Common use of Damage Clause in Contracts

Damage. If the Premises or any portions of the Project serving the Premises are damaged by any peril, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery to Tenant of a written notice within sixty (60) days after the date of such damage, in the event that: (a) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damage.

Appears in 3 contracts

Samples: Real Estate Matters Agreement, Real Estate Matters Agreement (Keysight Technologies, Inc.), Real Estate Matters Agreement (Agilent Technologies Inc)

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Damage. If If, prior to the Premises Closing Date, all or any portions part of the Project serving Improvements are substantially damaged by fire or other casualty, Seller shall promptly give notice to Purchaser of such fact. Thereafter, at Purchaser’s option (to be exercised by Purchaser’s written notice to Seller given within thirty (30) days after Seller’s initial notice to Purchaser), this Agreement shall terminate with respect to the Premises Subject Property. In the event of any such termination of this Agreement, the Exxxxxx Money shall be returned to Purchaser and thereafter neither party will have any further obligations under this Agreement (other than the Surviving Indemnity Obligations, which obligations shall survive any such termination), that Purchaser shall, at the request of Seller, execute any document reasonably requested by Seller to evidence such termination including, without limitation, a quit claim deed. If Purchaser fails to elect to terminate this Agreement (in the manner provided in this Section 11) despite such damage, or if the Improvements are damaged by any perilbut not substantially, Landlord Seller shall restore promptly commence to repair such damage or destruction and to return the Premises and such portions of the Project damaged Improvements to substantially the same their condition as existed immediately prior to such damage. If such damage shall be completely repaired prior to the Closing Date, unless this Lease then there shall be no reduction in the Purchase Price, and Seller shall retain the proceeds of all insurance related to such damage. If such damage shall not be completely repaired prior to the Closing Date, but Seller is terminated by Landlord or Tenant as set forth below. Landlord diligently proceeding to repair, then Seller shall complete the repair after the Closing Date and shall be entitled to receive the proceeds of all insurance related to such damage; provided, however, that Purchaser shall have the right to terminate delay the Closing Date until repair is completed. For purposes of this LeaseSection 11, which option may be exercised by delivery the phrase “substantially damaged” means damage that gives rise to Tenant of a written notice within sixty (60) days after the date of such damage, in the event that: (a) the Premises or portions ability of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten Tenant(s) leasing at least fifty percent (1050%) of the then actual replacement cost thereof rentable square feet in the Subject Property (and Tenant does not agree in the aggregate) to pay the uninsured amount); or (bterminate such Tenants’ Lease(s) the damage pursuant to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence terms and conditions of such event, then Tenant also shall be entitled to Lease(s) and such Tenant(s) actually terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damageLease(s).

Appears in 2 contracts

Samples: Office Lease Agreement (Columbia Equity Trust, Inc.), Purchase Agreement (Columbia Equity Trust, Inc.)

Damage. If the Premises or any portions of the Project serving the Premises are damaged by any peril, Landlord shall restore the Premises and such portions of the Project to substantially the same condition Except as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as hereinafter set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery to Tenant of a written notice within sixty (60) days after the date of such damageforth, in the event that: (a) the Premises or portions the Building is damaged from any cause, Landlord shall forthwith repair such damage and this Lease shall remain in full force and effect. In the event of any such damage, Landlord will, within thirty (30) days following the date of the Project serving damage, deliver to Tenant an estimate of the time necessary to repair the damage in question such that the Premises are damaged may be used by a peril both and accessible to Tenant; such notice will be based upon the review and opinions of Landlord’s architect and contractor (“Landlord’s Repair Notice”). Provided such damage was not covered caused by the type of insurance Landlord is required to carry under this Lease and not actually covered Tenant’s, or by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); its agents, employees, contractors, invitees or (b) the damage to the Premises licensees, negligent or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any perilwillful act, Tenant shall be entitled to a proportionate reduction of Rent while such repairs are being made in an abatement amount not to exceed the applicable rental interruption insurance proceeds received by Landlord, and that is in the same proportion to the Rent as the rentable area of all Rent the portion of the Premises so damaged and is unusable bears to the total rentable area of the Premises. In the event the cost of repairing such damage is not covered by Landlord’s insurance (and provided that Landlord maintained the insurance coverage required hereunder), or in the event the cost of repairs exceeds the insurance proceeds payable (and provided that Landlord maintained the insurance coverage required hereunder), Landlord may elect, at its option, not to make such repairs, in which event this Lease may be terminated at the option of either party upon the giving of notice and without liability to the other party. If, pursuant to Landlord’s Repair Notice, the Premises or a material portion are to be rendered untenantable for more than 360 days as a result of any such damage, Landlord or Tenant may elect to terminate this Lease provided notice thereof is given to the other party hereto within 30 days following the date such party is notified that such damage may not be repaired within said 360 day period. Landlord shall under no circumstances be required to repair any damage to the property of Tenant, or to any improvements installed in, on or about the Premises by Tenant, unless the cost of repair thereto is covered by insurance. Tenant hereby specifically waives the provisions of Section 1932, Subdivision 2 and Section 1933, Subdivision 4, of the California Civil Code. In the event the Building or a material portion is damaged to the extent of the interference with Tenant’s use more than thirty three percent (33%) of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence then replacement cost thereof, Landlord may elect, concurrently with Landlord’s delivery of such eventLandlord’s Repair Notice, then Tenant also shall be entitled to terminate this Lease. A total destruction of the Building shall terminate this Lease by delivery of written notice of termination without liability to Landlord at any time prior to restoration of such damageor Tenant.

