Tenant’s insurance), any Alterations or any other contents of the Premises (including Tenant’s trade fixtures, decorations, furnishings, equipment or personal property). Notwithstanding anything herein to the contrary, Landlord shall have the right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of such tenant improvements paid initially repair and restoration (so long as Landlord maintains the insurance required by LandlordSection 13.3), (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds thirty-five percent (35%) of the replacement value of the Building.

Appears in 1 contract

Samples: Office Lease Agreement (Savient Pharmaceuticals Inc)

Damage or Destruction. If either A. Landlord's Duty to Restore When the BuildingPremises is Destroyed: If, during the term, the Project building or other improvements located on the Premises or the building and other improvements in which the Premises should be is located are totally or partially destroyed from any cause covered by Landlord's Property Insurance described in Paragraph 4.2 subparagraph B(ii)(a), rendering the Premises totally or wholly destroyed partially inaccessible or damaged by fire unusable, Landlord shall restore the building or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if improvements located on the Premises can be used by Tenant without major disruption of its operations as a Consulate General or the building and are accessible, notwithstanding the damage or destruction or can be restored to a condition other improvements in which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, is located to substantially the same condition as they were prior to in immediately before the casualty, provided thatdestruction, if Tenant has the restoration can be made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for under the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall existing laws and can be abated in proportion to the area of the Premises not capable of use by Tenant from completed within 180 days after the date of the casualty until substantial completion of the reconstruction repairs and destruction. Such destruction shall not terminate this Lease shall continue in full force and effect for the balance of the TermLease. If the Projectrestoration cannot be made within said 180 days, then within 10 days after the parties determine that the restoration cannot be made within said period, either party can elect to terminate this Lease immediately by giving written notice to the other. If, during the term, the Building building or other improvements located on the Premises or the building and other improvements in which the Premises should be damaged is located are totally or partially destroyed from a risk not covered by fire Landlord's Property insurance described in Paragraph 4.2 subparagraph B(ii)(a) rendering the Premises totally or partially inaccessible or unusable, Landlord shall have the sole, exclusive and conclusive option and right to restore the building or other casualty and, in Landlord’s judgment, improvements located on the Premises can be substantially restored within 120 days of or the date of such damage, then such damaged part of building and other improvements in which the Premises shall be reconstructed and restored, at Landlord’s expense, is located to substantially the same condition as they were prior to in immediately before destruction, if the casualty, provided that if Tenant has restoration can be made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for under the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall existing laws and can be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) 180 days after the date of destruction. Such destruction shall not terminate this Lease. If the damage or destructionexisting laws do not permit the restoration, then Tenant may either party can terminate the Lease immediately by giving written notice to the other party. If the restoration can be made within ten (10) 180 days after the expiration date of such 270 day period destruction, Landlord must elect either to terminate this Lease or to restore the building or other improvements located on the Premises or the building and other improvements in which the Premises is located by giving written notice thereof to Landlord, in which case rent shall Tenant within 10 days after determining the restoration can be prorated to completed within said 180 days after the date of terminationdestruction. However, Tenant’s security deposit shall be returned, after deduction of any amount thereof if Landlord elects to which Landlord shall be entitled, and neither party shall have any further liability to the other under so terminate this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation Tenant may elect to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially restoration and override Landlord's election to terminate by providing Landlord notice of Tenant's election to pay for such restoration accompanied by payment of the estimated costs of such restoration with 10 days after Tenant's receipt of Landlord's notice to terminate Tenant's right to pay for such restoration and override Landlord's election to terminate the Lease can be exercised only if restoration can be completed within said 180 day period and 180 day period remains within the term of this Lease. If Landlord elects to terminate this Lease and Tenant does not elect to pay for the costs of restoration, this Lease shall terminate on the 10th day after Landlord notifies Tenant of its intention to so terminate.

Appears in 1 contract

Samples: Lease (Navidec Inc)

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire or other insured casualty and such insurance proceeds have been made available to LESSOR, said damage or destruction cannot in Landlord’s reasonable judgment shall be repaired or substantially restored within 120 days of by LESSOR, to the date extent of such damage or destructionavailable insurance proceeds, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party provided such repairs can be made in total from said insurance proceeds within 30 one hundred eighty (180) days after the date occurrence of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided thatand without the payment of overtime or other premiums. Until such repairs are completed, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent Base Rent and Additional Rent shall be abated in proportion to the area that part of the Premises unusable by LESSEE. If the damage is due to the fault or neglect of LESSEE, or its employees, contractors, agents or invitees, there shall be no abatement of Base Rent, Additional Rent or any other financial obligations of LESSEE hereunder. Should the Premises be damaged as a result of any cause not capable covered by insurance, or if repairs cannot be completed within one hundred eighty (180) days following the casualty date, LESSOR and LESSEE shall each have the option to terminate this LEASE as of use by Tenant the casualty date, such notice of election to be made within sixty (60) days of the casualty date. In the event neither LESSOR nor LESSEE elects to terminate the LEASE, Base Rent and Additional Rent shall be abated from the date of such casualty until such Building repairs are completed, unless the casualty until substantial completion was due to the fault or neglect of LESSEE, its employees, contractors, agents or invitees. Notwithstanding the reconstruction repairs foregoing, in the event of a disaster or other event rendering the Premises temporarily unusable, LESSOR shall fully cooperate with LESSEE in implementing any "business recovery plan" imposed on LESSEE under federal banking regulations. By way of example and this Lease not of limitation, LESSOR will reasonably cooperate with LESSEE (although all shall continue be at LESSEE'S sole expense): (i) in full force and effect for the balance placement of the Term. If the Project, any temporary banking facility to be located elsewhere in any available useable vacant space within the Building or the Premises should to be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior located external to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for Building on a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairsparking lot or other Building common area; and this Lease shall continue in full force and effect for (ii) to coordinate the balance supply of electrical power to such temporary banking facility including allowing the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction placement of any amount thereof necessary auxiliary power unit(s) and the modification of Building electrical connectors to which Landlord shall allow electrical service to be entitled, and neither party shall have any further liability supplied to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordtemporary banking facility.

Appears in 1 contract

Samples: Lease Agreement (Marine Bancshares Inc)

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty, Tenant shall give immediate written notice thereof to Landlord. Landlord shall notify Tenant within forty (40) Business Days after notice of such casualty of Landlord's decision regarding restoration of the Premises. If Landlord fails to so notify Tenant within such forty (40) Business Day period and such damage or destruction cannot in failure continues for twenty (20) Business Days after written notice from Tenant, Tenant shall then have the right to terminate this Lease by written notice to Landlord given at any time after expiration of the twenty (20) Business Day notice period and before receipt of Landlord’s reasonable judgment 's notice of Landlord's decision regarding restoration of the Premises. Such termination shall be repaired or substantially restored within 120 days of effective twenty (20) Business Days after the date of Tenant's termination notice. If Landlord estimates that the damage can be repaired in accordance with the then-existing Governmental Requirements within one hundred-twenty (120) Business Days after Landlord is notified by Tenant of such damage or destructionand if there are sufficient insurance proceeds available to repair such damage, then Landlord shall so notify Tenant proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and either party hereto maythis Lease shall not terminate. If, at in Landlord's estimation, the damage cannot be repaired within such 120 Business Day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its option, absolute discretion to either: (a) terminate this Lease by giving written notice thereof or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Premises under this paragraph, then Landlord shall use commercially reasonable efforts to proceed toward completion of the restoration and (1) the Lease Term shall be extended for the time required to complete such restoration, and (2) Landlord shall not be required to repair or restore Additional Tenant Improvements in excess of the Tenant Improvement Allowance, Tenant Alterations (including Telecommunication Facilities), or any or all furniture, fixtures, equipment, inventory, improvements or other party within 30 days property which was in or about the Premises at the time of the damage and was not owned by Landlord. If Landlord notifies Tenant of Landlord's intent to repair or restore the Premises, but does not complete the repairs or restoration with one hundred twenty (120) Business Days after Landlord is notified by Tenant of such damage, which period may be extended due to force majeure delays as provided in Section 6.8, Tenant shall have the right to notify Landlord of Tenant's intent to terminate this Lease, which termination will be effective twenty (20) Business Days after the date of such “casualty, provided, however, that Tenant shall notice if Landlord does not have complete and deliver the right to terminate if the restored Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within during such 120 day twenty (20) Business Day period. In such eventBase Rent, rent shall be apportioned to Additional Rent and shall cease as of the date of such casualty. If neither party exercises any other sum due under this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent Lease shall be abated during any reconstruction period on a pro rata basis in proportion to the area rentable square footage of the Premises not capable that Tenant is deprived of all reasonable use by during such restoration. Tenant from agrees to look to the date provider of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect Tenant's insurance for coverage for the balance loss of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part Tenant's use of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions other related losses or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid damages incurred by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordduring any reconstruction period.

Appears in 1 contract

Samples: Office Lease (Gp Strategies Corp)

Damage or Destruction. If either In the Buildingevent the Premises, or the building or other improvements (exclusive of Tenant's Improvements) in which the Premises are located, shall be damaged by fire, earthquake, the Project or the Premises should be partially or wholly destroyed or damaged by fire elements or other casualty so that the damage thereto is such that the Premises, or the building and such damage other improvements in which the Premises are located, may be repaired, reconstructed or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days a period of the date of such damage or destructionninety (90) days, then Landlord shall so notify give Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored intent to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant repair within such 120 day period. In such event, rent shall be apportioned to fifteen (15) days and shall cease as promptly commence the work of repair, reconstruction and restoration, and shall diligently prosecute the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, same to completion at Landlord’s 's expense. During this period of time, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect except that Tenant shall not be liable for monthly rent if the balance of the TermPremises are totally destroyed or are unusable by Tenant. Tenant would be liable only for monthly rent in proportion to usable space if partially destroyed. If the ProjectPremises, the Building or the Premises should be damaged by fire building or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days improvements (exclusive of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition Tenant's Improvements) in which the Premises are located, could not be restored for use as a Consulate General office and are accessible to within three hundred sixty-five (365) days, either Tenant is not completed within 270 days after or Landlord has the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect option to terminate this Lease by giving written notice thereof to Landlordthe other, Notwithstanding the above, in which case rent shall be prorated the event of any partial destruction to the date building representing thirty percent (30%) or more of termination, Tenant’s security deposit shall be returned, after deduction the replacement cost of the building housing the Premises or any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability partial destruction to the other under this LeasePremises occurring during the last six (6) months of the Lease term, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17or any extension thereof, Landlord shall have no obligation to pay the right for a period of thirty (30) days after the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount determination of the availability of insurance proceeds payable for the benefit of Landlord to retain all insurance proceeds and to terminate this Lease which right shall be exercised by reason giving written notice to Tenant of such damage or destructiontermination within said thirty (30) day period. Should the Lease be terminated as provided in this Paragraph, plus any amounts actually paid by Tenant for the excess termination date shall be the date of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordcasualty.

Appears in 1 contract

Samples: Lease (Coast Bancorp)

Damage or Destruction. 4.9.1 If either the Building, the Project or Tenant becomes aware that the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty and such casualty, Tenant shall give prompt written notice thereof to Landlord. If Landlord estimates that the damage or destruction cannot in Landlord’s reasonable judgment can be repaired or substantially restored in accordance with the then-existing Governmental Requirements within 120 two hundred seventy (270) days of the date after Landlord is notified by Tenant of such damage or destructionand if there are sufficient insurance proceeds available to repair such damage, then Landlord shall so proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, in Landlord’s estimation, the damage cannot be repaired within such 270 day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. Landlord shall notify Tenant if it estimates that the damage cannot be repaired within the 270 day period, and either party hereto mayTenant may elect, at in its optionsole discretion, to terminate this Lease by giving providing Landlord with written notice thereof to terminate within twenty (20) Business Days after receipt of Landlord’s notice. If Tenant makes such election, the other party within 30 days Term shall expire as of the day after written notice of such election is given by Tenant with the same effect as if that were the scheduled expiration date of such “casualtythe Term, provided, however, that Tenant shall not have and the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent Base Rent shall be apportioned to and shall cease as of the date of such casualtydate. If neither party exercises Landlord restores the Premises under this optionSection 4.9, then Landlord shall use diligent and commercially reasonable efforts to proceed toward completion of the restoration and (1) the Lease Term shall be extended for the time required to complete such restoration, (2) Tenant shall pay to Landlord, upon demand, Tenant’s Pro Rata Share of any applicable deductible amount specified under Landlord’s insurance, and (3) Landlord shall not be required to repair or restore any Tenant Alterations (including Telecommunication Facilities), or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises shall be reconstructed at the time of the damage and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed was not owned by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent Base Rent and Additional Rent accruing during any reconstruction period shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises which is unusable (and not used) by Tenant in the conduct of its business (but there shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made no abatement of rent by reason of any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears being unusable for a period equal to one (1) day or less). Except as expressly provided for in the preceding sentence, Tenant agrees to look to the total area in the Premises from the date provider of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect Tenant’s insurance for coverage for the balance loss of the Term. Landlord shall Tenant’s use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction any other related losses or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid damages incurred by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordduring any reconstruction period.

