Common use of Damage Resulting from Casualty Clause in Contracts

Damage Resulting from Casualty. In case during the Lease Term, the Premises or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings in the event of damage thereto (excluding Tenant's Property) into substantially the same condition as existed prior to the damage and a just proportion of the Annual Fixed Rent, Operating Expenses Allocable to the Premises and Landlord's Tax Expenses Allocable to the Premises according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premises. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 4 contracts

Samples: Lease (Irobot Corp), Agreement (Irobot Corp), Agreement (Irobot Corp)

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Damage Resulting from Casualty. In case during the Lease Term, the Premises or and/or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty eighty (150180) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant either party may, at its election, terminate this Lease by notice given to Landlord the other party within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant the terminating party shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available shall available, use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property) into substantially the same condition as existed they were in prior to the damage fire or casualty and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Expenses Allocable to the Premises Costs and LandlordTenant's Tax Expenses Allocable to the Premises share of real estate taxes shall be abated according to the nature and extent of the injury to the Premises, until the Premises shall be abated until the earlier to occur of (i) the date the Premises is have been restored by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds proceeds. If such restoration is not completed within six (provided6) months from the time that repair work commences, such period to be subject, however, that if Landlord elects not to expend any sums extension where the delay in excess completion of such work is due to Force Majeure, as defined hereinbelow, (but in no event beyond ten (10) months from the date of the net insurance proceedsfire or casualty), Tenant Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such six-month period (as set forth in the immediately following sentenceextended). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, which right shall continue until the restoration is substantially completed. Such termination shall be effective as of the Buildings thirtieth (and/or the Site30th) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days day after the date of notice receipt by Landlord of such termination).Tenant's notice, with the same

Appears in 2 contracts

Samples: Synta Pharmaceuticals Corp, Synta Pharmaceuticals Corp

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises or the Site Building are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty fifty (240150) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available shall available, use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Expenses Allocable to the Premises Costs and LandlordTenant's Tax Expenses Allocable to the Premises share of real estate taxes shall be abated according to the nature and extent of the injury to the Premises, until the Premises shall be abated until the earlier to occur of (i) the date the Premises is have been restored by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds and the amount of Landlord's deductible allocable to the Building. If such restoration is not completed within one (provided1) year from the date of the fire or casualty, such period to be subject, however, that if Landlord elects not to expend any sums extension where the delay in excess completion of such work is due to Force Majeure, as defined hereinbelow, (but in no event beyond sixteen (16) months from the date of the net insurance proceedsfire or casualty), Tenant Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such one-year period (as set forth in the immediately following sentenceextended). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, which right shall continue until the restoration is substantially completed. Such termination shall be effective as of the Buildings thirtieth (and/or the Site30th) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).day

Appears in 2 contracts

Samples: Agreement (Unica Corp), Agreement (Unica Corp)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty andcasualty, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty ten (240210) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last eighteen (18) months of the Lease Term as it may have been extended, the Building shall be damaged by fire or casualty and such fire or casualty damage to the Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the time that repair or restoration work would commence, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property ) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to Cost Excess and the Premises and Landlord's Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premises. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence)been put by Landlord substantially into such condition. If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings Building (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings Building (and/or the Site), then Landlord shall give notice ("Landlord's ’s Insufficient Insurance Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency the insufficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's ’s receipt of Landlord's ’s Insufficient Insurance Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of such notice of such termination).

Appears in 2 contracts

Samples: Agreement (Akamai Technologies Inc), Agreement (Akamai Technologies Inc)

Damage Resulting from Casualty. In case during the Lease Term, the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commencedate of fire or casualty as certified by Landlord’s architect (the “Certification”), either party Landlord or Tenant may, each at its election, terminate this Lease by notice given to the other within thirty sixty (3060) days after the date receipt of Landlord's Restoration Estimatethe Certification, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either the terminating party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In the event of such termination, neither party shall have any liability hereunder except with respect to obligations arising prior to the effective date of such termination or except to the extent the same are expressly stated to survive expiration or earlier termination hereof. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencedate of such fire or casualty, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available available, shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s payments towards Landlord’s Operating Expenses Allocable to the Premises and Landlord's ’s Tax Expenses Allocable to the Premises according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request to the extent Tenant has actually received the same; provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 2 contracts

Samples: Lease (Fractyl Health, Inc.), Lease (Fractyl Health, Inc.)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty twenty (240120) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty thirty, (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to the Premises and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request; provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceedscosts of restoration in the absence of any payment by Tenant). Unless such restoration is completed within ten (10) months from the date of the casualty or taking, Tenant such period to be subject, however, to extension where the delay in completion of such work is due to Force Majeure, as defined hereinbelow, (but in no event beyond sixteen (16) months from the date of the casualty or taking), Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such ten-month (as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, extended) period until the restoration is substantially completed, such termination to take effect as of the Buildings thirtieth (and/or 30th) day after the Site) date of receipt by Landlord of Tenant’s notice, with the same force and effect as if Landlord does not otherwise elect to spend such date were the additional funds necessary to fully restore date originally established as the Buildings (and/or the Site)expiration date hereof unless, then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).’s