Appears in 2 contracts

Samples: Lease (Colonnade Acquisition Corp.), NNN Lease (Colonnade Acquisition Corp.)

Damage. If the Premises, or so much thereof as to cause the Premises or any portions to be unusable in furtherance of the Project serving terms of the Premises Manufacturing Services Agreement, are damaged by any perilcasualty so as to cause the Premises to be uninhabitable, and the damage (exclusive of any property or improvements installed by Tenant in the Premises) can be repaired in Landlord’s reasonable judgment within one hundred eighty (180) days without the payment of an amount more than 120% of the amount of insurance proceeds, Tenant shall waive all rights to any insurance proceeds therefor in favor of Landlord, and Landlord shall restore the Premises repair such damage as soon as practicable and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as set forth belowshall continue in full force and effect. Landlord shall have the right agrees to terminate this Lease, which option may be exercised by delivery to give Tenant of a written notice within sixty (60) days after the date occurrence of any such damage or destruction indicating the anticipated time period of such damagerestoration (the “Repair Estimate”). If the Premises, in the event that: (a) or so much of thereof as to cause the Premises or portions to be unusable in furtherance of the Project serving terms of the Premises Manufacturing Services Agreement, are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease any casualty, and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to (exclusive of any property or improvements installed by Tenant in the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180Premises) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not repaired in fact) repaired Landlord’s reasonable judgment within one hundred eighty (180) days following without the payment of an amount more than 120% of the amount of insurance proceeds, Landlord may give Tenant written notice within thirty (30) days after Landlord delivers to Tenant its Repair Estimate of Landlord’s intention to terminate this Lease, in which event this Lease shall terminate as of the date of the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damage.

Appears in 2 contracts

Samples: MTV Lease Agreement (Micron Technology Inc), MTV Lease Agreement (Micron Technology Inc)

Damage. (a) If the Premises shall be damaged by fire or any portions other casualty, the Landlord shall collect the proceeds of such insurance and immediately and with all due diligence commence to repair such damage at its expense. From the date the damage occurs to the date the repairs are complete, the rent due hereunder shall be reduced by the same percentage as the percentage of the Project serving the Premises are damaged by any peril, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery to Tenant of a written notice within sixty (60) days after the date of such damagewhich, in the event that: (a) Tenant's reasonable judgment, cannot be safely, economically or practically used for the Premises or portions operation of the Project serving Tenant's business. Anything herein to the Premises are damaged by a peril both not covered by contrary notwithstanding, if in the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); Tenant's reasonable judgment, any damage or (b) the damage destruction to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to from any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cause whatsoever cannot be (or is not in fact) repaired within one hundred eighty (180) days following the date such damage occurs, the Tenant may terminate this Lease by written notice to the Landlord given within ninety (90) days following the occurrence of such eventdamage. In addition, then Tenant also if any damage or destruction to the Premises from any cause whatsoever cannot be repaired, in the Landlord's reasonable judgment, within one hundred eighty (180) days following the date such damage occurs and the Landlord elects not to repair such damage, the Landlord shall be entitled have the right to terminate this Lease by delivery of written notice to the Tenant given within ninety (90) days after the date such damage occurred provided that no more than three (3) calendar years remain in the term hereof. Notwithstanding the foregoing, if at the time the Landlord gives such termination notice any of the renewal options provided for in the Lease have not yet been exercised and the Tenant exercises a renewal option within thirty (30) days after receipt of the Landlord's termination to notice, then this Lease shall not be terminated and the Landlord at any time prior to shall promptly commence restoration of such damagethe Premises.

Appears in 2 contracts

Samples: Agreement of Lease (Value City Department Stores Inc /Oh), Value City Department Stores Inc /Oh

Damage. If Tenant immediately shall give prompt written notice to Landlord if the Premises or any portions of the Project serving the Premises Building are damaged or destroyed by any peril, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord fire or Tenant as set forth belowother casualty. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery to Tenant of a written notice within sixty (60) days after the date of such damage, in the event that: If (a) the Premises or portions Building should be totally destroyed, (b) the Premises or the Building are so damaged that in Landlord’s estimation, rebuilding or repairs cannot be completed within one hundred twenty (120) days after the date Landlord receives written notice from Tenant of such damage, (c) the cost of rebuilding or repairs would exceed twenty five percent (25%) of the Project serving replacement value of the Building (d) damage or destruction to the Premises are damaged or the Building occurs within the last eighteen (18) months of the Lease, (e) any Mortgagee (as defined below) requires that insurance proceeds be applied to reduce or retire the indebtedness secured by a peril both the Mortgage (hereinafter defined), (f) the casualty is not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance be carried by Landlord pursuant to such an extent this Lease, or (g) Landlord determines that the estimated cost insurance proceeds will be insufficient to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such eventBuilding, then Tenant also shall be entitled to in any such case Landlord may terminate this Lease by delivery of delivering written notice to Tenant, in which event the rights and obligations of Landlord and Tenant hereunder shall cease and terminate; provided that any liabilities of Tenant which accrued prior to termination of this Lease shall survive same. In connection with any repair or reconstruction to the Premises arising from or necessitated by fire or the casualty which is covered by the insurance carried by Landlord, Tenant shall pay to Landlord at Tenant’s Proportionate Share of the amount of any time prior to restoration deductible of such damageinsurance upon demand, as Additional Rent.