Appears in 1 contract

Samples: Office Lease (Mannkind Corp)

Damage or Destruction. If either the Building, the Project all or any part of the Premises should be partially or wholly destroyed or any materiel portion of the balance of the Real Property is damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored casualty, within 120 forty-five (45) days of the date of such the damage or destruction, then Landlord shall so notify give Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as Landlord's reasonable estimate of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant time required from the date of the casualty until substantial completion damage to repair the damage (the "Damage Estimate"). Landlord shall diligently proceed to repair the damage and this Lease shall remain in full force and effect if (i) the damage is caused by a peril covered by Landlord's insurance (or required under this Lease to be covered by Landlord's insurance), the proceeds from such insurance, together with cash in the amount of the reconstruction repairs applicable deductible, are sufficient to repair the damage (an "Insured Casualty"), and the Damage Estimate is One hundred eighty (180) days or less, or (ii) the damage is caused by a peril not covered (and not required to be covered) by Landlord's insurance or the proceeds from Landlord's insurance are not sufficient to repair the damage (an "Uninsured Casualty"), and the Damage Estimate is ninety (90) days or less. If the Damage Estimate is more than one hundred eighty (180) days, in the case of an Insured Casualty, or more than ninety (90) days, in the case of an Uninsured Casualty, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the date of the damage, shall either (a) diligently proceed to repair the damage, in which event this Lease shall continue in full force and effect for the balance effect, or (B) terminate this Lease as of the Termdate specified by Landlord in the notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice; provided, however, that if the damage is not to the Premises or the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, Landlord may only terminate this Lease pursuant to this clause (b) if Landlord also terminates the leases of substantially all other tenants of the Building tat were, in Landlord's reasonable judgment, similarly affected by the damage (and under which Landlord has such a termination right) and whose leases have a then remaining term of substantially the same duration (or less) as the then remaining term of this Lease. If the Project, the Building or damage is to the Premises should be damaged by fire or other casualty andand/or to the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, and the Damage Estimate is more than one (1) year, 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 Landlord’s judgmentTenant's termination notice, the Premises can be substantially restored within 120 days of which date shall not he before the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions notice or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of more than thirty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9030) days after the date of Tenant's termination notice. Tenant shall have the additional right to terminate this Lease by reason of a fire or other casualty if the Damage Estimate is less than one (1) year, and Landlord fails to substantially complete repair of the damage or destruction, then Tenant may to an extent that permits Tenant's use and occupancy of the Premises within ten one hundred eighty (10180) days after the expiration of the time period originally set forth by Landlord as the Damage Estimate, as such 270 one hundred eighty (180) day period elect shall be extended by reason of Force Majeure. 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 each have the option to terminate this Lease by giving written notice thereof to Landlordthe 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 in its termination notice, which case rent date shall not be prorated to before the date of terminationsuch notice or more than thirty (30) days after the date of such notice; provided, however, that Tenant’s security deposit 's right to terminate this Lease shall be returnedconditioned upon the damage being to the Promises or to the common areas of the Real Property necessary for Tenant's use and occupancy of the Premises, after deduction of any amount thereof to which and provided further, however, that if Landlord shall be entitledexercise its termination option pursuant to this paragraph and at the time of Tenant receipt of Landlord's termination notice Tenant has any theretofore unexercised renewal option remaining pursuant to Paragraph 52 below, Tenant may nullify Landlord's exercise of Landlord's termination option pursuant to this paragraph if (i) within ten (10) Business Days after Tenant's receipt of Landlord's termination notice Tenant exercisex xxxx renewal option, and neither party shall have any further liability to (ii) the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more Damage Estimate is less than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordone hundred eighty (180) days.

Appears in 1 contract

Samples: Office Lease (Sharper Image Corp)

Damage or Destruction. If either the Building, the Project all or a portion of the Premises should be partially or wholly destroyed or is damaged by fire or other casualty, or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired (any such fire or other casualty to the Premises or Building is hereinafter referred to as "Damage"), Landlord shall within ten (10) business days after the occurrence of the Damage give Tenant notice of Landlord's reasonable estimate of the time required to repair such Damage (the "Damage Estimate"). If the Damage Estimate is ninety (90) days or less, then Landlord shall repair the Damage (such repair being referred to herein as a "Restoration") and this Lease shall remain in full force and effect. If the Damage Estimate is more than ninety (90) days, Landlord, at its option exercised by written notice to Tenant (such damage or destruction cannot in a notice being referred to herein as "Landlord’s reasonable judgment be repaired or substantially restored 's Notice") within 120 thirty (30) days of the date of such damage or destructionthe Damage, then Landlord shall so notify Tenant and either party hereto may(a) repair the Damage, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition in which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for effect, or (b) if the balance Premises is damaged to such an extent that Tenant is prevented from operating its business at the Premises substantially in the manner in which such business was conducted prior to the occurrence of such Damage, terminate this Lease effective as of the Termdate specified by Landlord in Landlord's Notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such Landlord's Notice is given. If the ProjectDamage Estimate is more than ninety (90) days, and Landlord elects to repair the Building Damage or fails to deliver Landlord's Notice within the Premises should be damaged time period required hereunder, then Tenant may (by fire or other casualty anddelivering written notice to Landlord within thirty (30) days after Tenant receives the Damage Estimate) choose, in Landlord’s judgmentTenant's sole and absolute discretion, the Premises can be substantially restored within 120 days to terminate this Lease effective as of the date of such damageDamage. In the event that neither party elects to terminate this Lease pursuant to this Section 9.1, then such damaged part and Landlord fails to substantially complete its repair of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed Damage within 270 days after the earlier of thirty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (1030) days after the expiration of the time period set forth in the Damage Estimate (which period shall be extended to the extent of any delays caused by Tenant or Events of Force Majeure), then Tenant may terminate this Lease by delivering written notice thereof to Landlord. Notwithstanding anything to the contrary in this Section 9.1, Landlord shall not termi nate this Lease as a result of a fire or casualty, unless it also exercises any comparable rights to terminate the leases of all tenants in the Building that are similarly affected by the fire or casualty. In the event that this Lease is terminated pursuant to the provisions of this Section 9.1, Tenant shall have up to ninety (90) days following such 270 day termination to relocate its personal property, equipment, computers and FF&E located within the Premises. Tenant shall be responsible for the payment of Rent for the period of time that its personal property, equipment, computers and FF&E remain located within the Premises. Notwithstanding anything to the contrary contained herein, if the remaining Term of this Lease following the restoration of any Damage shall be less than (i) one (1) year, or (ii) three (3) times as long as the restoration period, Landlord or Tenant may, at its option, elect to terminate this Lease by giving delivering written notice thereof of such election to the other party within twenty (20) business days following the date of the casualty; provided, however, that a termination by Landlord in connection with a casualty near the end of the Term as set forth above shall not be effective in the event that (a) the Damage affects less than 25% of the Building, (b) Tenant then has, or would with the passage of time have, the right to extend the Term of this Lease pursuant to an Option, and (c) Tenant notifies Landlord in writing, within twenty (20) business days following Tenant's receipt of Landlord's termination notice, that Tenant is exercising such Option, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, obligated to repair and neither party shall have any further liability to restore the other under Building in accordance with the terms of this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordSection 9.1.

Appears in 1 contract

Samples: Lease Agreement (Americo Life Inc)

Damage or Destruction. If either the Building, the Project all or any part of the Premises should be partially or wholly destroyed or any material portion of the balance of the Real Property is damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored casualty, then within 120 sixty (60) days of the date of such the damage or destruction, then Landlord shall so notify give Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as Landlord's reasonable estimate of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant time required from the date of the casualty until substantial completion of damage to repair the reconstruction repairs and damage (the "Damage Estimate"). If the Damage Estimate is two hundred seventy (270) days or less, this Lease shall continue remain in full force and effect for effect, and if the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, damages the Premises can be substantially restored 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 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 120 seventy-five (75) days of the date of such the damage, then such damaged part shall either (i) continue this Lease in full force in effect, and, if the fire or other casualty damages the Premises and/or areas of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made Building and/or any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears Common Areas of the Real Property necessary for Tenant's use, enjoyment and/or occupancy of the Premises, diligently proceed to repair the total area damage, or (ii) terminate this Lease as of the date specified by Landlord in the Premises from the notice, which date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 less than thirty (30) days after the earlier of nor more than sixty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9060) days after the date of such notice is given, and this Lease shall terminate on the damage or destruction, then Tenant date specified in the notice; provided Landlord may within ten (10) days after the expiration of such 270 day period elect to only terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated if Landlord also terminates the leases of all similarly situated tenants whose leases are terminable pursuant to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordexpress terms thereof.

Appears in 1 contract

Samples: Office Lease (e.l.f. Beauty, Inc.)

Damage or Destruction. Section 15.01. In the event of damage to or destruction of the Demised Premises by fire or other casualty, this Lease shall not terminate but the Demised Premises shall be promptly and fully repaired by Lessor, at its sole cost and expense, subject, however, to the following terms and conditions. If either the Building, the Project Demised Premises are so damaged or the Premises should be partially or wholly destroyed or damaged rendered unusable by fire or other casualty and to the extent that, in the opinion of the Architect (hereinafter defined), such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially and the Demised Premises restored and rendered completely usable within 120 days six (6) months of the date commencement of such damage or destructionrestoration, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In in such event, rent shall be apportioned Lessor may elect, upon notice to and shall cease as of Lessee given within thirty (30) days from the date of such casualty, to terminate this Lease as of the date specified in such notice, which date shall not be more than thirty (30) days thereafter, and the rental payable hereunder shall be proportionately paid up to the time of such casualty and thereafter cease. If neither party exercises the Demised Premises are so damaged or rendered unusable by fire or other casualty that the damage thereto can, in the opinion of the Architect, be repaired and the Demised Premises rendered completely usable within six (6) months of the commencement of restoration, or if Lessor shall have failed to terminate this optionLease pursuant to the preceding sentence, then the damage to the Demised Premises shall be reconstructed promptly repaired and restoredthe Demised Premises restored and rendered completely usable by and at the sole expense of Lessor and rental payable hereunder, at Landlord’s expenseuntil such repairs shall be completed, to substantially shall proportionately xxxxx from the same condition as they were prior date following such casualty according to the casualtyportion of the Demised Premises which remains unusable until the date when the Demised Premises have been repaired, provided thatrestored and rendered completely usable by Lessor. Lessor shall not be obligated to repair, if Tenant has made restore or rebuild any of Lessee's personal property or any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed made by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial constructionLessee. In the event that the Demised Premises shall not be rendered completely usable and/or repaired and restored by Lessor to their condition prior to such damage within one hundred eighty (180) days of any such reconstructioncasualty, rent Lessee shall be abated have the right, exercisable by notice to Lessor, to terminate this Lease upon the date specified in proportion such notice. Notwithstanding anything to the area of contrary contained in this Article 15, if the Demised Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty andoccurring during the fifth (5th) or tenth (10th) Lease Years and (a) the cost to Lessor of performing its obligations under this Section 15.01 shall exceed Thirty Thousand Dollars ($30,000) in the fifth (5th) Lease Year or Fifty Thousand Dollars ($50,000.00) in the tenth (10th) Lease Year, as the case may be, as estimated by the Architect, then unless Lessee shall have theretofore exercised its right contained in Landlord’s judgmentSection 2.04 hereof to extend the term of this Lease for the First Renewal Term or Second Renewal Term, as the Premises can be substantially restored case may be, or unless within 120 thirty (30) days following the giving of the date Architect's estimate of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds repair or restoration Lessee shall exercise such right (the period in which Lessee may exercise such right being extended, if necessary, for thirty (30) days from the giving of such Architect's estimate), Lessor shall have the right, exercisable upon notice to Lessee, given not more than forty-five (45) days following the giving of Architect's estimate to terminate this Lease, or (b) in the event Lessor shall not have so elected to terminate this Lease, if the cost to Lessee of initial constructionrepairing or restoring its leasehold improvements to their condition preceding such casualty shall exceed Ten Thousand Dollars ($10,000) in the fifth (5th) Lease Year or Sixteen Thousand Dollars ($16,000.00) in the tenth (10th) Lease Year, as the case may be, as estimated by the Architect, Lessee shall have the right, exercisable upon notice to Lessor given not more than sixty (60) days following the giving of such Architect's estimate, to terminate this Lease. Rent The respective estimates to be made by the Architect shall be abated rendered together with the opinions of the Architect set forth in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restorationpreceding paragraph. If the reconstruction either Lessor or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period Lessee shall elect to terminate this Lease, this Lease by giving written notice thereof to Landlordshall terminate as of the date specified in such notice, in which case rent date shall not be more than thirty (30) days thereafter and rental payable hereunder shall be prorated proportionately paid up to the date time of terminationsuch casualty and thereafter cease. Upon any termination of the Lease as provided in this Section 15.01, Tenant’s security deposit the rent, taking into account any abatements as aforesaid, shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability adjusted to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordtermination date.