Appears in 2 contracts

Samples: Burlington Mall Road (Flexion Therapeutics Inc), Burlington Mall Road (Flexion Therapeutics Inc)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty fifty (240150) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty (or common areas essential for Tenant’s use of or access to the Premises) and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. : If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available shall available, use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof)) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to Costs, Tenant’s share of real estate taxes and Tenant’s payments for electricity shall be abated from the Premises and Landlord's Tax Expenses Allocable to date of the Premises casualty according to the nature and extent of the injury to the Premises shall be abated Premises, until the earlier to occur Premises (and the common areas essential for Tenant’s use of (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premises, i.e. parking) shall have been restored by Landlord substantially into such condition except for punch list items. Notwithstanding anything herein contained to the contrary, so long as Landlord carries the property insurance required under this Lease, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 2 contracts

Samples: Agreement (Proteon Therapeutics Inc), Agreement (Proteon Therapeutics Inc)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty ten (240210) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty (30) days after the date Landlord’s delivery to Tenant of Landlord's Restoration Estimate’s estimate of restoration, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one two hundred fifty ten (150210) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty thirty (6030) days after the date receipt of such fire or other casualtyLandlord’s estimate of restoration, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Not later than thirty (30) days after the occurrence of any casualty damage to the Building, Landlord shall cause a reputable, independent contractor, engineer, insurance adjuster or other qualified professional to prepare an estimate of the time that would be required to restore the Building as required by this Article VI, which estimate shall be delivered to Landlord and Tenant within such 30-day period. Such estimate shall provide the basis for the termination rights, if any, of Landlord and Tenant under the preceding two paragraphs. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to the Premises Costs and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes and other Additional Rent according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore Landlord’s Work and also any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 2 contracts

Samples: Lease (Amag Pharmaceuticals, Inc.), Work Agreement (Amag Pharmaceuticals Inc.)

Damage Resulting from Casualty. In case during the Lease Term, the Premises or the Site are Building is damaged by fire or other casualty andcasualty, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence as reasonably determined by Landlord, Tenant Landlord may, at its election, terminate this Lease by notice given to Landlord Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last Lease Year of the Lease Term (as it may have been extended), the Building shall be damaged by fire or casualty and such fire or casualty damage to the Site Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the time that repair or restoration work would commence as reasonably determined by Landlord, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Building, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property (as defined in Section 13.4 hereof)), except as expressly provided in the immediately following paragraph of this Section 14.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to Cost Excess and the Premises and Landlord's Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 13.4 above and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 2 contracts

Samples: Lease Agreement (SEMrush Holdings, Inc.), Lease Agreement (SEMrush Holdings, Inc.)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty twenty (240120) days from the time that repair work would commencedate of such fire or casualty, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease TermTerm (as the same may be extended), the Premises are Building is damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencedate of such fire or casualty, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to the Premises Costs and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated from the date of such fire or casualty until the earlier to occur of (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premises. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence)been put by Landlord substantially into such condition and are made available for occupancy by Tenant. If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings Building (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings Building (and/or the Site), then Landlord shall give notice ("Landlord's ’s Insufficient Insurance Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency the insufficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's ’s receipt of Landlord's ’s Insufficient Insurance Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of such notice of such termination).. Unless such restoration is completed within one (1) year from the date of the casualty or taking, such period to be subject, however, to extension where the delay in completion of such work is due to Force Majeure, as defined hereinbelow, (but in no event beyond eighteen (18) months from the date of the casualty or taking), Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such one-year (as extended) period until the restoration is substantially completed, such termination to take effect as of the thirtieth (30th) day after the date of

Appears in 2 contracts

Samples: Lease (Care.com Inc), Lease (Care.com Inc)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty twenty (240120) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty forty-five (3045) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty eighty (150180) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencedate of such fire, casualty or damage, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty thirty (6030) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to the Premises and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 2 contracts

Samples: Lease Agreement (Vistaprint LTD), Vistaprint LTD

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises or the Site are Office Area is damaged by fire or other casualty andcasualty, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence as reasonably determined by contracting or engineering estimates and provided that Landlord also terminates the leases of tenants comprising at least 75% of the rentable area of the Office Area, Tenant Landlord may, at its election, terminate this Lease by written notice given to Landlord Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last twenty 24 months of the Lease Term (as it may have been extended), the Office Area shall be damaged by fire or casualty and such fire or casualty damage to the Site Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the date of such casualty, then Tenant shall have the right, by giving written notice to Landlord not later than thirty (30) days after receipt of Landlord’s determination, to terminate this Lease, whereupon this Lease shall terminate thirty (30) days after the date of such notice, or such earlier date as is specified in such notice, with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Office Area or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Office Area as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Office Area as part of the demised premises Premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Office Area, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Office Area in the event of damage thereto (excluding Tenant's Property’s Property (as defined in Section 13.4 hereof)) into substantially proper condition for use and occupation for the same condition as existed prior to the damage Permitted Use and a just proportion of the Annual Fixed Rent, Operating Expenses Allocable to the Premises and Landlord's the Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds proceeds. Where Landlord is obligated or otherwise elects to effect restoration of, or access to, the Premises, unless such restoration is completed within one (provided1) year from the date of the casualty, such period to be subject, however, that if Landlord elects not to expend any sums extension where the delay in excess completion of such work is due to Force Majeure, as defined hereinbelow (but in no event beyond eighteen (18) months from the date of the net insurance proceedscasualty or taking), Tenant Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such one-year (as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, extended) period until the restoration is substantially completed, such termination to take effect as of the Buildings thirtieth (and/or 30th) day after the Site) date of receipt by Landlord of Tenant’s notice, with the same force and effect as if Landlord does not otherwise elect to spend such date were the additional funds necessary to fully restore date originally established as the Buildings (and/or the Site)expiration date hereof unless, then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within such thirty (30) days after the final determination by day period such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after restoration is substantially completed, in which case Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).’s