Appears in 2 contracts

Samples: Warehouse Lease Agreement (Lakeside Holding LTD), Warehouse Lease Agreement (Lakeside Holding LTD)

Damage. If Tenant shall give immediate written notice to Landlord of any damage to the Premises caused by fire or any portions of other casualty, and if Landlord does not elect to terminate this lease as hereinafter provided, Landlord shall proceed with reasonable diligence and at its sole expense to rebuild and repair the Project serving Premises. Notwithstanding the foregoing, in the event that (i) the insurance proceeds payable in connection with such damage and destruction shall be insufficient to make such restoration, (ii) the Building in which the Premises are located shall be destroyed or substantially damaged by casualty not covered by standard fire or extended coverage insurance, (iii) said building shall be destroyed or rendered unrentable by any perilcasualty to the extent of at least fifty percent (50%) of the Gross Rentable Area of said building, (iv) Landlord shall not have actual and unconditional receipt of the insurance proceeds payable in connection with such damage and destruction, (v) the holder of any mortgage, which encumbers Landlord's interest hereunder or in the Premises shall unrentable by any casualty to the extent of at least fifty percent (50%) of the Gross Rentable Area of said building, (iv) Landlord shall not have actual and unconditional receipt of the insurance proceeds payable in connection with such damage and destruction, (v) the holder of any mortgage, which encumbers Landlord's interest hereunder or in the Premises shall require that such proceeds shall be applied against any indebtedness owed to such holder, or (vi) there shall be less than two (2) years remaining in the Term, or any extension or renewal thereof, then, in any of such events, Landlord shall restore may elect either to terminate this lease or to proceed to rebuild and repair the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as set forth belowPremises. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery give written notice to Tenant of a written notice such election within sixty ninety (6090) days after the date of such damage, in the event that: (a) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damagecasualty.

Appears in 2 contracts

Samples: Lease Agreement (Megamedia Networks Inc), Lease Agreement (Megamedia Networks Inc)

Damage. If In the Premises event of total damage or any portions destruction of the Project serving the Premises are damaged by any perilBuilding or Project, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as set forth below. Landlord shall have the right to terminate this LeaseLease upon five (5) days’ written notice to Landlord effective as of the date of the damage. In the event of a partial damage or destruction of the Premises, which option may be exercised by delivery Building or Project that materially negatively impacts (a) Tenant’s equipment or services described in this Lease or (b) Tenant’s access to or use of the Premises; then as soon as possible, but not later than five (5) days from the date of the damage, Landlord shall provide Tenant with written notice (“Landlord’s Repair Notice”) of (1) the nature of the damage; (2) whether or not Landlord shall repair the damage; (3) Landlord’s estimated time to repair the damage; and (4) Landlord’s plan to mitigate the impact to Tenant during such repair. Tenant shall have the right to consult with Landlord regarding Landlord’s proposed mitigation plan. Such mitigation plan shall include, among other things, Tenant’s ability to operate from alternate Premises, whether in the Project or elsewhere, with the costs and expenses of such alternate space and Tenant’s relocation from and back to the Premises, together with all additional elements of cost and expense incurred by Tenant as a result of such partial damage or destruction, allocated as agreed upon by the parties pursuant to such mitigation plan. Landlord and Tenant shall each act reasonably and in good faith in their efforts to agree upon a mitigation plan. If Landlord (x) elects not to repair the damage or (y) the estimated time to restore essential services or access to the Premises exceeds ten (10) days and Landlord and Tenant cannot agree upon a mitigation plan, then Tenant shall have the right to terminate this Lease upon written notice within sixty (60) days after to Landlord, effective as of the date of such damage, in the event that: (a) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damage.

Appears in 2 contracts

Samples: Lease (Fisher Communications Inc), Purchase and Sale Agreement (Fisher Communications Inc)

Damage. If If, prior to the Premises Closing Date, all or any portions part of the Project serving Improvements are substantially damaged by fire or other casualty, Seller shall promptly give notice to Purchaser of such fact. Thereafter, at Purchaser’s option (to be exercised by Purchaser’s written notice to Seller given within fifteen (15) days after Seller’s initial notice to Purchaser), this Agreement shall terminate with respect to the Premises Subject Property. In the event of any such termination of this Agreement, neither party will have any further obligations under this Agreement (other than the Surviving Indemnity Obligations, which obligations shall survive any such termination), that Purchaser shall, at the request of Seller, execute any document reasonably requested by Seller to evidence such termination including, without limitation, a quit claim deed. If Purchaser fails to elect to terminate this Agreement (in the manner provided in this Section 11) despite such damage, or if the Improvements are damaged by any perilbut not substantially, Landlord Seller shall restore promptly commence to repair such damage or destruction and to return the Premises and such portions of the Project damaged Improvements to substantially the same their condition as existed immediately prior to such damage. If such damage shall be completely repaired prior to the Closing Date, unless this Lease then there shall be no reduction in the Purchase Price, and Seller shall retain the proceeds of all insurance related to such damage. If such damage shall not be completely repaired prior to the Closing Date, but Seller is terminated by Landlord or Tenant as set forth below. Landlord diligently proceeding to repair, then there shall be no reduction in the Purchase Price and Seller shall complete the repair after the Closing Date and shall be entitled to receive the proceeds of all insurance related to such damage; provided, however, that Purchaser shall have the right to terminate delay the Closing Date until repair is completed. For purposes of this LeaseSection 11, which option may be exercised by delivery to Tenant of a written notice within sixty the phrase “substantially damaged” means (60) days after the date of such damage, in the event that: (ai) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore repair any damage to the such areas exceeds ten percent Subject Property is estimated to exceed $1,000,000, (10%ii) of access to or parking on the then actual replacement cost thereof Subject Property is adversely affected, (and Tenant does not agree to pay the uninsured amount); or (biii) the damage results in the Subject Property violating any laws or failing to comply with zoning or any covenants, conditions or restrictions affecting the Premises Subject Property, or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180iv) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following entitles the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damagethe Lease.