Appears in 1 contract

Samples: Lease (Crusader Holding Corp)

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty (the “Casualty”), Tenant shall give immediate written notice thereof to Landlord. If Landlord estimates (such estimate to be performed within thirty (30) calendar days of Landlord’s receiving knowledge of the Casualty damage)(the “Casualty Notice”) that the damage can be repaired so that Landlord can deliver the Premises to Tenant in the same condition as on the Effective Date within two hundred and ten (210) days after Landlord becomes aware of such damage or destruction candamage, and if there are sufficient insurance proceeds available to so repair such damage, the occurrence of such Casualty, and then Landlord shall proceed with reasonable diligence to so restore the Premises and this Lease shall not terminate. If, in Landlord’s reasonable judgment estimation, the damage cannot be repaired within such 210 day period, the destruction was not caused by an insurable event, or if there are insufficient insurance proceeds available to so repair such damage, Landlord may elect in its absolute discretion to either: (a) terminate this Lease (which election shall be made in the Casualty Notice) or (b) restore the Premises to substantially restored the condition which existed on the Effective Date and this Lease will continue. If: (a) more than twenty percent (20%) of the rentable area of the Premises is rendered unusable by such Casualty and (b) either (i) the anticipated completion date set forth in the Casualty Notice is later than two hundred ten (210) days after the date of such Casualty; or (ii) the Casualty occurs during the last eighteen (18) months of the Lease Term, Tenant may elect to terminate this Lease by delivering to Landlord a notice within 120 forty-five (45) days of after Tenant receives the Casualty Notice (or within sixty (60) days after the date of such damage or destruction, then destruction if Landlord shall so notify Tenant and either party hereto mayfail timely to give the Casualty Notice), at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after specifying the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost termination of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlord.

Appears in 1 contract

Samples: Deed of Lease (Amber Road, Inc.)

Damage or Destruction. If either the Building, the Office Building Project or the Premises should be partially or wholly destroyed or is damaged by fire or other insured casualty and such the insurance proceeds have been made available therefore by the holder or holders of any mortgages or deeds of trust covering the Premises or the Office Building Project, the damage or destruction cannot in Landlord’s reasonable judgment shall be repaired or substantially restored within 120 days by and at the expense of the date Lessor to the extent such insurance proceeds are available therefore and provided such repairs can, in Lessor's opinion, be made within one hundred twenty (120) days after the occurrence of such damage without the payment of overtime or destructionother premiums, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of until such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and repairs are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, completed rent shall be abated in proportion to the area part of the Premises not capable which is unusable by Lessee in the conduct of use its business (but there shall be no abatement of rent by Tenant from the date reason of any portion of the casualty until substantial completion Premises being unusable for a period equal to one (1) day or less). If the damage is due to the fault or neglect of the reconstruction Lessee or its employees, agents or visitors, there shall be no abatement of rent. If repairs cannot, in Lessor's opinion, be made within one hundred twenty (120) days, Either Party may, at its option, make them within a reasonable time and in such event this Lease shall continue in full force effect and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent rent shall be abated in the proportion which manner provided in this Paragraph 9. Lessor's election to make such repairs must be evidenced by written notice to Lessee within thirty (30) days after the approximate area learning of the damaged and destroyed portion occurrence of the Premises bears damage. If Lessor does not so elect within such thirty (30) day period to make such repairs which cannot be made within one hundred twenty (120) days, then either party may, by written notice to the total area in the Premises from other, cancel this Lease as of the date of the casualty until substantial completion occurrence such damage. A total destruction of the reconstruction Office Building Project shall automatically terminate this Lease. Except as provided in this Paragraph 9, there shall be no abatement of rent and no liability of Lessor by reason of any injury to or interference with repairs; and this Lease shall continue , alterations or improvements in full force and effect for the balance or to any portion of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction Office Building Project or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises or in or to a condition in fixtures, appurtenances and equipment therein, Lessee understands that Lessor will not carry insurance of any kind for Lessee's furniture, furnishings, fixtures or equipment, and that Lessor shall not be obligated to repair any damage thereto or replace the same. With respect to any damage which the Premises are restored for use Lessor is obligated to repair or elects to repair, Lessee, as a Consulate General office and are accessible material inducement to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under Lessor entering into this Lease, except irrevocably waives and releases its rights under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount Sections 1932(2) and 1933(4) of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordCalifornia Civil Code.

Appears in 1 contract

Samples: Office Lease Gross (Interact Commerce Corp)

Damage or Destruction. If either Should the Building, the Project Premises or the Premises should Real Property (or any portions thereof) be partially damaged or wholly destroyed or damaged by fire or other casualty destroyed, Landlord shall, at Landlord’s cost and expense, promptly repair the same, to the extent Landlord’s insurance proceeds are made available to Landlord therefore and provided that (a) such repairs, in Landlord’s reasonable good faith opinion, can be made within 120 days from the date of such damage or destruction cannot (without payment of overtime or other premiums) and (b) the cost of such repairs, in Landlord’s reasonable judgment good faith opinion, will not exceed fifty (50%) percent of the then replacement cost of the Real Property. If Landlord is not required hereunder to repair such damage or destruction, then Landlord shall, within thirty (30) days from the date of such damage and destruction, either (i) notify Tenant in writing of Landlord’s election to repair such damage or destruction, in which event Landlord shall promptly repair the same; or (ii) notify Tenant in writing of Landlord’s election to immediately terminate this Agreement, in which event this Agreement shall be repaired or substantially restored within 120 days so terminated effective as of the date of such damage or destruction. During any time that repairs to the Premises are being made by Landlord, then Landlord the rent payable by Tenant hereunder shall so notify be abated to the extent that Tenant and either party hereto mayis unable to occupy or use the Premises. Notwithstanding the foregoing, at its option, Tenant may terminate this Lease Agreement, effective as of the date of any damage and destruction, if (A) Tenant reasonably determines in its good faith opinion that such damage or destruction substantially impairs the satisfactory operation of the ATMs by giving written notice thereof notifying Landlord in writing of Tenant’s election to the other party within 30 terminate no later than thirty (30) days after the date of such “casualtydamage or destruction; or (B) Landlord fails to complete the repairs described in this Section 13 within 120 days from the date of such damage or destruction by notifying Landlord in writing of Tenant’s election to terminate no later than thirty (30) days after such failure, provided, however, that Tenant shall not have the right to terminate if the Premises Landlord can be used by Tenant without major disruption of its operations as reasonably complete such repairs within a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant reasonable time after notice from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damageTenant, then such damaged part of the Premises 120-day period shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions extended by no more than thirty (30) days; or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to (C) Tenant is not completed within 270 able to obtain permits to restore the Premises without payment of unusual fees or costs or the satisfaction of unusual conditions, or Tenant is prevented from restoring the Premises by events or conditions beyond its reasonable control, by notifying Landlord in writing of Tenant’s election to terminate no later than 30 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to determination that it cannot obtain permits or that it is prevented from restoring the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordPremises.

Appears in 1 contract

Samples: Atm Lease Agreement

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly destroyed or damaged Tenant shall give prompt notice to Landlord of any damage by fire or other casualty (a "Casualty") to the Premises or any portion thereof. During the thirty (30) day period following the occurrence of a Casualty (the "Notice Period"), Landlord will notify Tenant of Landlord's estimate of the period of time required to complete the restoration work. In the event that the Premises, or any part thereof, or access thereto, shall be so damaged or destroyed by fire or other insured Casualty that the Tenant shall not have reasonably convenient access to the Premises or any portion of the Premises shall thereby be otherwise rendered unfit for use and occupancy by the Tenant for the purposes set forth in Section 7.01, and if in the judgment of the Landlord the damage or destruction may be repaired within 270 days with available insurance proceeds, then the Landlord shall so notify the Tenant and shall repair such damage or destruction as provided in Section 10.05 hereof with reasonable diligence, subject to the limitations, if any, of applicable laws. If in the judgment of the Landlord the Premises, or means of access thereto, cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 270 days after the elapse of the date of such damage or destructionNotice Period with available insurance proceeds, then Landlord shall so notify Tenant and either party hereto may, at its option, shall have the right to terminate the term of this Lease by giving written notice thereof of such termination to the other party within 30 the period of thirty (30) to forty-five (45) days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as occurrence of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restorationCasualty. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant period estimated by Landlord is not completed within more than 270 days after and neither party terminates this Lease on account thereof, the earlier of reconstruction period shall be extended to be the period so estimated by Landlord plus one (1) month; and in the date Landlord commences event that the actual reconstruction or restoration work on site (as opposed to completion of repairs shall be delayed by causes beyond the planning and permitting process) or (2) ninety (90) days after Landlord's control, the date of time for completion shall be extended by the damage or destruction, then Tenant may within ten (10) days after the expiration period of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlorddelay.

Appears in 1 contract

Samples: Lease Between Fairhaven (Pc Connection Inc)

Damage or Destruction. 12.1 If either the Building, the Project or (i) the Premises should be partially or wholly destroyed or are damaged by fire or other casualty for which insurance coverage is available to Landlord, (ii) insurance proceeds in an amount sufficient to repair such casualty are made available to Landlord and such damage or destruction cannot (iii) in Landlord’s reasonable judgment 's judgement such repairs can be repaired or substantially restored completed within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 one hundred eighty (180) days after the date of such “casualtydamage, providedthen Landlord shall repair such damage, however, and this Lease shall remain in full force and effect except that Tenant shall not have be entitled to a reduction of Rent and Additional Charges while such repairs are being made in the right to terminate if proportion that the rentable area of the Premises can be used tendered untenantable (as pertains to Tenants specific business for particular) by Tenant without major disruption such damage bears to the total rentable area of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day periodPremises. In such event, rent shall be apportioned to and shall cease as of Within thirty (30) days after the date of such casualty. If neither party exercises this optiondamage, then the Premises Landlord shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if notify Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall repairs can be abated in proportion to the area of the Premises not capable of use by Tenant from completed within one hundred eighty (180) days after the date of such damage, and Landlord's determination shall be binding on Tenant. If (x) such damage is caused by an uninsured casualty, or (y) such damage is caused by and uninsured casualty for which insurance proceeds sufficient to repair such damage are not made available to Landlord and/or (z) such repairs cannot be made within one hundred eighty (180) days after the casualty until substantial completion date of such damage, in Landlord's judgement as determined above, then, in any such event, Landlord shall have the reconstruction option either to (a) notify Tenant of Landlord's intention to repair such damage and diligently prosecute such repairs and to completion, in which event this Lease shall continue in full force and effect for and the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises rent and Additional Charges shall be reconstructed and restoredreduced as provided herein, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2b) ninety (90) days after the date notify Tenant of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect Landlord's election to terminate this Lease by giving written such notice thereof to Landlordof termination on the date specified in such notice, in which case rent and the Rent and Additional Charges, proportionately reduced as provided above, shall be prorated paid up to the date of such termination, Tenant’s security deposit shall with Landlord refunding to Tenant any Rent and Additional Charges previously paid for any period of time subsequent to such date. If Landlord elects or is required to repair the Premises or the Building pursuant to this Article 12, the repairs to be returned, after deduction of any amount thereof to which made by Landlord shall be entitlednot include, and neither party Landlord shall have not be required to repair or replace any further liability fixtures, equipment, for loss or use of all or any part of the Premises, for any damage to Tenant's business or profits, or for any disturbance to Tenant caused by any casualty or the other under restoration of the Premises following such casualty. A total destruction of the Building shall automatically terminate this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlord.

Appears in 1 contract

Samples: Office Lease (Andromedia Inc)

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Damage or Destruction. If either (a) In the Building, event the Premises or the Project or the Premises should be partially or wholly destroyed or are damaged by fire or other casualty event (a “Casualty”) or if portions of the Project outside the Premises are damaged such that Tenant is unable to access or use the Premises following the Effective Date, Landlord shall promptly and diligently repair such damage and restore the Premises and or destruction the Project (but not the Tenant Improvements, any Alterations, or Tenant’s personal property or trade fixtures) to substantially the same condition to that which existed prior to such Casualty, subject to the rights as outlined herein. Landlord shall retain a reputable, independent third-party contractor reasonably acceptable to Tenant who, within forty-five (45) days of such casualty, shall give written notice (the “Determination Notice”) to Landlord and Tenant of its determination of how long it will take to rebuild and restore the damaged Premises to the Delivery Condition (as hereafter defined). In addition, Landlord shall, within such forty-five (45) day period, obtain written confirmation from the mortgagee of the Premises, if any, as to whether it will make all or substantially all of the insurance proceeds payable in connection with such casualty available for restoration (the “Mortgagee Notice”), and Landlord shall promptly deliver the Mortgagee Notice to Tenant. In the event that the Premises is so destroyed that it cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof rebuilt to the other party Delivery Condition within 30 one hundred eighty (180) days after the expiration of forty-five (45) days after the date of such casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated there are less than twenty four (24) months remaining in the proportion which the approximate area of the damaged Term and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is so damaged that it cannot completed be repaired or rebuilt within 270 sixty (60) days after the earlier expiration of forty-five (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9045) days after the date of such casualty, or the damage mortgagee of the Premises has informed Landlord that such mortgagee will not make all or destructionsubstantially all of the insurance proceeds payable in connection with such casualty available for restoration or if more than fifty percent (50%) of the gross rentable area of the Building is rendered untenantable (even if the Premises is undamaged), then then, within thirty (30) days of delivery of the Determination Notice and Mortgagee Notice, by delivery of a notice to the other, either Landlord or Tenant may within ten (10) days after terminate this Lease. Notwithstanding the expiration of such 270 day period elect preceding, there will be no right to terminate this Lease by solely as a result of the mortgagee of the Premises informing Landlord that such mortgagee will not make all or substantially all of the insurance proceeds payable in connection with such casualty available for restoration if the reasonably estimated amount to restore the Premises is less than Five Hundred Thousand Dollars ($500,000). Upon the giving written of any termination notice thereof pursuant to Landlordthis Section, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate, and in which case rent such event the Base Rent and all Additional Rent and other sums payable under this Lease shall be prorated apportioned and paid in full by Tenant to Landlord to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitledthe casualty, and neither party shall thereafter have any further liability to the other hereunder, except that any obligation or liability of either party, actual or contingent, under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else Lease which has accrued on or prior to the contrary contained in this Article 17, Landlord such termination shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordsurvive.