Appears in 2 contracts

Samples: Agreement (Decibel Therapeutics, Inc.), Agreement (Decibel Therapeutics, Inc.)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty twenty (240120) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to the Premises Costs and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings Building (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings Building (and/or the Site), then Landlord shall give notice ("Landlord's ’s Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency the insufficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's ’s receipt of Landlord's ’s Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of such notice of such termination).. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request); provided, however, that in no event shall Landlord be required to fund any insufficiency in the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the costs of restoration in the absence of any payment by Tenant) nor shall Landlord or Tenant have the right to terminate the Lease on account of such insufficiency. Unless such restoration is completed within nine (9) months from the date of the casualty or taking, such period to be subject, however, to extension where the delay in completion of such work is due to Force Majeure, as defined hereinbelow (but in no event beyond twelve (12) months from the date of the casualty or taking), Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such nine-month (as extended) period until the restoration is substantially completed, such termination to take effect as of the thirtieth (30th) day after the date of receipt by Landlord of Tenant’s notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within thirty (30) days after Landlord’s receipt of Tenant’s notice, such restoration

Appears in 1 contract

Samples: Work Agreement (Radius Health, Inc.)

Damage Resulting from Casualty. In case during the Lease Termevent of loss of, or damage to, the Premises or the Site are Building by fire or other casualty, the rights and obligations of the parties hereto shall be as follows: If the Premises, or any part thereof, shall be damaged by fire or other casualty andcasualty, if Tenant shall give prompt notice thereof to Landlord, and Landlord shall furnish to Tenant, as soon as practicable following such damage, but in any event within ninety (90) days after the casualty), an estimate from Landlord’s Architect of the time required to repair such damage. If, according to Landlord's Restoration Estimatesuch estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be repair is not expected to be repaired completed within two three hundred forty ten (240310) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premisesdamage, Tenant may terminate this Lease as by notice to Landlord given within twenty (20) days after the entire Premises so long as the casualty is furnishing of such a magnitude as to trigger a estimate, specifying the date on which the Term of this Lease shall terminate, which termination right hereunder). The effective date of termination specified by either party hereunder shall be not be less than thirty twenty (3020) days nor more than forty-forty five (45) days after the date of notice such termination notice. If, as a result of fire or other casualty, the whole or a substantial portion of the Building is substantially damaged, Landlord, within ninety (90) days from the date of such terminationfire or casualty, may terminate this Lease by notice to Tenant, specifying a date not less than twenty (20) nor more than forty five (45) days after the giving of such notice on which the Term of this Lease shall terminate, provided however that notwithstanding anything contained herein to the contrary, (1) in the event of a fire or other casualty as a result of which no part of the Premises is damaged or destroyed, Landlord shall have no right to terminate this Lease unless Landlord shall at the same time or substantially at the same time terminate the leases of all other tenants in the Building whose leased premises also have not been damaged by such fire or casualty and if so terminated, Tenant shall have not less than ninety (90) days following Landlord’s termination notice to vacate the Premises, and (2) in the event of a fire or other casualty as a result of which any part of the Premises is damaged or destroyed, Landlord shall have no right to terminate this Lease unless Landlord shall in the same general time period terminate the leases of all other tenants in the Building whose leased premises have been affected by such fire or casualty to an equal or greater extent. In case For purposes hereof, any damage to the Building by fire or other casualty shall be deemed substantial only if, according to an estimate from Landlord’s Architect, the time required to repair such damage is expected to exceed three hundred ten (310) days from the date of the damage. If during the last eighteen (18) months Lease Year of the Lease TermTerm (as it may have been extended), the Premises are Building shall be damaged by fire or casualty and such fire or casualty damage cannot, in to the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work Premises cannot reasonably be expected to be repaired or restored within such additional time as is reasonable under the circumstances given the nature of the workone hundred twenty (120) days from the time that repair or restoration work would commencecommence as reasonably determined by Landlord, then Tenant mayshall have the right, at its election, terminate this Lease by giving notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less later than thirty (30) days nor more than forty-five (45) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice of such termination. Unless terminated pursuant to with the foregoing provisions, this Lease shall remain in full same force and effect following any as if such damage subject, however, to date were the following provisionsdate originally established as the expiration date hereof. If the Buildings or the Site Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or and Tenant have no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or Building in accordance with the Site)terms of such mortgage, Landlord Landlord, subject to any limitations imposed by Legal Requirements, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises (including Landlord’s Work, but not improvements, alterations or fixtures which are installed after the Commencement Date by, or on behalf of, Tenant or anyone claiming by, through or under Tenant, which shall be Tenant’s responsibility to restore, at Tenant’s election) and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property (as defined in Section 13.4 hereof)) into substantially the same its condition as existed prior to the damage casualty] and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to Cost Excess and the Premises and Landlord's Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises and access thereto shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds proceeds, provided that, in such event, Landlord gives written notice so advising Tenant within ninety (provided, 90) days after the casualty in question; provided however, that the foregoing shall not affect Tenant’s rights to Tenant’s Share of Insurance Proceeds, as defined in Section 13.4, if the Premises are not restored after a casualty during the initial Lease Term. If Landlord elects not gives Tenant written notice (“Inadequate Insurance Proceeds Notice”) that the insurance proceeds available to expend any sums in excess Landlord are inadequate to enable Landlord complete repairs and restoration of the net insurance proceedscasualty damage, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if giving Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give a written termination notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's gives an Inadequate Insurance Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination)to Tenant.