Appears in 2 contracts

Samples: Purchase Agreement (KBS Real Estate Investment Trust, Inc.), Purchase Agreement (KBS Real Estate Investment Trust, Inc.)

Damage. If If, prior to the Premises Closing Date, all or any portions part of the Improvements are substantially damaged by fire or other casualty, Partnership shall promptly give notice to Purchaser of such fact. Thereafter, at Purchaser’s option (to be exercised by Purchaser’s written notice to Partnership given within fifteen (15) days after Partnership’s initial notice to Purchaser), this Agreement shall terminate solely with respect to the Project serving relating to the Premises damaged Improvements (the “Damaged Project”), subject to the limitations in Section 20 hereof. In the event of any such termination of this Agreement solely with respect to a Damaged Project, neither party will have any further obligations under this Agreement with respect to such Damaged Project (other than the Surviving Indemnity Obligations, which obligations shall survive any such termination), Purchaser shall, at the request of Partnership, execute any document reasonably requested by Partnership to evidence such termination including, without limitation, a quit claim deed, and the Purchase Price shall be adjusted as provided in Section 20 hereof. If Purchaser fails to elect to terminate this Agreement with respect to such Damaged Project (in the manner provided in this Section 13) despite such damage, or if the Improvements are damaged but not substantially, subject to any contrary requirements or conditions in any existing financing secured by any perilsuch Damaged Project, Landlord Partnership shall restore promptly commence to repair such damage or destruction and to return the Premises and such portions of the Project Improvements to substantially the same their condition as existed immediately prior to such damage. If such damage shall be completely repaired prior to the Closing Date, unless this Lease then there shall be no reduction in the Purchase Price, and Partnership shall retain the proceeds of all insurance related to such damage. If such damage shall not be completely repaired prior to the Closing Date, but Partnership is terminated by Landlord or Tenant as set forth below. Landlord diligently proceeding to repair, then there shall be no reduction in the Purchase Price and Partnership shall complete the repair after the Closing Date and shall be entitled to receive the proceeds of all insurance related to such damage; provided, however, that Purchaser shall have the right to terminate delay the Closing Date until repair is completed. For purposes of this LeaseSection 13, which option may be exercised by delivery the phrase “substantially damaged” means (i) the cost to Tenant repair the Damaged Project is estimated to exceed $1,000,000, (ii) access to or parking on the Damaged Project is adversely affected, (iii) as a result of a written notice within sixty (60) days after the date of such damage, the Damaged Project is in violation of laws or fails to comply with zoning or any covenants, conditions or restrictions affecting the event that: Subject Property, or (aiv) the Premises or portions damage entitles any of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten Tenants which lease at least fifty percent (1050%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions rentable square feet of the Damaged Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damageits Lease.

Appears in 1 contract

Samples: Purchase Agreement (KBS Real Estate Investment Trust, Inc.)

Damage. If Tenant agrees to give Landlord notice of any damage to the Premises or any portions of as soon as reasonably practicable. In the Project serving event the Premises are damaged by any perilfire or other casualty, but are not rendered untenantable for Tenant's business, either in whole or in part, Tenant shall cause such damage to be repaired without unreasonable delay (and Landlord shall restore promptly disburse any insurance proceeds received in connection with such damage to Tenant as needed to fund any repairs to be made by Tenant hereunder) and the Rent shall not be abated. In the event the Premises are rendered untenantable for Tenant's business by reason of such casualty, either in whole or in part, Tenant shall cause the damage to be repaired or replaced without unreasonable delay (and Landlord shall promptly disburse any insurance proceeds received in connection with such portions damage to Tenant as needed to fund any repairs to be made by Tenant hereunder), and, in the interim, the Rent shall be proportionately reduced as to such portion of the Project Premises as is rendered untenantable. Any such abatement of rent shall not, however, create an extension of the Term of this Lease. Provided, however, in the event the Premises are rendered untenantable in some material portion by reason of such casualty, and the amount of time required to substantially repair the same condition as existed immediately prior to such damagedamage using due diligence is in excess of one hundred eighty (180) days, unless this Lease is terminated by Landlord or Tenant as set forth below. Landlord then either party shall have the right to terminate this Lease, which option may be exercised Lease by delivery to Tenant of a giving written notice of termination within sixty (60) days after the date of such damagecasualty, in and the event that: (a) the Premises or portions Rent shall xxxxx as of the Project serving the Premises are damaged by a peril both not covered by the type date of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage casualty in proportion to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use part of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damagerendered untenantable.

Appears in 1 contract

Samples: Lease Agreement (Acorn Energy, Inc.)