Appears in 1 contract

Samples: Lease Agreement (Passage BIO, Inc.)

Damage or Destruction. If either the Building, the Project all or any part of the Premises should be partially or wholly destroyed or any material portion of the balance of the Real Property is damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored casualty, Landlord shall, within 120 sixty (60) days of the date of such damage or destructionthe damage, then Landlord shall so notify give Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as landlord’s reasonable estimate of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant time required from the date of the casualty until substantial completion damage to repair the damage (the “Damage Estimate”). Landlord shall diligently proceed to repair the damage and this Lease shall remain in full force and effect if (i) the damage is caused by a peril covered by Landlord’s insurance (or required under this Lease to be covered by Landlord’s insurance), the proceeds from such insurance are sufficient to repair the damage (an “Insured Casualty”), and the Damage Estimate is one hundred eighty (180) days or less, or (ii) the damage is caused by a peril not covered (and not required to be covered) by Landlord’s insurance or the proceeds from Landlord’s insurance are not sufficient to repair the damage (an “Uninsured Casualty”), and the Damage Estimate is ninety (90) days or less. If the Damage Estimate is more than one hundred eighty (180) days, in the case of an Insured Casualty, or more than ninety (90) days, in the case of an Uninsured Casualty, Landlord, it its option exercised by written notice to Tenant within sixty (60) days of the reconstruction repairs and date of the damage, shall either (a) diligently proceed to repair the damage, in which event this Lease shall continue in full force and effect for the balance effect, or (b) terminate this Lease as of the Termdate specified by Landlord in the notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice; provided, however, that Landlord may only terminate this Lease pursuant to the foregoing if Landlord terminates the leases of all other tenants who are similarly physically affected by the casualty and for whom Landlord has the right to terminate their lease in such instance. If the Projectdamage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, the Building or Damage Estimate is more than one (1) year, and Landlord does not give notice terminating this Lease within the Premises should 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 date shall not be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of before the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions notice or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of more than thirty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9030) 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 later of (i) the date that is ninety (90) days following the estimated date for the completion of the repairs as stated in the Damage Estimate (such ninety (90) day period to be extended by any delays caused by Tenant or its agents) or (ii) the date one (1) year following the date of the damage (such one (1) year period to be extended by any delays caused by Tenant or destructionits agents), then Tenant may within ten terminate this Lease by providing Landlord with written notice of such termination at any time 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 (1030) days after the expiration date of such 270 day period elect notice. 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 each have the option to terminate this Lease by giving written notice thereof to Landlordthe 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 in its termination notice, which case rent date shall not be prorated to before the date of terminationsuch notice or more than thirty (30) days after the date of such notice. Notwithstanding anything to the contrary in this Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither the party from whose misconduct such damage results shall have any further liability no right to the other under this Lease, except under the indemnification provisions contained in terminate this Lease. Notwithstanding anything else to If the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than damages the amount Premises or the common areas of the insurance proceeds payable Real Property necessary for Tenant’s use and occupancy of the Premises, Tenant ceases to use any portion of the Premises as a result of such damage, and the damage does not result from the negligence or willful misconduct of Tenant or any other Tenant Parties, then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant’s Monthly Rent, Tenant’s Electrical Charge and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises. Landlord shall not be obligated to repair or replace any of Tenant’s movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises by Tenant, and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant’s sole cost and expense, repair and replace such items. All such repair and replacement of Alterations shall be constructed in accordance with Paragraph 9 above regarding Alterations. A total destruction of the Building shall automatically terminate this Lease. In no event shall Tenant be entitled to any compensation or damages from Landlord for loss of use of the whole or any part of the Premises or for any inconvenience occasioned by any such destruction, rebuilding or restoration of the Premises, the Building or access thereto, except for the benefit rent abatement expressly provided above. Tenant hereby waives any existing or future law providing for termination of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess hiring upon destruction of the cost thing hired and/or providing for repairs to and of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordpremises.

Appears in 1 contract

Samples: And Attornment Agreement (Oscient Pharmaceuticals Corp)

Damage or Destruction. If either In the Building, the Project or event the Premises should be partially or wholly destroyed or are damaged by fire or other insured casualty and the insurance proceeds have been made available therefore to Landlord by the holder or holders of any mortgages or deeds of trust covering the Premises, the damage shall be repaired by and at the expense of Landlord to the extent such damage or destruction insurance proceeds available therefor, provided such repairs cannot , in Landlord’s reasonable judgment opinion, be repaired made within two hundred seventy (270) days after the occurrence of such damage without the payment of overtime or other premiums. Landlord shall commence repairs promptly following receipt of permits for such repairs, Landlord covenanting to use commercially reasonable efforts to obtain such permits promptly following the casualty. Until such repairs are completed, the rent shall be abated to the extent the Premises are rendered untenantable. If repairs cannot, in Landlord’s reasonable opinion be made within two hundred seventy (270) days, Landlord shall notify Tenant within forty-five (45) days of the occurrence of such damage of its determination, in which event, or in the event such repairs are commenced but are not substantially restored completed within 120 two hundred seventy (270) days of the date of such damage or destructionoccurrence, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may given within ten (10) days after Landlord’s notification or the expiration of said two hundred seventy (270)-day period, as the case may be, cancel this Lease as of the date of the occurrence of such 270 damage. In addition, if Landlord notifies Tenant that it expects to complete repairs within the two hundred seventy (270) day period elect noted above, but, if despite Landlord’s good faith and diligent efforts, it becomes apparent that those repairs will not be completed within that period, then Landlord shall promptly notify Tenant of that circumstance and Tenant shall have the right to terminate this Lease by giving written notice thereof to Landlord given within ten (10) days after Landlord’s notification. Except as provided in this Section, in which case rent there shall be prorated no abatement of rent and no liability of Landlord by reason of any injury to the date of termination, or interference with Tenant’s security deposit shall be returned, after deduction business or property arising from any such fire or other casualty or from the making or not making of any amount thereof repairs, alterations or improvements in or to any portion of the Premises or in or to fixtures, appurtenances and equipment therein not caused by Landlord or its agents’ negligence or willful misconduct. Tenant hereby waives any statutory or common law rights of termination which may arise by reason of any partial or total destruction of the Premises. Tenant understands that Landlord will not carry insurance of any kind on Tenant’s furniture or furnishings or on any fixtures or equipment removable by Tenant under the provisions of this Lease and that Landlord shall not be entitled, and neither party shall have obliged to repair any further liability to damage thereto or replace the other under this Lease, except under same not caused by the indemnification provisions contained in this Leasenegligence or willful misconduct of Landlord or its employees or agents. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation not be required to pay for the repair any injury or restoration of damage or destruction to the Premises caused by fire or other casualty more than cause, or to make any repairs or replacements to or of improvements installed in the amount of Premises by or for Tenant not caused by the insurance proceeds payable for the benefit negligence or willful misconduct of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordits employees or agents.

Appears in 1 contract

Samples: Medicis Pharmaceutical Corp

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty and such casualty, Tenant shall give immediate written notice thereof to Landlord to the extent Landlord does not have knowledge of the same. If Landlord estimates that the damage or destruction cannot in Landlord’s reasonable judgment can be repaired or substantially restored in accordance with the then-existing Governmental Requirements within 120 two hundred ten (210) days of the date after Landlord is notified by Tenant of such damage (or destructionotherwise has knowledge of the same) and if there are sufficient insurance proceeds available to repair such damage (other than the deductible), then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof proceed with reasonable diligence to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if restore the Premises can be used by (including all improvements and Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, Alterations located therein) to substantially the same condition as they were which existed prior to the casualty, provided that, if damage and this Lease shall not terminate and until such repairs are completed (with a reasonable amount of time for Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for move back into the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, Premises) rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if which is unusable by Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area conduct of the damaged and destroyed portion of the Premises bears to the total area its business in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Termaccordance with Section 3.5.1 above. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of Within forty-five (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9045) days after the date Landlord learns of the necessity for repairs as a result of damage, Landlord shall notify Tenant (“Damage Repair Estimate”) of Landlord’s estimated assessment of the period of time in which the repairs will be completed based upon an estimate of a qualified contractor. If, pursuant to the Damage Repair Estimate, the damage cannot be repaired within such 210 day period or if there are insufficient insurance proceeds available to repair such damage (excluding Landlord’s deductible), Landlord may elect in its absolute discretion within 45 days of the damage or destructiondestruction to either: (a) terminate this Lease; or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Premises under this paragraph, then Landlord shall use commercially reasonable efforts to proceed toward completion of the restoration and Landlord shall not be required to repair or restore Tenant may within ten Improvements, Tenant Alterations (10) days after including Telecommunication Facilities), or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the expiration Premises at the time of such 270 day period elect to terminate the damage and was not owned by Landlord. Base Rent and Operating Costs under Section 3.5.1 of this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated abated during any reconstruction period in proportion to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the Premises that is untenantable and not used by Tenant as a result of the casualty in question. Except as otherwise provided herein, Tenant agrees to look to the provider of Tenant’s insurance proceeds payable for coverage for the benefit loss of Landlord by reason Tenant’s use of such damage the Premises and any other related losses or destruction, plus any amounts actually paid damages incurred by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordduring any reconstruction period.

Appears in 1 contract

Samples: Office Lease (Kythera Biopharmaceuticals Inc)

Damage or Destruction. If either during the Buildinglast eighteen (18) months of the Term, the Project or the Premises should be partially or wholly are totally destroyed or damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by are partially destroyed to an extent that the Premises are untenantable for more than ninety (90) days, and that constitutes an unreasonable interference in Tenant’s business operations at the Premises, and if Tenant without major disruption is not then in default of its operations as a Consulate General the Lease, then Tenant shall have the option of terminating this Lease upon written notice to Landlord within sixty (60) days after such casualty loss, in which event Rent and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and all other obligations herein shall cease as of the date of such casualty. If fire or other casualty and neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Landlord nor Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether have any further obligations or not the cost of restoration exceeds the cost of initial constructionrights hereunder. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, or the Building or the Premises should be are damaged by fire or other insured casualty andand the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Building, the damage shall be repaired by and at the expense of Landlord to the extent of such insurance proceeds available therefor, provided such repairs can, in Landlord’s judgmentreasonable opinion, be made within two hundred seventy (270) days after the occurrence of such damage without the payment of overtime or other premiums. Until such repairs are completed, the rent shall continue to be paid to the extent of Tenant’s rental insurance and shall otherwise be abated to the extent the Premises can are rendered untenantable. If repairs cannot, in Landlord’s reasonable opinion be made within two hundred seventy (270) days, Landlord shall notify Tenant within thirty (30) days following the occurrence of such damage of its determination, in which event, or in the event such repairs are commenced but are not substantially restored completed within 120 two hundred seventy (270) days of the date of such damageoccurrence, then such damaged part either party may, by written notice to the other given prior to completion of the Premises shall be reconstructed and restoredrepairs, at Landlord’s expense, to substantially the same condition cancel this Lease effective as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the occurrence of such damage. Except as provided in this Section, there shall be no abatement of rent and no liability of Landlord by reason of any injury to or interference with Xxxxxx’s business or property arising from any such fire or other casualty until substantial completion or from the making or not making of any repairs, alterations or improvements in or to any portion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction Building or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises or in or to a condition in which the Premises are restored for use fixtures, appurtenances and equipment therein as a Consulate General office and are accessible to may be necessitated by such fire or other casualty. Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to understands that Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other except as expressly provided under this Lease, except will not carry insurance of any kind on Tenant’s furniture or furnishings or on any fixtures or equipment removable by Tenant under the indemnification provisions contained in of this Lease and that Landlord, except as expressly provided under this Lease, shall not be obliged to repair any damage thereto or replace the same. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation not be required to pay for the repair any injury or restoration of damage or destruction to the Premises caused by fire or other casualty more than cause, or to make any repairs or replacements to or of improvements installed in the amount Premises by or for Tenant, except as expressly provided under this Lease. In the event of destruction of all or any portion of the insurance proceeds payable for Property so that the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess majority of the cost Property is untenantable, and to the extent that the first mortgagee of reconstructing tenant improvements over Landlord, pursuant to rights granted in its first mortgage, will not allow release of proceeds for rebuilding, the original cost Lease shall terminate as of such tenant improvements paid initially by Landlordthe date of the casualty. Landlord will use its best efforts to obtain financing that provides that the proceeds of any casualty insurance may be used for reconstruction and repair after casualty under commercially reasonable terms.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Fund Xiv Lp)