Appears in 1 contract

Samples: Agreement (Brightcove Inc)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged aged by fire or other casualty andand if, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other party within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Expenses Allocable to the Premises Costs and LandlordTenant's Tax Expenses Allocable to the Premises share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds proceeds. Unless such restoration is completed within ten (provided10) months from the date of the casualty or taking, such period to be subject, however, that if Landlord elects not to expend any sums extension where the delay in excess completion of such work is due to causes beyond Landlord's reasonable control (but in no event beyond fifteen (15) months from the date of the net insurance proceedscasualty or taking), Tenant Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such ten (10) month (as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, extended) period until the restoration is substantially completed, such termination to take effect as of the Buildings thirtieth (and/or the Site30th) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days day after the date of notice receipt by Landlord of Tenant's notice, with the same force and effect as if such termination)date were the date originally established as the expiration date hereof.

Appears in 1 contract

Samples: Oasis Semiconductor Inc

Damage Resulting from Casualty. In case during the Lease Term, the Premises or the Site are Building is damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty twenty (240120) days from the time that repair work would commencecommence as reasonably determined by Landlord, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, provided that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord also terminates the leases of all other similarly situated tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder)Building. The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one two hundred fifty ten (150210) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence (or within sixty (60) days from the time that repair work would commence if the fire or casualty occurs during the last year of the Lease Term) as reasonably determined by Landlord, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings or the Site Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Operating Expenses Allocable to the Premises Tenant’s share of operating expenses and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request (provided that if Tenant has not received such insurance proceeds and does not elect to fund any insufficiency, then Tenant shall not be in default hereunder but Landlord shall have no obligation to restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: Agreement (Dynatrace Holdings LLC)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty andcasualty, if according Landlord shall promptly notify Tenant in writing of Landlord’s reasonable estimate of the length of time necessary to Landlord's Restoration Estimate, repair or restore such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence (“Landlord’s Restoration Estimate”). If Landlord’s Restoration Estimate indicates a repair period of more than three hundred (300) days from the date that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Premises shall be damaged by fire or casualty and Landlord’s Restoration Estimate indicates a repair period of more than three hundred (300) days from the time that repair work would commence, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If during the last eighteen (18) months of the Lease Term as it may have been extended, the Premises shall be damaged by fire or casualty and Landlord’s Restoration Estimate indicates a repair period of more than one hundred fifty (150) days from the date of such casualty, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property ) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Operating Landlord’s Tax Expenses Allocable to the Premises and Landlord's Tax Operating Expenses Allocable to the Premises according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premises. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence)been put by Landlord substantially into such condition and are made available for occupancy by Tenant. If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings Building (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings Building (and/or the Site), then Landlord shall give notice ("Landlord's ’s Insufficient Insurance Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency the insufficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's ’s receipt of Landlord's ’s Insufficient Insurance Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of such notice of such termination).

Appears in 1 contract

Samples: Translate Bio, Inc.

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises or the Site are Building is damaged by fire or other casualty andcasualty, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence as reasonably determined by Landlord, Tenant Landlord may, at its election, terminate this Lease by notice given to Landlord Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last Lease Year of the Lease Term (as it may have been extended), the Building shall be damaged by fire or casualty and such fire or casualty damage to the Site Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the time that repair or restoration work would commence as reasonably determined by Landlord, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or any part thereof are is damaged by be fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Building, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to Cost Excess and the Premises and Landlord's Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: Sublease (Flex Pharma, Inc.)

Damage Resulting from Casualty. In case during the Lease Term, the Premises or the Site are Building is damaged by fire or other casualty andcasualty, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence as reasonably determined by Landlord, Tenant Landlord may, at its election, terminate this Lease by notice given to Landlord Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last Lease Year of the Lease Term (as it may have been extended), the Building shall be damaged by fire or casualty and such fire or casualty damage to the Site Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the time that repair or restoration work would commence as reasonably determined by Landlord, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Building, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property (as defined in Section 13.4 hereof)), except as expressly provided in the immediately following paragraph of this Section 14.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to Cost Excess and the Premises and Landlord's Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds plus the amount of any deductible under such policy(ies). Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 13.4 above and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: Flex Pharma, Inc.

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Damage Resulting from Casualty. In case during the Lease Term, the Premises or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings in the event of damage thereto (excluding Tenant's Property) into substantially the same condition as existed prior to the damage and a just proportion of the Annual Fixed Rent, Operating Expenses Allocable to the Premises and Landlord's Tax Expenses Allocable to the Premises according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premises. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).. Unless such restoration is (x) commenced within six (6) months from the date of the casualty or taking (except to the extent such restoration work could be completed within the one (1) year period described in subsection (y) below, notwithstanding the fact that it did not commence within six (6) months from the date of the casualty or taking), such period to be subject, however, to extension where the delay in commencement of such work is due to Force Majeure, as defined hereinbelow (but in no event beyond ten (10)