Damage. If 21.1 In the event the Premises or the Building, or any portions portion thereof, shall be damaged by fire or other casualty not caused by the intentional or negligent acts of Tenant or Tenant Parties, which damage substantially interferes with Tenant’s use of the Project serving the Premises are damaged by any perilPremises, and provided that Tenant shall have promptly provided notice to Landlord of such damage, this Lease shall restore the Premises terminate one hundred and such portions eighty (180) days after Landlord’s receipt of the Project to substantially the same condition as existed immediately prior to notice of such damage, unless Tenant receives written notice of Landlord’s election to repair said damage within such period of time, in which case this Lease shall continue in full force and effect. However, if Landlord is terminated by Landlord or unable to repair said damage within two hundred and seventy (270) days after Landlord’s receipt of notice of such damage, then Tenant as set forth below. Landlord shall have the right to terminate the Lease upon written notice to Landlord of such election within 15 days after the expiration of the two hundred and seventy (270) day period, unless Landlord has completed such work within such 15 day period. If this Lease is terminated pursuant to this Section and if an Event of Default has not occurred, Rent shall be prorated as of the date of termination of this Lease and the Security Deposit, if any, shall be returned to Tenant, less any offsets permitted hereunder, and all rights and obligations under this Lease shall cease and terminate, except as to those that are stated herein to survive expiration of the Lease Term or termination of this Lease. In the event of any damage to the Building or the Premises to the extent of twenty-five percent (25%) or more of the replacement cost of either the Building or the Premises, which option or in the event the Project shall be damaged to the extent of twenty-five percent (25%) or more of the replacement aggregate cost thereof, Landlord may be exercised by delivery elect to terminate this Lease upon written notice to Tenant of a written notice such election within sixty ninety (6090) days after the date occurrence of such damage, in the event that: (a) causing the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damage.

Appears in 1 contract

Samples: Office Lease Agreement (Greenwood Hall, Inc.)

Damage. If fire or other casualty damages all or any part of the Premises, Tenant shall immediately notify Landlord in writing. During any period of time that all or a material portion of the Premises is rendered untenantable as a result of a fire or any portions other casualty, Base Rent and Tenant Reimbursement Amount shall xxxxx for the portion of the Project serving the Premises are damaged that is untenantable and not used by Tenant (unless such fire or other casualty was caused by any peril, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as set forth belowParty). Landlord shall have the right to terminate this LeaseLease if: (i) the Building shall be damaged so that, which option in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (ii) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (iii) the Premises have been materially damaged and there is less than two (2) years of the Term remaining on the date of the casualty; (iv) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (v) a material uninsured loss to the Building occurs. Landlord may be exercised exercise its right to terminate this Lease by delivery to notifying Tenant of a written notice in writing within sixty ninety (6090) days after the date of such damagecasualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises. Anything in this Section 14 to the contrary notwithstanding, in no event shall Landlord be required to spend more than the event that: (a) insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the Premises business of Tenant resulting in any way from the fire or portions other casualty or from the repair and restoration of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damage.

Appears in 1 contract

Samples: Lease Agreement (NEUROONE MEDICAL TECHNOLOGIES Corp)

Damage. If the Premises or any portions and/or the portion of the Project serving the Premises Building necessary for Tenant's occupancy are damaged by any perilfire, Landlord shall restore earthquake, act of God, the Premises elements, or other casualty, and if (i) such portions casualty does not occur during the last Lease Year of the Project initial Term or, if such casualty occurs during the last Lease Year of the initial Term, Tenant has timely exercised the Renewal Option (as defined in Section 41(a)) pursuant to substantially Section 41(a) and waives in writing any right it may have to rescind such exercise under Section 41(c), (ii) such casualty does not occur during the same condition last Lease Year of the Extended Term (as existed immediately prior to defined in Section 41(a)), if any, and (iii) such damage, unless this Lease is terminated by Landlord or Tenant as set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery to Tenant of a written notice within sixty (60) days after the date of such damagecasualty, in the event that: (a) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably Landlord's opinion, can be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence issuance of such eventall building permits required by the relevant governmental authorities (the "Rebuilding Period"), then Tenant also Landlord shall forthwith repair the same, subject to the provisions of this Section hereinafter set forth, and this Lease shall remain in full force and effect except that a proportional abatement of rental (based upon square footage) shall be entitled allowed Tenant for such part of the Premises as shall be rendered unusable by Tenant in the conduct of its business during the time such part is so unusable. Landlord's determination that such repair may be made within the Rebuilding Period shall not obligate Landlord to terminate complete the same within such period. For purposes of this Lease by delivery Section 10, "repairs" shall include all repair and restorative work Landlord in Landlord's good faith discretion deems advisable, including, without limitation, all work and improvements Landlord deems advisable to improve the condition and quality of written notice the Building, whether in the form of termination to Landlord at any time prior to restoration of such damagegovernment mandated building code upgrades or otherwise.

Appears in 1 contract

Samples: Commercial Office Lease (Tut Systems Inc)

Damage. If In the Premises event of damage to or any portions destruction of the Project serving the Premises are damaged Premises, or to any portion thereof, caused by any perilfire or other casualty, and if such damage or destruction cannot be restored as determined by mutual agreement of Landlord shall restore the Premises and such portions Tenant within one hundred twenty (120) days after commencement of the Project work to substantially the same condition as existed immediately prior to such damagedamage or destruction, unless this Lease is terminated by Landlord or then Tenant as set forth below. Landlord shall have the right to terminate this LeaseLease by notice to Landlord given no less than thirty (30) days from the date of such casualty. If Landlord and Tenant are unable to agree whether the Premises can or should be restored, such determination will be submitted to arbitration pursuant to Section 21. If Tenant elects to so terminate, this Lease shall terminate on the date specified in Tenant's termination notice to Landlord, which option may termination date shall be exercised by delivery to Tenant of a written notice within sixty no earlier than thirty (6030) days nor later than one hundred-eighty (180) days after the date of such damagecasualty, in and Tenant shall pay the event that: (a) Rent and all Additional Rent to that date. If this Lease is not so terminated, Landlord shall, at its sole cost and expense, promptly repair such damage and restore the Premises or portions of to the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord condition that existed immediately prior to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) damage. If the damage to the Premises or portions Landlord's repair thereof renders the Premises untenantable for a period in excess of nine (9) months from the date of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving casualty and the Premises are damaged due to any perilnot actually used by Tenant, Tenant Rent payable hereunder shall be entitled to an abatement of all Rent abated following such nine (9) month period to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If are untenantable and are not actually used by Tenant until the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease Premises are rendered tenantable and available for use by delivery of written notice of termination to Landlord at any time prior to restoration of such damageTenant.