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to damaged by fire, earthquake or other casualty, Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving shall give immediate written notice thereof to Landlord, in which case rent shall . If Landlord estimates that the damage can be prorated to the date of termination, Tenant’s security deposit shall be returned, repaired within one hundred- twenty (120) Business Days after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused is notified by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason Tenant of such damage and if there are sufficient insurance proceeds available to repair such damage, then Landlord shall proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and this Lease shall not terminate. If, in Landlord's estimation, the damage cannot be repaired within such 120 Business Day period or destructionif there are insufficient insurance proceeds available to repair such damage, plus Landlord may elect in its absolute discretion to either: (a) terminate this Lease or (b) restore the Premises to substantially the condition which existed prior to the damage and this Lease will continue. If Landlord restores the Premises under this paragraph, then (1) the Lease Term shall be extended for the time required to complete such restoration, (2) Tenant shall pay to Landlord, upon demand, Tenant's Pro Rata Share of any amounts actually paid applicable deductible amount specified under Landlord's insurance and (3) Landlord shall not be required to repair or restore Tenant Improvements, Tenant Alterations, or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises at the time of the damage and was not owned by Landlord. Base Rent, Additional Rent and any other sum due under this Lease during any reconstruction period shall not be abated. Tenant agrees to look to the provider of Tenant's insurance for coverage for the loss of Tenant's use of the Premises and any other related losses or damages incurred by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordduring any reconstruction period.

Appears in 1 contract

Samples: Lease (Integrated Information Systems Inc)

Damage or Destruction. 12.1 If either the Building, the Project or (i) the Premises should be partially or wholly destroyed or are damaged by fire or other casualty for which insurance coverage is available to Landlord, (h) insurance proceeds in an amount sufficient to repair such casualty are made available to Landlord and such damage or destruction cannot (iii) in Landlord’s reasonable 's judgment such repairs can be repaired or substantially restored completed within 120 days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 one hundred eighty (180) days after the date of such “casualtydamage, provided, however, then Landlord shall repair such damage and this Lease shall remain in full force and effect except that Tenant shall not have be entitled to a reduction of Rent and Additional Charges while such repairs are being made in the right to terminate if proportion that the rentable area of the Premises can be used rendered untenantable (as pertains to Tenant's specific business in particular) by Tenant without major disruption such damage bears to the total rentable area of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day periodPremises. In such event, rent shall be apportioned to and shall cease as of Within thirty (30) days after the date of such casualty. If neither party exercises this optiondamage, then the Premises Landlord shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if notify Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall repairs can be abated in proportion to the area of the Premises not capable of use by Tenant from completed within one hundred eighty (180) days after the date of such damage, and Landlord's determination shall be binding on Tenant. If (x) such damage is caused by an uninsured casualty, or (y) such damage is caused by an insured casualty for which insurance proceeds sufficient to repair such damage are not made available to Landlord and/or W such repairs cannot be made within one hundred eighty (ISO) days after the casualty until substantial completion date of such damage, in Landlord's judgment as determined above, then, in any such event, Landlord shall have the reconstruction option either to (a) notify Tenant of Landlord's intention to repair such damage and diligently prosecute such repairs and to completion, in which event this Lease shall continue in full force and effect for subject to Tenant's acceptance and the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises Rent and Additional Charges shall be reconstructed and restoredreduced as provided herein, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2b) ninety (90) days after the date notify Tenant of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect Landlord's election to terminate this Lease by giving written such notice thereof to Landlordof termination as of a date specified in such notice, in which case rent and the Rent and Additional Charges, proportionately reduced as provided above, shall be prorated paid up to the date of such termination, Tenant’s security deposit shall with Landlord refunding to Tenant any Rent and Additional Charges previously paid for any period of time subsequent to such date. If Landlord elects or is required to repair the Premises or the Building pursuant to this Section 12, the repairs to be returned, after deduction of any amount thereof to which made by Landlord shall be entitlednot include, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation not be required to pay for the repair or replace any fixtures, equipment, furniture, or other property of Tenant in the Premises, for loss of use of all or any part of the Premises, for any damage to Tenant's business or profits, or for any disturbance to Tenant caused by any casualty or the restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount following such casualty. A total destruction of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordBuilding shall automatically terminate this lease.

Appears in 1 contract

Samples: E Greetings Network

Damage or Destruction. 15.01 If either the Building, the Project or any portion of the Premises should be partially is damaged or wholly destroyed or damaged by fire or other casualty, Tenant will promptly give written notice to Landlord of the casualty following Tenant’s knowledge of the same (the “Tenant’s Casualty Notice”), including which portion of the Premises and such damage or destruction cannot in Building(s) were damaged by the casualty (the “Damaged Building”). Landlord will, as soon as reasonably possible after Landlord’s reasonable judgment be repaired or substantially restored within 120 days receipt of Tenant’s Casualty Notice, deliver to Tenant a good faith estimate (the “Damage Notice”) of the date of time needed to repair the damage caused by such damage or destruction, then casualty. Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not will have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, as to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Damaged Building by written notice to Tenant within one hundred twenty (120) days following a casualty if any of the following occur: (a) insurance proceeds actually paid, or that will be actually paid, to Landlord and available for use, less any deductible, are not sufficient to pay the full cost to fully repair the damage; (b) Landlord determines that the portion of the Premises in the Damaged Building or the Damaged Building cannot be fully repaired within 180 days from the date restoration commences; (c) a material portion of the casualty until substantial completion of Premises is damaged or destroyed within the reconstruction repairs; and this Lease shall continue in full force and effect for the balance last 12 months of the Term. ; (d) Tenant is in Default of this Lease at the time of the casualty; (e) Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall would be performing reconstruction or restoration required under this Article 17Lease to xxxxx or reduce Tenant’s rent for a period in excess of 6 months if the repairs were undertaken; or (f) the Property, Landlord will proceed with due diligence to prepare plans, obtain permits and complete or the reconstruction or restoration. If the reconstruction or restoration Damaged Building in which such portion of the Premises to a condition in which is located, is damaged such that the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier cost of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date repair of the damage or destruction, then Tenant may within ten (same would exceed 10) days after % of the expiration replacement cost of such 270 day period elect the same. If Landlord elects to terminate this Lease by giving written notice thereof as to Landlordthat portion of the Premises in the Damaged Building, in which case rent shall Landlord will be prorated entitled to retain all applicable Tenant insurance proceeds for damage to all Tenant Improvements and Tenant Alterations, as well as improvements and alterations made to the date Premises under the Existing Lease, that are not required to be removed by Tenant at the expiration of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except and Tenant shall assign or endorse over to Landlord (or to any party designated by Landlord) all property insurance proceeds payable to Tenant under the indemnification provisions contained in this Lease. Notwithstanding anything else Tenant's insurance for damage to the contrary contained in this Article 17all Tenant Improvements and Tenant Alterations, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction as well as improvements and alterations made to the Premises caused by fire or other casualty more than under the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destructionExisting Lease, plus any amounts actually paid that are not required to be removed by Tenant for at the excess expiration of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordthis Lease, excepting those attributable to Tenant’s furniture, fixtures, equipment, and any other personal property.

Appears in 1 contract

Samples: Industrial Lease Agreement (Luminex Corp)

Damage or Destruction. If the Premises are destroyed or rendered untenantable, either wholly or in part, by fire or other unavoidable casualty, Landlord may, at its option, either (a) terminate this Lease as provided herein, (b) allow Tenant to terminate this Lease as provided herein, or (c) restore the BuildingPremises to their previous condition, and in the Project meantime the monthly rent shall be abated in the same proportion as the untenantable portion of the Premises bears to the whole thereof. If Landlord elects not to restore the Premises and to terminate this Lease, then Landlord shall so notify Tenant within thirty (30) days after receipt from Tenant of notice that Tenant deems the Premises untenantable ("Tenant's Notice"). If Landlord elects to restore the Premises, then Landlord shall so notify Tenant within thirty (30) days after receipt from Tenant of Tenant's Notice, and shall begin the restoration work within sixty (60) days of such date, in which event this Lease will continue in full force and effect. If Landlord fails to notify Tenant of its election within thirty (30) days after receipt from Tenant of Tenant's Notice, then Tenant may terminate this Lease immediately upon written notice to Landlord. If the damage is due directly or indirectly to the fault or neglect of Tenant, or its officers, contractors, licensees, agents, servants, employees, guests, invitees or visitors, there will be no abatement of rent. All repairs shall be substantially completed within 120 days or Tenant shall have the option to teminate the Lease. If the Building or the Premises should be partially or wholly are destroyed or damaged by fire or other casualty insured against under Landlord's fire and extended coverage insurance policy to the extent that more than fifty percent (50%) of either is rendered untenantable, or if the Building or the Premises are destroyed or materially damaged by any other casualty other than those covered by such damage insurance policy, notwithstanding that the Premises may be unaffected directly by such destruction or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destructiondamage, then Landlord shall so notify Tenant and either party hereto may, at its optionelection, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible in writing to Tenant within sixty (60) days after such 120 day perioddestruction or damage. In such event, rent shall Such notice will be apportioned to and shall cease as of the date of such casualtyeffective thirty (30) days after receipt thereof by Tenant. If neither party exercises this optionthe Premises are damaged or destroyed and Landlord elects to repair and reconstruct the Premises, then the Premises shall be reconstructed and restoredterm of this Lease will, at Landlord’s expense's option, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord be extended for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of time required to complete such repair and reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall not be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence required to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire restore fixtures, improvements, or other casualty more than the amount property of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordTenant.

Appears in 1 contract

Samples: Lease Agreement (Infowave Software Inc)

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly destroyed or is damaged by fire or other insured casualty and the insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Premises or the Project, the damage shall be repaired by Landlord to the extent such damage or destruction insurance proceeds are available therefor and provided such repairs cannot , in Landlord’s reasonable judgment sole opinion, be repaired or substantially restored completed within 120 two hundred seventy (270) days of after the date necessity for repairs as a result of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof becomes known to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for without the excess cost payment of reconstructing the same whether overtime or not the cost of restoration exceeds the cost of initial construction. In the event of other premiums, and until such reconstruction, repairs are completed rent shall be abated in proportion to the area part of the Premises not capable of use which is unusable by Tenant from in the date conduct of its business (but there shall be no abatement of rent by reason of any portion of the casualty until substantial completion Premises being unusable for a period equal to one (1) day or less). Upon the occurrence of any damage to the reconstruction Premises, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Section 14(a)(ii)(A) above; provided, however, that if the cost of repair of improvements within the Premises by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant’s insurance carrier, as so assigned by Tenant, such excess costs shall be paid by Tenant to Landlord prior to Landlord’s repair of such damage. If repairs cannot, in Landlord’s opinion, be completed within two hundred seventy (270) days after the necessity for repairs as a result of such damage becomes known to Landlord without the payment of overtime or other premiums, Landlord and Tenant may, at their option, either (i) make such repairs in a reasonable time and in such event this Lease shall continue in full force effect and the Basic Rental shall be abated, if at all, in the manner provided in this Article 16, or (ii) elect not to effect for the balance such repairs and instead terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after Landlord learns of the Termnecessity for repairs as a result of damage, such notice to include a termination date giving Tenant sixty (60) days to vacate the Premises. If In addition, Landlord may elect to terminate this Lease if the Project, the Building or the Premises should Project shall be damaged by fire or other casualty andor cause, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial constructionPremises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of Finally, if the Premises bears or the Project is damaged to any substantial extent during the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance last twelve (12) months of the Term. Landlord shall use reasonable diligence , then notwithstanding anything contained in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 1716 to the contrary, Landlord will proceed with due diligence to prepare plans, obtain permits and complete Tenant shall have the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect option to terminate this Lease by giving written notice thereof to Landlord, in which case rent Tenant of the exercise of such option within sixty (60) days after Landlord learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in automatically terminate this Lease. Notwithstanding anything else to the contrary contained Except as provided in this Article 1716, Landlord there shall have be no obligation to pay for the repair or restoration abatement of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit rent and no liability of Landlord by reason of any injury to or interference with Tenant’s business or property arising from such damage or destructiondestruction or the making of any repairs, plus alterations or improvements in or to any amounts actually paid by Tenant for the excess portion of the cost Project or the Premises or in or to fixtures, appurtenances and equipment therein. Tenant understands that Landlord will not carry insurance of reconstructing tenant improvements over any kind on Tenant’s furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the original cost same. Tenant acknowledges that Tenant shall have no right to any proceeds of such tenant improvements paid initially insurance carried by LandlordLandlord relating to property damage. With respect to any damage which Landlord is obligated to repair or elects to repair, Tenant, as a material inducement to Landlord entering into this Lease, irrevocably waives and releases its rights under the provisions of Sections 1932 and 1933 of the California Civil Code.