Appears in 1 contract

Samples: Agreement (Irobot Corp)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty andcasualty, if according Landlord shall within sixty (60) days after the occurrence thereof, subject to Force Majeure and/or delays caused by Tenant, notify Tenant in writing of Landlord's Restoration Estimate, ’s reasonable estimate of the length of time necessary to repair or restore such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence (“Landlord’s Restoration Estimate”). If the Premises or the Building or the Site are materially damaged and Landlord’s Restoration Estimate exceeds two hundred seventy (270) days from the time the repair work would commence, then either party may, at its election, terminate this Lease by notice given to the other party within thirty (30) days after the date Tenant’s receipt of Landlord's ’s Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either the terminating party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises or the Building or the Site are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available available, shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Operating Expenses Allocable to the Premises Premises, and Landlord's Tenant’s Tax Expenses Allocable to the Premises Payment according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items (i) the date provided that the Premises is substantially restored to can be occupied by Tenant for the extent required under this Lease and Tenant has had a period conduct of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) business notwithstanding the date Tenant commences business operations in the Premiseslack of completion of such long lead items). Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (plus any amount that Landlord elects to self-insure pursuant to Section 8.12). Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which have been performed in accordance with the provisions of Section 5.12(B) (including the requirement that Landlord be notified hereof) or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request; provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: Hayden Avenue (Dicerna Pharmaceuticals Inc)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site Property are damaged by fire or other casualty andcasualty, if according Landlord shall within sixty (60) days after the occurrence thereof, subject to Force Majeure and/or delays caused by Tenant, notify Tenant in writing of Landlord's Restoration Estimate, reasonable estimate of the length of time necessary to repair or restore such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty commence (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after If the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are Building is materially damaged by fire or casualty casualty, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty eighty (150180) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence as reasonably determined by Landlord, Tenant Landlord may, at its election, terminate this Lease by notice given to Landlord Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination, provided,' however, that Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of at least 75% of the office tenants in the Building similarly affected by the casualty (where Landlord has a termination right thereunder). The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. 0000 Xxxx Xxxxxx Xxxxxx Xxxxxxxx, Inc. Lease If the Buildings Premises is materially damaged and Landlord's Restoration Estimate exceeds two hundred ten (210) days from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within ten (10) business days after the receipt of Landlord's Restoration Estimate, specifying the effective date of termination. The effective date of termination specified by Tenant shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. If during the last Lease Year of the Lease Term (as it may have been extended), the Building shall be damaged by fire or casualty and such fire or casualty damage to the Site Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the time that repair or restoration work would commence as reasonably determined by Landlord, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Building, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's PropertyProperty (as defined in Section 13.4 hereof), except as expressly provided in the immediately following paragraph of this Section 14.1) into substantially proper condition for the same condition as existed prior to the damage lawful and safe use and occupation and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to the Premises and Landlord's Tax Expenses Allocable to the Premises according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises that is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) following the date Tenant commences business operations in that the PremisesPremises shall have been put by Landlord substantially into such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant's Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 13.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord's written request); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss 0000 Xxxx Xxxxxx Xxxxxx Xxxxxxxx, Inc. Lease or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: Lease (Markforged Holding Corp)

Damage Resulting from Casualty. In case during the Lease Term, the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty fifty (240150) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen twenty-four (1824) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty and twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised 91 Hxxxxxxx Avenue\Leases\T2 Biosystems(B) premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord shall, promptly after such damage and the determination of the net amount of insurance proceeds available shall available, use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to the Premises and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes shall be abated according to the nature and extent of the injury to the Premises, until the Premises shall be abated until the earlier to occur of (i) the date the Premises is have been restored by Landlord substantially restored to the extent required under this Lease into such condition except for punch list items and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premiseslong lead items. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, proceeds; provided that if the available proceeds are insufficient to restore the Premises to the condition existing prior to such casualty and Landlord elects to not to expend any sums provide additional funds, Landlord will notify Tenant in excess of the net insurance proceeds, writing that it will not provide such additional funds and Tenant shall have the right to may terminate this Lease as set forth in by notice given to Landlord within sixty (60) days after the immediately following sentence)date of delivery of such notice. If such net insurance proceeds are The effective date of termination shall be not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within less than thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty nor more than forty-five (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (6045) days after the date of notice of such termination. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request; provided, however, that in no event shall Landlord be required to fund any insufficiency in the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the costs of restoration in the absence of any payment by Tenant).

Appears in 1 contract

Samples: T2 Biosystems, Inc.

Damage Resulting from Casualty. In case during the Lease Term, the Premises or the Site are Building is damaged by fire or other casualty andcasualty, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence as reasonably determined by Landlord, Tenant Landlord may, at its election, terminate this Lease by notice given to Landlord Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The 200 Xxxxxxxxx Xxxxxx – Advent Technologies effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last Lease Year of the Lease Term (as it may have been extended), the Building shall be damaged by fire or casualty and such fire or casualty damage to the Site Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the time that repair or restoration work would commence as reasonably determined by Landlord, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Building, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property (as defined in Section 13.4 hereof)), except as expressly provided in the immediately following paragraph of this Section 14.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, the Tenant’s Operating Expenses Allocable to Cost Payment and the Premises and Landlord's Tenant’s Tax Expenses Allocable to the Premises Payment according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 13.4 above and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceedscosts of restoration in the absence of any payment by Tenant). Where Landlord is obligated or otherwise elects to effect restoration of the Premises, Tenant unless such restoration is completed within one (1) year from the date of the casualty, such period to be subject, however, to extension where the delay in completion of such work is due to Force Majeure, as defined hereinbelow (but in no event beyond eighteen (18) months from the date of the casualty or taking), Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days at any time after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice expiration of such termination).one-year (as extended) period until the 200 Xxxxxxxxx Xxxxxx – Advent Technologies

Appears in 1 contract

Samples: Work Agreement (Advent Technologies Holdings, Inc.)