Appears in 1 contract

Samples: Lease Agreement (Lithia Motors Inc)

Damage. 12.01 If any part of the Premises or any portions the Building is damaged by fire or other casualty, Landlord, at its sole cost and expense, unless it elects to terminate this Lease pursuant to this Section 12, will proceed with reasonable speed to repair the Premises or the Building, as the case may be (i) to a condition substantially equal to the condition of the Project serving Premises or the Building existing immediately prior to such damage or destruction, (ii) pursuant to all applicable requirements of law and duly constituted governmental authority, and (iii) in the case of the Premises, in accordance with specifications, working plans and drawings prepared by Landlord, at its sole cost and expense, and approved in advance by Tenant, which appeal shall not be unreasonably withheld or delayed. If such damage makes the Premises untenantable and was not caused by any act, neglect or default of Tenant, its servants, agents, employees, visitors or licensees, there will be an equitable abatement of rent for the period during which and to the extent that the Premises are damaged by any peril, untenantable and until Landlord shall restore fully repairs and restores the Premises and such portions of the Project Building to a condition substantially equal to the same condition as thereof which existed immediately prior to such damagethat fire or other casualty (or to the condition otherwise approved by Tenant). In the event the Building is damaged or destroyed to the extent of more than fifty percent (50%) of the replacement value thereof, unless Landlord will have the right to elect to demolish, rebuild or reconstruct the Building if it is damaged by fire or other casualty and, if Landlord so elects, whether or not the Premises have been damaged, this Lease is may be terminated by Landlord upon written notice to Tenant and the rent will be adjusted to the date of the fire or other casualty. If repair of the Premises is delayed by Tenant's failure to adjust its own insurance claim, there will be no abatement of rent for the period of such delay. Notwithstanding anything to the contrary contained herein, in the event Landlord has not completed the repairs and restoration of the Premises and/or the Building within eight (8) months after the date of such damage or destruction, then Tenant, at its option, may cancel and terminate this Lease upon ten (10) days written notice to Landlord. Further, if the Building shall be damaged or destroyed to the extent of more than thirty-five percent (35%) of the replacement cost thereof within twenty-four (24) months of the expiration of the Term of this Lease, as the same may have been extended, either Landlord or Tenant as set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised Lease as of the date of such damage or destruction by delivery to Tenant of a giving written notice to the other party within sixty thirty (6030) days following such damage or destruction, unless Tenant, within thirty (30) days following the receipt of such notice from Landlord shall exercise an option to extend the Term of this Lease pursuant to Section 2 hereof. If this Lease is terminated pursuant to this Section 12, Landlord and Tenant shall each be released from its respective liability and obligations hereunder accruing from and after the date of such damage, in the event that: (a) the Premises damage or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damagedestruction.

Appears in 1 contract

Samples: Lease Agreement (Federal Screw Works)

Damage. If any portion of the Premises shall be destroyed or damaged by fire or any other casualty, Tenant shall immediately give notice thereof to Landlord. If any portion of the Premises or any portions of the Project serving the Premises are shall be destroyed or damaged by fire or any perilother casualty, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damagethen, unless this Lease is terminated in accordance with this Xxxxxxxxx 00, Xxxxxxxx shall proceed with reasonable diligence to restore and repair the portion of the Premises or Project damaged. If the Premises are rendered untenantable for more than five (5) consecutive Business Days in whole or in material part by reason of such casualty (subject to the limitation of Paragraph 21(b)), Tenant as its sole and exclusive remedy shall be entitled to an equitable abatement of the Rent hereunder (subject to the limitation in Paragraph 21(c) below) until such time as the damaged portion of the Premises (exclusive of any of Tenant’s Property or Tenant’s improvements) are repaired or restored by Landlord to the extent required hereby. In the event (a) the Building shall be destroyed or substantially damaged by a casualty that is not covered by Landlord’s insurance and would not have been covered if Landlord had maintained the insurance required by this Lease, or (b) the entire Building is destroyed, or if so much of the Building is destroyed that the same cannot be restored to substantially the condition existing prior to such casualty within two hundred seventy (270) days after the date thereof, then Landlord or Tenant as set forth below. Landlord shall have the right to may terminate this Lease, which option may be exercised Lease by delivery to Tenant of a written notice to the other within sixty (60) days after the date of such damage, in casualty whereupon all Rent accrued up to the event that: time of such termination and any other sums due and owing shall be paid by Tenant to Landlord (aless any sums then due and owing Tenant by Landlord) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid any remaining sums due and collectible insurance carried owing by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled paid to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damage.

Appears in 1 contract

Samples: Lease Agreement (Archipelago Learning, Inc.)