Appears in 1 contract

Samples: Standard Office Lease (Prospect Acquisition Corp)

Damage or Destruction. Section 16 of the Original Lease is hereby deleted in its entirety and replaced with the following: If either the Building, the Project or the Premises should be partially or wholly destroyed or is damaged by fire or other casualty insured casualty, the damage shall be repaired by Landlord and provided such damage or destruction repairs cannot , in Landlord’s reasonable judgment 's sole opinion, be repaired or substantially restored completed within 120 two hundred seventy (270) days after commencement of the date necessity for repairs, without the payment of overtime or other premiums, and until such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and repairs are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstructioncompleted, rent shall be abated in proportion to the area part of the Premises not capable of use which is unusable by Tenant from in the date conduct of its business (but there shall be no abatement of rent by reason of any portion of the casualty until substantial completion of Premises being unusable for a period equal to one (1) day or less). If repairs cannot, in Landlord's opinion, be completed within two hundred seventy (270) days after the reconstruction necessity for repairs and this Lease shall continue instead terminate, by notifying Tenant in full force and effect for writing of such termination within sixty (60) days after Landlord makes such a determination, with such notice to include a termination date giving Tenant sixty (60) days to vacate the balance of Premises. In addition, Landlord may elect to terminate this Lease if the Term. If the Project, the Building or the Premises should Project shall be damaged by fire or other casualty andor cause, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial constructionPremises are affected, if the damage is not fully covered, except for deductible amounts, by Landlord's insurance policies. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of Finally, if the Premises bears or the Project is damaged to any substantial extent during the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance last twelve (12) months of the Term. Landlord shall use reasonable diligence , then notwithstanding anything contained in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 1716 to the contrary, Landlord will proceed with due diligence to prepare plans, obtain permits and complete Tenant shall each have the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect option to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under party of the exercise of such option within sixty (60) days after Landlord or Tenant, as applicable, learns of the necessity for repairs as the result of such damage. A total destruction of the Project shall automatically terminate this Lease. Tenant understands that Landlord will not carry insurance of any kind on Tenant's furniture, furnishings, trade fixtures or equipment, and that Landlord shall not be obligated to repair any damage thereto or replace the same. Except as otherwise expressly set forth in this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord Tenant acknowledges that Tenant shall have no obligation right to pay for the repair or restoration any proceeds of damage or destruction insurance carried by Landlord relating to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordproperty damage.

Appears in 1 contract

Samples: Office Lease (Castle Biosciences Inc)

Damage or Destruction. If either the Building, the Project all or any part of the Premises should be partially or wholly destroyed or any material portion of the balance of the Real Property is damaged by fire or other casualty and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored casualty, Landlord shall, within 120 sixty (60) days of the date of such damage or destructionthe damage, then Landlord shall so notify give Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as Landlord's reasonable estimate of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant time required from the date of the casualty until substantial completion damage to repair the damage (the "Damage Estimate"). Landlord shall diligently proceed to repair the damage and this Lease shall remain in full force and effect if (i) the damage is caused by a peril covered by Landlord's insurance (or required under this Lease to be covered by Landlord's insurance), the proceeds from such insurance are sufficient to repair the damage (an "Insured Casualty"), and the Damage Estimate is one hundred eighty (180) days or less, or (ii) the damage is caused by a peril not covered (and not required to be covered) by Landlord's insurance or the proceeds from Landlord's insurance are not sufficient to repair the damage (an "Uninsured Casualty"), and the Damage Estimate is ninety (90) days or less. If the Damage Estimate is more than one hundred eighty (180) days, in the case of an Insured Casualty, or more than ninety (90) days, in the case of an Uninsured Casualty, Landlord, at its option exercised by written notice to Tenant within sixty (60) days of the reconstruction repairs and date of the damage, shall either (a) diligently proceed to repair the damage, in which event this Lease shall continue in full force and effect for the balance effect, or (b) terminate this Lease as of the Termdate specified by Landlord in the notice, which date shall be not less than thirty (30) days nor more than sixty (60) days after the date such notice is given, and this Lease shall terminate on the date specified in the notice; provided, however, that Landlord may terminate this Lease pursuant to the foregoing only if Landlord also terminates the leases of substantially all other tenants of the Building that were, in Landlord's reasonable judgment, similarly affected by the damage (and under which Landlord has such a termination right). If the Projectdamage is to the Premises or if the Building is so damaged that access to or use and occupancy of the Premises is materially impaired, the Building or Damage Estimate is more than one (1) year, and Landlord does not give notice terminating this Lease within the Premises should 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 date shall not be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of before the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions notice or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of more than thirty (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (9030) days after the date of Tenant's termination notice. Notwithstanding anything to contrary contained in this Paragraph 26, if the damage or destructioninitial Damage Estimate is more than ninety (90) days, then Tenant may within ten (10) days after and the expiration date on which Landlord reasonably anticipates the repairs of such 270 day period elect damage will be completed is during the last twelve (12) months of the Lease term, Landlord and Tenant shall each have the option to terminate this Lease by giving written notice thereof to Landlordthe 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 in its termination notice, which case rent date shall not be prorated to before the date of terminationsuch notice or more than thirty (30) days after the date of such notice. Notwithstanding anything to the contrary in the Paragraph 26, if damage which would otherwise lead to a right to terminate this Lease results from the willful misconduct of Landlord or Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither the party from whose misconduct such damage results shall have any further liability no right to the other under this Lease, except under the indemnification provisions contained in terminate this Lease. Notwithstanding anything else to If the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than damages the amount Premises or the common areas of the insurance proceeds payable Real Property necessary for Tenant's use and occupancy of the benefit Premises, Tenant ceases to use any portion of Landlord by reason the Premises as a result of such damage, and the damage does not result from the negligence or destructionwillful misconduct of Tenant or any other Tenant Parties, plus then during the period the Premises or portion thereof are rendered unusable by such damage and repair, Tenant's Monthly Rent and Additional Rent under Paragraphs 5 and 7 above shall be proportionately reduced based upon the extent to which the damage and repair prevents Tenant from conducting, and Tenant does not conduct, its business at the Premises. Landlord shall not be obligated to repair or replace any amounts actually paid of Tenant's movable furniture, equipment, trade fixtures, and other personal property, nor any Alterations installed in the Premises by Tenant for the excess Tenant, and no damage to any of the foregoing shall entitle Tenant to any abatement, and Tenant shall, at Tenant's sole cost and expense, repair and replace such items. All such repair and replacement of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by LandlordAlterations shall be constructed in accordance with Paragraph 9 above regarding Alterations.

Appears in 1 contract

Samples: Office Lease (Ask Jeeves Inc)

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly any portion thereof are destroyed or damaged by fire storm, fire, lightning, earthquake, or other casualty and such damage or destruction casualty, Lessee shall notify Lessor within a reasonable time. In the event the Premises cannot not, in Landlord’s Lessor's reasonable judgment judgment, be repaired or substantially restored within 120 one hundred twenty (120) days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this optiondestruction, then the Premises and all rent and other sums payable by Lessee hereunder shall be reconstructed accounted for as between Lessor and restored, at Landlord’s expense, to substantially the same condition Lessee as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant that date. Lessor shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored notify Lessee within 120 thirty (30) days of the date of such damage, then such damaged part of the damage or destruction whether the Premises shall can be reconstructed and restoredrestored within one hundred twenty (120) days. If this Lease is not terminated as provided in this Paragraph, at Landlord’s expenseLessor shall, to substantially the same condition as they were prior extent insurance proceeds payable on account of such damage or destruction are available to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for Lessor (with the excess cost of reconstructing the same whether proceeds belonging to Lessor), within a reasonable time, repair, restore, rebuild, reconstruct, or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of replace the damaged and or destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed substantially similar to the planning and permitting process) or (2) ninety (90) days after the date of condition which existed prior to the damage or destruction. Provided, then Tenant may however, Lessor shall only be required to repair, restore, rebuild, reconstruct, and replace the Lessor's Work shown on Exhibit A, and Lessee shall, at its sole cost and expense, upon completion of the Lessor's Work, repair, restore, rebuild, reconstruct, and replace, as required, any and all improvements installed in the Premises by Lessee and all trade fixtures, personal property, inventory, signs, and other contents in the Premises, and all other repairs not specifically required of Lessor hereunder, in a manner and to at least the condition existing prior to the damage. If Lessor fails to restore the Premises as required herein within ten (10) days after said 120-day period, subject to Force Majeure, Lessee shall have the expiration of such 270 day period elect right to terminate this Lease by giving written notice thereof to LandlordLessor. Lessee's obligations to pay Base Rent (and the additional rent payable under Paragraph 4) shall xxxxx until Lessor has repaired, restored, rebuilt, reconstructed, or replaced the Premises, as required herein, in which case rent shall be prorated proportion to the date part of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to the Premises which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Leaseare unusable by Lessee. Notwithstanding anything else to the contrary contained in this Article 17foregoing, Landlord shall have no obligation to pay for the repair or restoration of if any such damage or destruction occurs within the final one (1) year of the term hereof, then Lessor, in its sole discretion, may, without regard to the Premises caused aforesaid 120-day period, terminate this Lease by fire written notice to Lessee. The term, "Force Majeure", as used herein, shall mean a delay, not within Lessor's control, in Lessor's performance hereunder due to acts of God, adverse weather, fire, earthquake, flood, explosion, war, invasion, insurrection, riot, mob violence, sabotage, vandalism, failure of transportation, strikes, lockouts, litigation, condemnation, requisition, governmental restrictions including inability or delay in obtaining governmental consents or permits, laws or orders of governmental, civil, military or naval authorities, or any other casualty more than cause, whether similar or dissimilar to the amount foregoing, not within Lessor's control. If the damage or destruction is due to the negligence or willful misconduct of the Lessee, there shall be no rent abatement (unless Lessor receives insurance proceeds payable payments for the benefit such loss of Landlord by reason rent on account of such damage or destruction, plus in which case Lessee shall only be liable to Lessor for any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of deficiency in such tenant improvements paid initially by Landlordrent).

Appears in 1 contract

Samples: Computone Corp

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty and such casualty, Tenant shall give immediate written notice thereof to Landlord. Landlord shall, within forty-five (45) days after the date the Landlord is notified of the casualty, provide Tenant with Landlord's good faith estimate of how long it will take to repair or restore the Premises. If Landlord estimates that the damage or destruction cannot in Landlord’s reasonable judgment can be repaired or substantially restored in accordance with the then-existing Governmental Requirements within 120 days of the date two hundred twenty-five (225) Calendar Days after Landlord is notified by Tenant of such damage or destructionand if there are sufficient insurance proceeds available to repair such damage, then Landlord shall so notify Tenant proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and either party hereto maythis Lease shall not terminate. If, at in Landlord's estimation, the damage cannot be repaired within such two hundred twenty-five (225) day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its option, absolute discretion to either: (a) terminate this Lease by giving written notice thereof Lease; or (b) restore the Premises to substantially the condition which existed prior to the other party damage and this Lease will continue. If Landlord elects to restore the Premises, Landlord will use reasonable efforts to complete such restoration within such two hundred twenty- five (225) Calendar Day period, as such period may be extended due to Force Majeure or any Tenant Delays (as such term is defined in Exhibit C. If such --------- repairs or restoration are not completed within such period as so extended, then within 30 days after following the date expiration of such “casualtyperiod (provided that Landlord does not complete the repair or restoration of the Premises within such 30 days period), provided, however, that Tenant shall not have the right to terminate this Lease on 30 day notice to Landlord, provided that if Landlord substantially completes the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage repair or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant restoration within such 120 30 day period. In such event, rent Tenant's notice of termination shall be apportioned to deemed rescinded and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord ineffective for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs all purposes and this Lease shall continue in full force and effect for effect. Notwithstanding the balance foregoing, Tenant shall not have the right to terminate this Lease as provided in this Section 4.9 in the event the casualty which caused the damage to the Premises was the result of the TermTenant's gross negligence or willful misconduct. If the Project, the Building or Landlord restores the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damageunder this Section 4.9, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences Lease Term shall be extended for the actual reconstruction or restoration work on site (as opposed time required to the planning and permitting process) or complete such restoration, (2) ninety Tenant shall pay to Landlord, upon demand, any applicable reasonable deductible amount specified under Landlord's insurance (90which deductible currently does not exceed $25,000) days after and (3) Landlord shall not be required to repair or restore Tenant Improvements, Tenant Alterations, or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the date Premises at the time of the damage or destructionand was not owned by Landlord. Base Rent, then Additional Rent and any other sum due under this Lease during any reconstruction period shall be equitably abated to the extent and for the period that the Premises are unusable and are not used by Tenant may within ten (10) days after due to the expiration performance of such 270 day period elect reconstruction work by Landlord. Tenant agrees to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated look to the date provider of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay 's insurance for coverage for the repair or restoration loss of damage or destruction to Tenant's use of the Premises caused by fire and any other related losses or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid damages incurred by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordduring any reconstruction period.