Damage Resulting from Casualty. In case during the Lease Term(A) Landlord shall, the Premises or the Site are damaged by within sixty (60) days after a fire or other casualty anddamages the Podium Building or any part thereof, if according deliver to Landlord's Tenant an estimate (“Casualty Restoration Estimate, ”) from a reputable engineering or contractor firm as to the period of time which such firm estimates will be required to substantially complete the work necessary to repair the damage caused by such fire or other casualty damage cannot, in (“Estimated Restoration Period”). If the ordinary course, reasonably be expected to be repaired within Estimated Restoration Period exceeds two hundred forty (240) days from the time that repair work would commencedate of such fire or casualty (“Outside Restoration Period”), either party Landlord may, at its election, terminate this Lease by notice given to Tenant at the other within thirty (30) days after time that Landlord delivers the date of Landlord's Casualty Restoration Estimate, specifying the effective date of termination; provided, however, provided that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord also terminates the leases of all other tenants of premises in the Complex Office Building that have been similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or other casualty damage cannotand that are subject to leases that the Landlord has the right to terminate. If the Estimated Restoration Period exceeds the Outside Restoration Period, in and the ordinary coursefire or other casualty materially adversely affects Tenant’s use of, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under access to, the circumstances given the nature of the work) from the time that repair work would commencePremises, Tenant may, at its election, terminate this Lease by written notice given to Landlord within sixty (60) days after Tenant receives the date of Casualty Restoration Estimate. In the event that the Lease is terminated by either party, as aforesaid, the termination notice given by such fire or other casualty, specifying party shall specify the effective date of termination. The effective date of termination specified by Tenant which shall not be not less than thirty sixty (3060) days nor more than forty-five ninety (4590) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If Notwithstanding the Buildings or the Site or any part thereof are damaged by foregoing, with respect to a fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case occurring during the holder of any mortgage which includes the Buildings as a part last eighteen (18) months of the mortgaged premises or any ground lessor of any ground lease which includes Lease Term as it may have been extended, the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings in the event of damage thereto (excluding Tenant's Property) into substantially the same condition as existed prior to the damage and a just proportion of the Annual Fixed Rent, Operating Expenses Allocable to the Premises and Landlord's Tax Expenses Allocable to the Premises according to the nature and extent of the injury to the Premises Outside Restoration Period shall be abated until the earlier to occur of one hundred fifty (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premises. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60150) days after the date of notice of such termination)the fire or casualty in question.

Appears in 1 contract

Samples: Boston, Massachusetts (Rapid7, Inc.)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty, Landlord shall within sixty (60) days after the occurrence thereof notify Tenant in writing of Landlord’s reasonable estimate of the length of time necessary to repair or restore such fire or casualty anddamage from the time that repair work would commence (“Landlord’s Restoration Estimate”). If, if according to Landlord's ’s Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commencecommence as reasonably determined by Landlord, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant the terminating party shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last Lease Year of the Lease Term (as it may have been extended), the Building shall be damaged by fire or casualty and such fire or casualty damage to the Site Premises cannot reasonably be expected to be repaired or restored within ninety (90) days from the time that repair or restoration work would commence as reasonably determined by Landlord, then Tenant shall have the right, by giving notice to Landlord not later than thirty (30) days after such damage, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Building, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property (as defined in Section 13.4 hereof), except as expressly provided in the immediately following paragraph of this Section 14.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to Cost Excess and the Premises and Landlord's Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) Building and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site)Building, then Landlord shall give prompt notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate terminating this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (Lease, the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 13.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within thirty (30) days following Landlord’s written request).; provided, however, that in no event shall Landlord be required to fund any insufficiency in the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the costs of restoration in the absence of any payment by Tenant). Where Landlord is obligated or otherwise elects to effect restoration of the Premises, unless such restoration is completed within the longer of (x) two hundred seventy (270) days or (y) the originally estimated period of time set forth in Landlord’s Restoration Notice, either such period to be subject, however, to extension where the delay in completion of such work is due to Force Majeure, as defined hereinbelow (but in no event more than an additional ninety (90) days), Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such period (as extended) until the restoration is substantially completed, such termination to take effect as of the thirtieth (30th) day after the date of receipt by Landlord of Tenant’s notice, with the same force and effect as if such date were the date originally established as the expiration date hereof unless, within such thirty (30) day period such restoration is substantially completed, in which case Tenant’s notice of termination shall be of no force

Appears in 1 contract

Samples: Agreement (Cra International, Inc.)