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Damage. If In the Premises or any portions case of the Project serving the Premises are damaged by any peril, Landlord shall restore the Premises and such portions total destruction of the Project to substantially Leased Premises by fire, other casualties, the elements, or other cause, or of such damage thereto as shall render the same condition as existed immediately prior to such damagetotally unfit for occupancy by County for more than one hundred twenty(120) days, unless this Lease is terminated by Landlord or Tenant as set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised by upon surrender and delivery to Tenant Landlord by County of the Leased Premises, together with the payment of the Annual Rent to the date of such occurrence and a proportionate part thereof to the date of damage, shall terminate, and the parties shall have no further obligations or liabilities under this Lease from the date of said termination, except as provided for in provisions of this Lease which by their terms survive the expiration or earlier termination of the Term. If the Leased Premises are rendered partly untenantable by any cause mentioned in the preceding sentence, Landlord shall, at its own expense, within one hundred twenty (120) days from the date of the damage restore the Leased Premises with reasonable diligence, including without limitation modifications required by zoning and building codes and other laws or by the holder of a written notice mortgage on the Building, and the rent shall be abated proportionately for the period of said partial untenantability and until the Leased Premises are fully restored by Landlord to the prior or better condition. Notwithstanding the terms of the foregoing paragraph, Landlord may elect not to rebuild and/or restore the Leased Premises and/or Building and instead terminate this Lease by notifying County in writing of such termination within sixty (60) days after the date of such damage, in such notice to include a termination date giving County ninety (90) days, from the event thatdate of said notice, to vacate the Leased Premises. Notwithstanding the foregoing, Landlord may elect this option of termination only if the Building is damaged by fire or other casualty or cause, whether or not the Leased Premises are affected, and one or more of the following conditions is present: (ai) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises repairs cannot reasonably be restored completed within one hundred eighty twenty (180120) daysdays from the date of damage (when such repairs are made without the payment of overtime or other premiums), (ii) the holder of any mortgage on the Building or ground or underlying lessor with respect to the Property and/or the Building shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground or underlying lease, as the case may be, or (iii) the damage is not fully covered, except for deductible amounts, by Landlord’s insurance policies. If In addition, if the Leased Premises or portions the Building is destroyed or damaged to any substantial extent during the year of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such eventTerm, then Tenant also notwithstanding anything contained in this Section, Landlord or County shall be entitled have the option to terminate this Lease by delivery of giving written notice to the other of termination to Landlord at any time prior to restoration the exercise of such damageoption within thirty (30) days after such damage or destruction, in which event this Lease shall terminate as of the date of such notice. Upon any such termination of this Lease pursuant to this section, County shall pay the Annual Rent and Operating Expenses properly apportioned up to such date of termination, and thereafter both parties shall be released and discharged of all further obligations hereunder, except as provided for in provisions of this Lease which by their terms survive the expiration or earlier termination of the Term.

Appears in 1 contract

Samples: Lease Agreement

Damage. In the event of a fire or other casualty in the Premises, Tenant shall immediately give notice thereof to Landlord. If the Premises shall be damaged by fire or any portions other casualty so as to render the Premises untenantable in whole or in part, the Rent provided for herein shall xxxxx thereafter as to the portion of the Project serving Premises rendered untenantable until the earlier of (a) such time as the Premises are damaged made tenantable, or (b) five (5) business days after Landlord substantially completes the restoration of the Premises. If damage by any perilfire or other casualty results in the Premises being untenantable in whole or in substantial part for a period reasonably estimated by a responsible contractor selected by Landlord to be one (1) year or longer after Landlord's insurance settlement, and if Landlord shall restore the Premises and such portions of the Project decide not to substantially the same condition as existed immediately prior to such damagerebuild, unless then either party may terminate this Lease upon such date as written notice is terminated provided to the other party and all Rent owed up to the time of such destruction or termination shall be paid by Landlord or Tenant as set forth belowTenant. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery to give Tenant of a written notice of its decisions, estimates or elections under this Section 18 within sixty (60) days after the date of any such damagedamage or destruction. If this Lease is not terminated, in the event that: (a) the Premises or portions Landlord shall commence and prosecute with all due diligence restoration of the Project serving Premises. Notwithstanding anything contained in this Section 18 to the Premises are damaged by a peril both not covered by the type of insurance contrary, Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost shall only be obligated to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of insurance proceeds actually received, but if the insurance proceeds actually received do not permit Landlord to restore the Premises, Landlord shall so notify Tenant and either Landlord or Tenant may terminate this Lease by written notice given within sixty (60) days after Landlord's notice. If Landlord restores the Premises occasioned thereby. If or the damage resulting therefrom cannot be (or is not Project in fact) repaired within one hundred eighty (180) days following accordance with the occurrence provisions of such eventthis Section 18, then Tenant also shall be entitled not have any right to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration because of such damagedamage pursuant to (i) any common law rights, (ii) Minnesota Statutes Section 504B.131 as now in effect or as it may be hereafter amended or supplemented, or (iii) any comparable right established by a similar statute.

Appears in 1 contract

Samples: Confidentiality Agreement (Capella Education Co)

Damage. If Except as otherwise provided in this Lease, if the Premises or any portions of the Project serving improvements located on the Premises are damaged by any peril, Landlord shall restore the Premises and such portions damage was caused by fire or other peril covered by XXXX’s insurance, XXXX agrees to repair such damage to the extent set forth in this Section, and this Lease shall continue in full force and effect. If (1) such improvements are damaged as the result of any cause other than perils covered by HOLA’s insurance, or (2) during the last twenty (20) years of the Project to substantially the same condition as existed immediately prior to such damage, unless Term of this Lease is terminated such improvements are damaged as the result of fire or other perils covered by Landlord HOLA’s insurance, and the cost to repair such damages (as determined by HOLA in good faith) shall exceed thirty-five percent (35%) of the full replacement cost of the improvements, or Tenant (3) during the last ten (10) years of the Term of this Lease such improvements are damaged as set forth below. Landlord a result of fire or other peril covered by HOLA’s insurance, and the cost to repair such damage (as determined by HOLA in good faith) shall have exceed fifteen percent (15%) of the right to terminate full replacement cost of the improvements, then HOLA may, at HOLA’s option, either (i) repair such damage as soon as reasonably practicable at HOLA’s sole cost and expense, in which event this LeaseLease shall continue in full force and effect, which option may be exercised by delivery to Tenant of a or (ii) give written notice to CITY within sixty ninety (6090) days after the date of such damage, in the event that: (a) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled damage of XXXX’s intention to cancel and terminate this Lease by delivery of thirty (30) days after written notice of termination the intention to Landlord at cancel and terminate. Upon such termination, HOLA shall, ifrequested by CITY, complete demolition ofthe damaged Center or other damaged improvement. Notwithstanding the foregoing, while any time prior Leasehold Mortgage remains outstanding, the use of insurance proceeds following a casualty and the determination to restoration of replace any damaged improvements shall be governed by the Leasehold Mortgage and any documents related to such damageLeasehold Mortgage.