Appears in 1 contract

Samples: Deed of Lease (Digex Inc/De)

Damage or Destruction. If either The damage of, or destruction or injury to the Building, the Project leased premises or the Premises should be partially or wholly destroyed or damaged Building by fire or the elements or other casualty which will render the leased premises unquestionably untenantable for one hundred twenty (120) days shall produce and such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days work a termination of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, Lease; provided, however, that Tenant any damage, destruction or injury which will render the leased premises unquestionably untenantable for more than 20% of the unexpired term shall not 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 due to the act or negligence of Tenant, its officers, agents or employees, the Landlord alone shall have the right option to terminate if produce and work a termination of this Lease or to restore the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, premises to substantially the same condition as in which they were existed prior to such destruction, damage or injury. If Landlord and Tenant cannot agree as to the casualtynumber of days the Building or leased premises are unquestionably untenantable, provided thatthe fact shall be determined by arbitration; the Landlord and Tenant shall each choose an arbitrator within five (5) days after either has notified the other in writing of such damage. The two arbitrators so chosen, if Tenant 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 unexpired term, whichever is applicable; then Landlord shall restore said premises to substantially the same condition in which 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 made 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 pursuant made by or for the Tenant and not required by this Lease to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed be furnished by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether nor any trade fixtures, furniture, equipment or not the cost of restoration exceeds the cost of initial constructionother property belonging to Tenant. In the event of such reconstruction, rent Landlord's obligations under this Section shall be abated in proportion limited to the area extent of the Premises not capable insurance proceeds payable as a result of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions cause or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordcondition.

Appears in 1 contract

Samples: Lease (Daleen Technologies Inc)

Damage or Destruction. If either fifty percent (50%) or more of the Building, the Project Leased Premises are damaged or the Premises should be partially or wholly destroyed or damaged made unleaseable by fire or other casualty and such damage or destruction canLessor elects not in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of such damage or destructionto restore it, then Landlord shall so notify Tenant and either party hereto Lessor may, at its option, terminate this Lease by giving written writte4n notice thereof to the other party Lessee given within 30 thirty (30) days after the date of such casualty, terminate this Lease. Lessor shall be under no duty or obligation to repair, restore or rebuild the same. Such termination shall become effective as of the date of the casualty of the Leased Premises unleaseable, otherwise as of a date thirty days following the service of the notice of lease termination. Unless this Lease is terminated as hereinabove provided, howeverLessor shall restore all damaged portions of the Leased Premises at Lessor’s expense with promptness except for Lessee’s improvements, that Tenant which shall be restored at the expense of the Lessee. In the event of termination of this Lease, rent shall be prorated on a per diem (30-day month) basis and paid only to effective date of such termination. If the Leased Premises are unleaseable but this Lease is not terminated, all rent shall xxxxx from the casualty date until the Leased Premises are substantially restored and reasonably accessible for occupancy by Lessee, if part of the Leased Premises are unleaseable, rent shall be prorated on a per diem basis and apportioned in accordance with the part of the Leased Premises which is usable by Lessee until the damaged part is ready for Lessee’s occupancy. In all cases, due allowance shall be made for reasonable control. Lessor shall have no duty to repair, restore, or replace Lessee improvements, including but not limited to wall and floor coverings, light fixtures, built-in cabinets and bookshelves, and to the contrary in this Lease, the Lessee shall not have the right to terminate this Lease and shall not xxxxx if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises was caused by fire the act of neglect of Lessee or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage his employees, agents or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordinvitees.

Appears in 1 contract

Samples: Lease Agreement (Endocyte Inc)

Damage or Destruction. 4.9.1 If either the Building, the Project or the Premises should be partially or wholly destroyed or are damaged by fire fire, earthquake or other casualty and such casualty, Tenant shall give immediate written notice thereof to Landlord. If Landlord estimates that the damage or destruction cannot in Landlord’s reasonable judgment can be repaired or substantially restored in accordance with the then-existing Governmental Requirements within 120 days of the date one hundred-twenty (120) Business Days after Landlord is notified by Tenant of such damage or destructionand if there are sufficient insurance proceeds available to repair such damage, then Landlord shall so notify Tenant proceed with reasonable diligence to restore the Premises to substantially the condition which existed prior to the damage and either party hereto maythis Lease shall not terminate. If, at in Landlord's estimation, the damage cannot be repaired within such 120 Business Day period or if there are insufficient insurance proceeds available to repair such damage, Landlord may elect in its option, absolute discretion to either: (a) terminate this Lease by giving written notice thereof or (b) restore the Premises to substantially the condition which existed prior to the other party within 30 days after damage and this Lease will continue. If Landlord restores the date Premises under this paragraph, then Landlord shall use commercially reasonable efforts to proceed toward completion of the restoration and (1) the Lease Term shall be extended for the time required to complete such “casualtyrestoration, provided, however, that (2) Tenant shall pay to Landlord, upon demand, Tenant's Pro Rata Share of any applicable deductible amount specified under Landlord's insurance, which deductible shall not have the right to terminate if the Premises can be used by Tenant without major disruption exceed Twenty-Five Thousand Dollars ($25,000,00) (of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease Tenant's Pro Rata Share as of the date of such casualty. If neither party exercises this optionLease would be One Thousand Eight Hundred Forty-Two and 50/100 Dollars ($1,842.50)), then except in the case of earthquake insurance where the deductible shall not exceed Fifty Thousand Dollars ($50,000.00) (of which Tenant's Pro Rata Share as of the date of this Lease would be Three Thousand Six Hundred Eighty-Five and 00/100 Dollars ($3,685.00)), and (3) notwithstanding anything to the contrary contained herein, Landlord shall not be required to repair or restore, Tenant Alterations (including Telecommunication Facilities), the Furniture or any or all furniture, fixtures, equipment, inventory, improvements or other property which was in or about the Premises shall be reconstructed at the time of the damage and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed was not owned by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event case of damage to the Premises not caused by the negligence or other tortuous acts of the Tenant which is of a nature or extent that (a) such damage materially interferes with Tenant's use of a portion (but not all) of the Premises (such portion being referred to herein as the "Materially Affected Premises"), Base Rent and Additional Rent otherwise payable hereunder shall be partially abated by the amount thereof allocable to the Materially Affected Premises on a per rentable square foot basis, for the period beginning on the date of such reconstructioncasualty and ending on the earlier of (i) the date that Landlord has substantially completed its repairs to the Materially Affected Premises and (ii) the date that Tenant uses any portion of the Materially Affected Premises for the conduct of its business, rent and (b) it is impracticable for the Tenant to carry on its business in any of the Premises, all Base Rent and Additional Rent otherwise payable hereunder shall be abated in proportion for the period beginning on the date of such casualty and ending on the earlier of (i) the date that Landlord has substantially completed its repairs to the area Premises and (ii) the date that Tenant uses any portion of the Premises not capable for the conduct of its business. Except for the abatement of rent if and to the extent provided herein, Tenant agrees to look to the provider of Tenant's insurance for coverage for the loss of Tenant's use of the Premises, the Furniture and any other related losses or damages incurred by Tenant from during any reconstruction period. Notwithstanding the foregoing, if the Premises have not been substantially restored to the condition required by Landlord hereunder (subject to Punch List Work) within one (1) year (which date shall be extended one day for each day of delay caused by any act or omission of Tenant and for events of force majeure as contemplated in Paragraph 6.8 hereof), Tenant shall have the casualty until substantial completion right to cancel this Lease upon not less than thirty (30) days written notice given to the Landlord (which notice must be given within ten (10) Business Days after the expiration of the reconstruction repairs said one (1) year period or such right of cancellation shall be deemed waived), provided such cancellation shall be void and this Lease shall continue in full force and effect for in the balance of the Term. If the Project, the Building or event that the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be have been substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid condition required by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears hereunder (subject to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing Punch List Work) within such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of thirty (130) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordperiod.

Appears in 1 contract

Samples: Gross Lease (Clicksoftware Technologies LTD)

Damage or Destruction. If either the Building, the Project or the Premises should be partially or wholly destroyed or damaged (a) Tenant shall give prompt Notice to Landlord of any damage by fire or other casualty (a “Casualty”) to the Building or any part thereof. During the sixty (60) day period following the occurrence of a Casualty (the “Notice Period”), Landlord will notify Tenant of Landlord’s estimate of the period of time required to complete the restoration work. If the Building or any part thereof, or access thereto, is so damaged or destroyed by fire or other insured Casualty that the Tenant does not have reasonably convenient access to the Building or any portion of the Building is thereby rendered unfit for use and such occupancy by the Tenant for the Leased Premises Use (defined in Article I), and if, in the reasonable judgment of the Landlord, the damage or destruction can be repaired within sixty (60) days after the occurrence of the Casualty, then the Landlord shall so notify the Tenant and the Landlord shall proceed to repair the damage or destruction with reasonable diligence. If the Building or any part thereof, or access thereto, is so damaged or destroyed by fire or other insured Casualty that the Tenant does not have reasonably convenient access to the Building or any portion of the Building is thereby rendered unfit for use and occupancy by the Tenant for the Leased Premises Use (defined in Article I), and if, in the reasonable judgment of the Landlord, the damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 sixty (60) days after the occurrence of the date of such damage or destructionCasualty, as applicable, then Landlord shall so notify Tenant and either party hereto may, at its option, shall have the right to terminate this Lease by giving written notice thereof Notice to the other party within 30 the period of thirty (30) to ninety (90) days after the date occurrence of such “casualtythe Casualty, provided, however, provided that Tenant shall not have the right to terminate this Lease if the Premises can be used Casualty was caused by Tenant without major disruption a negligent or willful act or omission of its operations as a Consulate General and are accessibleTenant, notwithstanding or an employee, agent or patron of Tenant. If neither party elects to terminate the Lease pursuant to the preceding sentence, then the Landlord shall repair the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use with reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlorddiligence.