Damage Resulting from Casualty. In case during the Lease Term, the Premises Building or the Site are damaged by fire or other casualty and, if according to Landlord's Restoration Estimate, and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two one hundred forty twenty (240120) days from the time that repair work would commence, either party Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property” (as defined in Section 8.4 hereof), except as expressly provided in the immediately following paragraph of this Section 6.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant’s share of Operating Expenses Allocable to the Premises Costs and Landlord's Tax Expenses Allocable to the Premises Tenant’s share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items (i) the date provided that the Premises is substantially restored to can be occupied by Tenant for the extent required under this Lease and Tenant has had a period conduct of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) business notwithstanding the date Tenant commences business operations in the Premiseslack of completion of such long lead items). Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (plus any amount that Landlord elects to self-insure pursuant to Section 8.12). Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” insurance covering the loss or damage in accordance with Section 8.4 below and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within ten (10) business days following Landlord’s written request); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: Agreement (Arsanis, Inc.)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty andcasualty, and if according to Landlord's Restoration Estimate, Estimate such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two three hundred forty (240300) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other party within thirty sixty (3060) days after the date of Landlord's Restoration Estimatesuch fire or other casualty, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either the terminating party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months year of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within the lesser of (x) one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, or (y) the number of days then remaining in the Lease Term, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, Tenant's share of Operating Expenses Allocable to the Premises Costs and LandlordTenant's Tax Expenses Allocable to the Premises share of real estate taxes according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur Premises shall have been put by Landlord substantially into such condition except for punch list items and long lead items of (i) the date such a nature that Tenant can reasonably use the Premises is substantially restored to for the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) Permitted Use notwithstanding the date Tenant commences business operations in the Premisesfact that such long lead items have not been completed. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds proceeds. Unless such restoration is completed within ten (provided10) months from the date of the casualty or taking, such period to be subject, however, that if Landlord elects not to expend any sums extension where the delay in excess completion of such work is due to causes beyond Landlord's reasonable control (but in no event beyond twelve (12) months from the date of the net insurance proceedscasualty or taking), Tenant Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease at any time after the expiration of such ten-month (as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, extended) period until the restoration is substantially completed, such termination to take effect as of the Buildings thirtieth (and/or 30th) day after the Site) date of receipt by Landlord of Tenant's notice, with the same force and effect as if Landlord does not otherwise elect to spend such date were the additional funds necessary to fully restore date originally established as the Buildings (and/or the Site)expiration date hereof unless, then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by Landlord's receipt of Tenant's notice, such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a restoration is substantially completed, in which case Tenant's notice of termination within thirty (30) days after Tenant's receipt shall be of Landlord's Proceeds Notice (no force and effect and this Lease and the effective date of which termination Lease Term shall not be less than sixty (60) days after the date of notice of such termination)continue in full force and effect.

Appears in 1 contract

Samples: Netegrity Inc

Damage Resulting from Casualty. In case during the Lease Term, the Premises or the Site are Building is damaged by fire or other casualty andcasualty, if according to Landlord's Restoration Estimate, such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within two hundred forty (240) days from the time that repair work would commence, either party may, at its election, terminate this Lease by notice given to the other within thirty (30) days after the date of Landlord's Restoration Estimate, specifying the effective date of termination; provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In case during the last eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within one hundred fifty twenty (150120) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commencecommence as reasonably determined by Landlord, Tenant Landlord may, at its election, terminate this Lease by notice given to Landlord Tenant within sixty (60) days after the date of such fire or other casualty, specifying the effective date of termination. The effective date of termination specified by Tenant Landlord shall not be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If during the Buildings last Lease Year of the Lease Term (as it may have been extended), the Building shall be damaged by fire or casualty and Landlord notifies Tenant in writing (the Site “120-Day Restoration Estimate”) that such fire or casualty damage to the Premises cannot reasonably be expected to be repaired or restored within one hundred twenty (120) days from the time that repair or restoration work would commence as reasonably determined by Landlord, then Tenant shall have the right, by giving notice to Landlord not later than the later of (i) thirty (30) days after such damage or (ii) fifteen (15) days after Xxxxxx’s receipt of the 120-Day Restoration Notice, to terminate this Lease, whereupon this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date hereof. If the Building or any part thereof are is damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have has no right to terminate this Lease, and in any either such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site Building as part of the demised leased premises allows the net insurance proceeds to be applied to the restoration of the Buildings (and/or the Site)Building, Landlord Landlord, promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's Property’s Property (as defined in Section 13.4 hereof)), except as expressly provided in the immediately following paragraph of this Section 14.1) into substantially the same proper condition as existed prior to the damage for use and occupation and a just proportion of the Annual Fixed Rent, the Operating Expenses Allocable to Cost Excess and the Premises and Landlord's Tax Expenses Allocable to the Premises Excess according to the nature and extent of the injury to the Premises shall be abated from the date of casualty until the earlier to occur of (i) the date the Premises is shall have been put by Landlord substantially restored to the extent required under this Lease and Tenant has had a period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iii) the date Tenant commences business operations in the Premisesinto such condition. Notwithstanding anything herein contained to the contraryforegoing, Landlord shall not be obligated to expend for such repair repairs and restoration any amount in excess of the net insurance proceeds. Notwithstanding the foregoing, if Landlord is proceeding with the restoration of the Building and the Premises in accordance with the previous paragraph, Landlord shall also restore any alterations, additions or improvements within the Premises that are part of Tenant’s Property (x) which have previously been approved by Landlord in accordance with the terms and provisions of this Lease or which are existing in the Premises as of the date of this Lease, and (y) with respect to which Tenant has carried “all risk” or equivalent insurance covering the loss or damage in accordance with Section 13.4 above and pays the proceeds of such insurance (or an amount equivalent thereto) to Landlord within five (5) business days following Landlord’s written request); provided, however, that if in no event shall Landlord elects not be required to expend fund any sums insufficiency in excess the insurance proceeds (or equivalent amount) provided by Tenant with respect to such loss or damage (or to fund any of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth costs of restoration in the immediately following sentence). If such net insurance proceeds are not allowed absence of any payment by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site), then Landlord shall give notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: 100 Federal Street (Andretti Acquisition Corp.)