Appears in 1 contract

Samples: Lease

Damage or Destruction. 19.1 If either the BuildingLeased Premises are totally or partially damaged or destroyed from any cause, thereby rendering the Project Leased Premises totally or partially inaccessible or unusable, Lessor shall diligently restore and repair the Leased Premises should to substantially the same condition it was in prior to such damage; provided however, that (a) if such repairs and restoration cannot be partially or wholly destroyed or damaged by fire or other casualty and completed within one year after the occurrence of such damage or destruction cannot (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), then either Lessor or Lessee shall have the right to terminate this Lease by giving written notice of termination to the other within forty-five (45) days after the occurrence of such damage or destruction, or (b) if such damage or destruction occurs within forty-eight (48) months prior to the expiration of the Lease Term, then Lessor shall have the right, at its sole option, to terminate this Lease by giving written notice of termination to Lessee within forty-five (45) days after the occurrence of such damage or destruction, except that should such damage or destruction occur during the last forty-eight months of the initial fifteen (15) year term or the first five (5) year extension period described in Landlord’s reasonable judgment be repaired or substantially restored Article XXXIV and Lessee exercises its option to extend the Lease Term for five (5) years pursuant to Article XXXIV within 120 forty-five (45) days of the date of such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant Lessor shall not have the right to terminate if this Lease and will proceed to repair and restore the Premises can be used Leased Premises. If this Lease is terminated by Tenant without major disruption of its operations as a Consulate General Lessor in accordance with the above procedure, then Base Rental and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent Additional Rental payable hereunder shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of said damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason destruction. If this Lease is not terminated as a result of such damage or destruction, plus any amounts actually paid by Tenant for the excess then until such repair and restoration of the Leased Premises are substantially complete, the Base Rental and Additional Rental shall be abated as to that portion of the Leased Premises which is unsuitable for occupancy by Lessee until such repair or restoration is completed. If this Lease is not terminated as a result of such damage or destruction, then except as otherwise specified in Section 19.2, Lessor shall bear the cost and expenses of reconstructing tenant improvements over such repair and restoration of the original Leased Premises to the extent of the insurance proceeds paid in connection with such damage or destruction, and Lessee shall pay to Lessor the amount by which such costs and expenses exceed the insurance proceeds, if any, actually received by Lessor on account of such damage or destruction. Notwithstanding anything above to the contrary, Lessor shall have the right to terminate this Lease in the event (a) the insurance is insufficient to pay the full cost of such tenant improvements paid initially by Landlordrepair and restoration, (b) the lenders fail or refuse to make such insurance proceeds available for such repair and restoration, or (c) zoning or other applicable laws or regulations do not permit such repair and restoration.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Damage or Destruction. If 12.01 If, during the Term, more than twenty percent (20%) of either of the Building, the Project Premises or the Premises should be partially Building is damaged or wholly destroyed or damaged made untenantable by fire or other casualty and casualty, cause, condition or thing whatsoever, Landlord may, by written notice to Tenant given within one hundred twenty (120) days after such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored within 120 days damage, terminate this Lease. Such termination shall become effective as of the date of such damage if the Premises are substantially untenantable, otherwise as of the date thirty (30) days following the service of such notice of termination of this Lease. Unless this Lease is terminated, if the Premises are made partially or destructionwholly untenantable as aforesaid, then Landlord, subject to the provisions of this Section 12, shall restore the same at Landlord's expense with reasonable promptness. If, as a result of a fire or other casualty, the Premises are made partially or wholly untenantable, and if Landlord shall so notify fails to commence such restoration within seventy-five (75) days after Landlord is able to take possession of the damaged space in the Premises and fails to reasonably diligently complete the restoration of the Premises, Tenant and either party hereto may, at its option, may terminate this Lease by giving written notice thereof to the other party within 30 Landlord (i) not later than eighty-five (85) days after Landlord is able to take possession if Landlord has not theretofore commenced such restoration or (ii) prior to the substantial completion of such restoration, if Landlord commences such restoration within said seventy-five (75) day period, but fails to reasonably diligently complete the restoration of the Premises, and such termination shall be effective as of the fifth (5th) day after receipt of said notice by Landlord. In the event of termination of this Lease, Monthly Base Rent and Adjustments shall be prorated on a per diem basis and paid only to the effective date of such termination. If all of the Premises are untenantable but this Lease is not terminated, all Monthly Base Rent and Adjustments shall xxxxx from the date of the fire or other casualty until the Premises are ready for occupancy and reasonably accessible to Tenant. If part of the Premises is untenantable, Monthly Base Rent and Adjustments shall be prorated on a per diem basis and apportioned in accordance with the part of the Premises which is usable by Tenant until the damaged part is ready for Tenant's occupancy. In all cases, with respect to Landlord's obligations under this Section 12, such “casualtyobligations shall be adjusted and all time periods extended by the period on account of delay caused by adjustment of insurance loss, providedstrikes, howevergovernmental approvals, that labor difficulties or any cause beyond Landlord's reasonable control. Notwithstanding anything to the contrary in this Section 12.01, Tenant shall not have the right to terminate this Lease and Rent shall in no event xxxxx if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage such fire or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the other casualty, provided thatcause, if condition or thing was caused by the act or neglect of Tenant, its employees or agents. The following provision shall apply if, as an economic concession set forth in this Lease, Landlord has granted Tenant a credit against Monthly Base Rent or Adjustments, or both, or has made any alterationsgranted Tenant an abatement period with respect to Monthly Base Rent or Adjustments, additions or improvements pursuant both (such credits or the amount of Monthly Base Rent or Adjustments which would have accrued but for such abatement period being hereinafter referred to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. as "Rent Concession"): In the event that, pursuant to any provision of such reconstructionthis Lease, rent shall be abated Monthly Base Rent or Adjustments xxxxx, in proportion to the area whole or in part, by reason of the Premises not capable occurrence of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by a fire or other casualty and("Casualty Abatement") and this Lease is not terminated, in Landlord’s judgmentthen to the extent that the period of any Casualty Abatement coincides with any period that a Rent Concession would otherwise have been applicable, the Premises can Rent Concession or such portion thereof as would otherwise have been applicable if the Casualty Abatement had not occurred ("Rent Concession Balance") will be substantially restored within 120 days deferred until the Casualty Abatement period expires and the Rent Concession Balance will be effective and applied at the rate set forth in this Lease during the period immediately following the expiration of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualtyCasualty Abatement, provided that if Tenant has made any alterations, additions the Casualty Abatement does not apply to all Monthly Base Rent or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, Adjustments then Tenant shall reimburse Landlord for the excess cost of reconstructing Rent Concession Balance will apply to the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed full extent possible to that portion of the Premises bears Monthly Base Rent or Adjustments, or both, which is not abated during the Casualty Abatement period. Notwithstanding the foregoing, (a) the Rent Concession Balance will not be applicable to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than extent it exceeds the amount of the rent loss insurance proceeds payable for recovered by Landlord with respect to the benefit of Casualty Abatement, (b) Tenant will not be entitled to any cash refund or credit against any other amounts due Landlord by reason of such damage or destruction, plus any amounts actually paid the foregoing provision and (c) the Term will not be extended by Tenant for the excess reason of the cost applicability of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlordforegoing provision.

Appears in 1 contract

Samples: Office Space Lease (2 Infinity Inc)

Damage or Destruction. If either In the Buildingevent (a) the Improvement are damaged by fire, explosion or other casualty insured under the Project fire and extended coverage insurance policy required hereunder (an "INSURED CASUALTY") to the extent of fifty percent (50%) or more of the insurable value thereof immediately preceding the casualty, (b) the Improvements are damaged by a casualty or occurrence other than an Insured Casualty, (c) such damage occurs at anytime within the last twelve (12) months of the Lease Term, or (d) the Premises should be partially or wholly destroyed or any portion thereof is damaged by fire fire, explosion or other casualty and the Premises cannot be repaired, rebuilt or restored to substantially the same condition, under any Legal Requirement or other governmental order or under any other agreement to which the Premises is subject (a "PROHIBITED CASUALTY"), then in such event Landlord may terminate this Lease by giving Tenant written notice of termination within thirty (30) days after the happening of the event causing the damage. In the event the damage is not extensive enough to give rise to Landlord's option to terminate this Lease, a Prohibited Casualty has not occurred, or Landlord does not elect to terminate this Lease, Landlord shall promptly and with all due diligence repair and replace the damage to the Improvements to the condition that existed immediately preceding such fire, explosion or other casualty. Upon completion of such repairs and replacements by Landlord, Tenant shall promptly repair or replace all portions of the Premises not repaired or replaced by Landlord to the condition existing immediately preceding such fire, explosion or other casualty. All work by Tenant shall comply with the requirements and limitations imposed by Landlord. During any period of reconstruction or repair of the Premises, Tenant shall operate its business in the Premises to the extent practicable. Base Rent shall be abated during the period of such repair and restoration to the extent the Premises is not tenantable. If such damage or destruction cannot in Landlord’s reasonable judgment be repaired or substantially restored completed within 120 days of one year after the date of such damage or destructiondestruction occurred, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90) days after the date of the damage or destruction, then Tenant may within ten (10) days after the expiration of such 270 day period elect to terminate this Lease by giving written notice thereof to Landlord, in which case rent shall be prorated to the date of termination, Tenant’s security deposit shall be returned, after deduction of any amount thereof to which Landlord shall be entitled, and neither party shall have any further liability to the other under this Lease, except under the indemnification provisions contained in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than the amount of the insurance proceeds payable for the benefit of Landlord by reason of such damage or destruction, plus any amounts actually paid by Tenant for the excess of the cost of reconstructing tenant improvements over the original cost of such tenant improvements paid initially by Landlord.

Appears in 1 contract

Samples: Lease Agreement (Firepond Inc)

Damage or Destruction. 17.1 If either the Building, the Project Premises or the Building are totally or partially damaged or destroyed thereby rendering the Premises should be totally or partially inaccessible or wholly destroyed or damaged by fire or other casualty unusable, then Landlord shall diligently repair and such damage or destruction cannot restore the Premises and the Building to substantially the same condition they were in Landlord’s reasonable judgment be repaired or substantially restored within 120 days of the date of prior to such damage or destruction, then Landlord shall so notify Tenant and either party hereto may, at its option, terminate this Lease by giving written notice thereof to the other party within 30 days after the date of such “casualty, ; provided, however, that Tenant shall not have the right to terminate if the Premises can be used by Tenant without major disruption of its operations as a Consulate General and are accessible, notwithstanding the damage or destruction or can be restored to a condition which is usable by Tenant as the office of a Consulate General and can be made accessible to Tenant within such 120 day period. In such event, rent shall be apportioned to and shall cease as of the date of such casualty. If neither party exercises this option, then the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that, if Tenant has made any alterations, additions or improvements pursuant to Article 11 or if tenant improvements have been constructed at a cost in excess of costs paid or reimbursed by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of restoration exceeds the cost of initial construction. In the event of such reconstruction, rent shall be abated in proportion to the area of the Premises not capable of use by Tenant from the date of the casualty until substantial completion of the reconstruction repairs and this Lease shall continue in full force and effect for the balance of the Term. If the Project, the Building or the Premises should be damaged by fire or other casualty and, in Landlord’s judgment, the Premises can 's reasonable judgment such repair and restoration cannot be substantially restored within 120 days of the date of such damage, then such damaged part of the Premises shall be reconstructed and restored, at Landlord’s expense, to substantially the same condition as they were prior to the casualty, provided that if Tenant has made any alterations, additions or improvements or if tenant improvements have been constructed for a cost in excess of amounts paid by Landlord, then Tenant shall reimburse Landlord for the excess cost of reconstructing the same whether or not the cost of reconstruction exceeds cost of initial construction. Rent shall be abated in the proportion which the approximate area of the damaged and destroyed portion of the Premises bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs; and this Lease shall continue in full force and effect for the balance of the Term. Landlord shall use reasonable diligence in completing such reconstruction repairs. In any case where Landlord shall be performing reconstruction or restoration under this Article 17, Landlord will proceed with due diligence to prepare plans, obtain permits and complete the reconstruction or restoration. If the reconstruction or restoration of the Premises to a condition in which the Premises are restored for use as a Consulate General office and are accessible to Tenant is not completed within 270 days after the earlier of two hundred seventy (1) the date Landlord commences the actual reconstruction or restoration work on site (as opposed to the planning and permitting process) or (2) ninety (90270) days after the date occurrence of the such damage or destructiondestruction (taking into account the time needed for effecting a satisfactory settlement with any insurance company involved, removal of debris, preparation of plans and issuance of all required governmental permits), then Tenant may within ten (10) days after Landlord shall have the expiration of such 270 day period elect right to terminate this Lease by giving written notice thereof of termination within forty-five (45) days after the occurrence of such damage or destruction. If this Lease is terminated pursuant to Landlordthis Article, in which case then rent shall be prorated apportioned (based on the portion of the Premises which is usable or used after such damage or destruction) and paid to the earlier of the date of termination, Tenant’s security deposit shall be returned, after deduction termination or the date Tenant completely vacates and abandons the Premises on account of any amount thereof to which such damage and Landlord shall be entitled, entitled to any insurance proceeds received by Tenant that are attributable to Tenant's Work and neither party shall have any further liability other improvements insured or required to the other under this Lease, except under the indemnification provisions contained be insured by Tenant that would remain in this Lease. Notwithstanding anything else to the contrary contained in this Article 17, Landlord shall have no obligation to pay for the repair or restoration of damage or destruction to the Premises caused by fire or other casualty more than at the amount end of the insurance proceeds payable for the benefit of Landlord by reason Lease Term. If this Lease is not terminated as a result of such damage or destruction, plus any amounts actually paid by then until such repair and restoration of the Premises are substantially complete, Tenant shall be required to pay rent only for the excess portion of the Premises that is usable while such repair and restoration are being made; provided, however, that (x) if such damage or destruction was caused by the act or omission of Tenant or any Agent, then Tenant shall not be entitled to any such rent reduction and (y) if Tenant fails to immediately pay over to Landlord insurance proceeds when received from Tenant's insurance any such rent abatement shall end on the date when Landlord would have been able to substantially complete repair and restoration of the Premises had Tenant timely paid Landlord such insurance proceeds. After receipt of all insurance proceeds (including proceeds of insurance maintained by Tenant), Landlord shall proceed with and bear the expenses of such repair and restoration of the Premises and the Building; provided, however, that (a) if such damage or destruction was caused by the willful misconduct of Tenant or any Agent, then Tenant shall pay Landlord's deductible and the amount by which such expenses exceed the insurance proceeds, if any, actually received by Landlord on account of such damage or destruction (or, if Landlord fails to maintain the insurance required by Section 13.3, that Landlord would have received to the extent Landlord maintained such insurance required by Section 13.3), (b) Tenant shall pay the amount by which the cost of reconstructing restoring any item which Landlord is required to restore and Tenant is required to insure exceeds the insurance proceeds received with respect thereto, and (c) Landlord shall not be required to repair or restore any tenant improvements over installed in the original Premises (except to the extent Landlord receives proceeds therefor from Tenant's insurance), any Alterations or any other contents of the Premises (including Tenant's trade fixtures, decorations, furnishings, equipment or personal property). Notwithstanding anything herein to the contrary, Landlord shall have the right to terminate this Lease if (1) insurance proceeds plus deductibles are insufficient to pay the full cost of such tenant improvements paid initially repair and restoration (so long as Landlord maintains the insurance required by LandlordSection 13.3), (2) the holder of any Mortgage fails or refuses to make such insurance proceeds available for such repair and restoration, (3) zoning or other applicable Laws or regulations do not permit such repair and restoration, or (4) the damage to the Building exceeds thirty-five percent (35%) of the replacement value of the Building.

Appears in 1 contract

Samples: Office Lease Agreement (Wells Real Estate Fund Xi L P)

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