Damage Resulting from Casualty. In case during the Lease Term, Term the Premises Building or the Site are damaged by fire or other casualty andcasualty, if according Landlord shall within sixty (60) days after the occurrence thereof notify Tenant in writing of Landlord’s reasonable estimate of the length of time necessary to Landlord's Restoration Estimate, repair or restore such fire or casualty damage cannot, in from the ordinary course, reasonably be expected to be repaired within time that repair work would commence (“Landlord’s Restoration Estimate”). If Landlord’s Restoration Estimate exceeds two hundred forty ten (240210) days from the time that repair work would commencecommence (and, either party so long as Tenant leases seventy percent (70%) or more of the Total Rentable Floor Area of the Building, the Premises is materially damaged), Landlord may, at its election, terminate this Lease by notice given to the other Tenant within thirty ten (3010) business days after the date of Landlord's ’s Restoration Estimate, Estimate specifying the effective date of termination; , provided, however, that (x) Landlord shall only be permitted to terminate this Lease on account of such damage if Landlord terminates the leases of all other tenants in the Complex Building similarly affected by the casualty (where Landlord has a termination right thereunder) and (y) in the event of damage to a single Building which would in and of itself trigger any termination right under this Section 6.1, this Lease may be terminated by either party (to the extent such party has a termination right hereunder) with respect solely to such damaged Building but not with respect to the other Buildings not similarly affected by the casualty (provided, however, that if Tenant reasonably determines that Tenant is unable to continue to operate its business economically and efficiently within the undamaged portion of the Premises, Tenant may terminate this Lease as to the entire Premises so long as the casualty is of such a magnitude as to trigger a termination right hereunder). The effective date of termination specified by either party hereunder Landlord shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. If the Premises is materially damaged and Landlord’s Restoration Estimate exceeds two hundred ten (210) days from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within ten (10) business days after the receipt of Landlord’s Restoration Estimate, specifying the effective date of termination. The effective date of termination specified by Tenant shall not be less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. In addition, in case during the last final eighteen (18) months of the Lease Term, the Premises are damaged by fire or casualty and such fire or casualty damage cannot, in the ordinary course, reasonably be expected to be repaired within if Landlord’s Restoration Estimate exceeds one hundred fifty (150) days (and/or as to special work or work which requires long lead time then if such work cannot reasonably be expected to be repaired within such additional time as is reasonable under the circumstances given the nature of the work) from the time that repair work would commence, Tenant may, at its election, terminate this Lease by notice given to Landlord within sixty ten (6010) business days after the date receipt of such fire or other casualtyLandlord’s Restoration Estimate, specifying the effective date of termination. The effective date of termination specified by Tenant shall be not less than thirty (30) days nor more than forty-five (45) days after the date of notice of such termination. Unless terminated pursuant to the foregoing provisions, this Lease shall remain in full force and effect following any such damage subject, however, to the following provisions. If the Buildings Building or the Site or any part thereof are damaged by fire or other casualty and this Lease is not so terminated, or Landlord or Tenant have no right to terminate this Lease, and in any such case the holder of any mortgage which includes the Buildings Building as a part of the mortgaged premises or any ground lessor of any ground lease which includes the Site as part of the demised premises allows the net insurance proceeds to be applied to the restoration of the Buildings Building (and/or the Site), Landlord promptly after such damage and the determination of the net amount of insurance proceeds available shall use due diligence to restore the Premises and the Buildings Building in the event of damage thereto (excluding Tenant's ’s Property) into substantially the same condition as existed prior to the damage fire or other casualty and a just proportion of the Annual Fixed Rent, Tenant’s estimated electricity charges (if applicable), Tenant’s Operating Expenses Allocable to the Premises Payment, Tenant’s Tax Payment and Landlord's Tax Expenses Allocable to the Premises Tenant’s Electricity Payment according to the nature and extent of the injury to the Premises shall be abated until the earlier to occur of (i) the date the Premises is substantially restored to the extent required under this Lease and Tenant has had a reasonable period of time (in no event to exceed thirty (30) days after Landlord has completed its restoration obligations as aforesaid) to perform its restoration obligations hereunder and to install its furniture, fixtures and equipment, which Tenant agrees to undertake in a reasonably expeditious manner, and (iiiii) the date Tenant commences business operations in the Premises. Notwithstanding anything herein contained to the contrary, Landlord shall not be obligated to expend for such repair and restoration any amount in excess of the net insurance proceeds (provided, however, that if Landlord elects not to expend any sums in excess of the net insurance proceeds, Tenant shall have the right to terminate this Lease as set forth in the immediately following sentence). If such net insurance proceeds are not allowed by such mortgagee or ground lessor to be applied to, or are otherwise insufficient for, the restoration of the Buildings (and/or the Site) Building and if Landlord does not otherwise elect to spend the additional funds necessary to fully restore the Buildings (and/or the Site)Building, then Landlord shall give prompt notice ("Landlord's Proceeds Notice") to Tenant within thirty (30) days after the final determination by such mortgagee or ground lessor as to the disbursement of proceeds that Landlord does not elect to fund the amount of deficiency and Tenant shall thereafter have the right to terminate terminating this Lease by providing Landlord with a notice of termination within thirty (30) days after Tenant's receipt of Landlord's Proceeds Notice (Lease, the effective date of which termination shall not be less than sixty (60) days after the date of notice of such termination).

Appears in 1 contract

Samples: Phase Forward Inc

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