Appears in 1 contract

Samples: Lease Agreement

Damage. If the Premises become untenantable in whole or part because of fire or other casualty covered by insurance required under the Lease ("Casualty"), or as the result of a taking of, or damage to, the Premises (or any portions building thereon) in connection with the exercise of any power of eminent domain, condemnation, or purchase under threat or in lieu thereof ("Taking"), then Landlord or Landlord's engineer shall provide written notice to Tenant of its reasonable estimate of the Project serving time reasonably required to substantially complete the necessary repairs or restoration ("Landlord's Repair Notice"). Unless the Lease is terminated in accordance with Section 14.2, Landlord, with reasonable dispatch (but subject to delays for adjustment of insurance proceeds or taking awards, as the case may be, and causes beyond Landlord's reasonable control, shall repair the damage in the event of a Casualty (or in the event of a partial Taking which affects the Premises, restore the remainder of the Premises are damaged by any peril, Landlord shall restore the Premises and such portions of the Project not so taken to substantially the same condition as existed immediately prior is reasonably feasible) within one (1) year with respect to such damagesubstantial reconstruction of at least 50% of the Premises, unless this Lease is terminated by Landlord or, within 120 days in the case of restoration of less than 50% of the Premises from the date of said Casualty or Tenant Taking so that the Premises are in substantially the same condition as following completion of Tenant's Work as set forth below. in Section 3.5, all subject to rights of Mortgagees, zoning laws, and building codes then in existence, and provided Landlord shall have the right to terminate this Lease, which option may not be exercised by delivery to Tenant of a written notice within sixty (60) days after the date of such damage, in the event that: (a) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible expend more than the net insurance carried by proceeds Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the receives for damage to the Premises or portions the net Taking award attributable to the Premises. Notwithstanding the cause for any delay, Landlord shall complete restoration within the same time periods set forth above of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) daysCasualty or Taking. If the Premises are untenantable in whole or portions in part as a result of Casualty or Taking, the rent payable hereunder during the period in which they are untenantable shall be reduced or abated to such extent as may be fair and reasonable under all of the Project serving circumstances. "Net" means the Premises are damaged due insurance proceeds or Taking award actually paid to any perilLandlord (and not paid over to a Mortgagee) or Taking award less all costs and expenses, Tenant shall be entitled to an abatement including adjusters and attorney's fees, of all Rent to obtaining the extent of the interference with Tenant’s use of the Premises occasioned therebysame. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled required to terminate pay to Landlord any deductible maintained under the property insurance policy specified in Section 13.1(c) above (but only to the extent not already accounted for in Building Expense Rent). Tenant shall give written notice to Landlord of any damage to the Premises at the time Tenant has notice thereof. Subject to the provisions of Section 13.6 hereof, if the Premises are wholly or partially damaged or destroyed as a result of the willful misconduct of Tenant or any of Tenant's Affiliates, and Landlord elects to undertake to repair or restore all such damage or destruction, such repair and restoration shall be at Tenant's sole cost and expense, and this Lease shall continue in full force and effect without any abatement or reduction in Base Rent or other payments owed by delivery Tenant; provided, however, that Tenant shall be relieved of written notice its obligation pursuant to this Section 14.1 to the extent that insurance proceeds are collected by Landlord pursuant to insurance policies carried by Landlord, in which case Tenant shall be responsible for the payment of termination the deductible and that portion not covered by insurance. Under no circumstances shall Landlord be required to Landlord at repair any time prior damage to, or make any repairs to restoration of such damageor replacements of, Tenant's personal property.

Appears in 1 contract

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

Damage. If Subject to the Premises or any portions provisions of Sections 10.03 and 12.01 below, if the Project serving the Leased Premises are damaged or rendered unusable by any peril, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damagefire or other casualty, unless this Lease is terminated by Landlord Lessor or Tenant Lessee as set forth belowherein provided, any damage shall be repaired by and at the expense of Lessor, and the Rent (including Base Rent and Additional Rent) shall be equitably abated from the day of the casualty as to that portion of the Leased Premises which is unusable in the reasonable determination of Lessor and Lessee. Landlord Except to the extent this Lease is terminated by Lessor or Lessee as provided under this Article 10, Lessee's full liability for Rent shall have the right to terminate this Lease, which option may be exercised by delivery to Tenant of a written notice within sixty (60) days after resume on the date of such damage, on which Lessee is able to resume in the event that: (a) the Premises or portions all material respects its use of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) portion of the then actual replacement cost thereof (Leased Premises. Notwithstanding the foregoing, should such partial damage materially interfere with Lessee's ability to operate its business and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within estimated to require more than one hundred eighty (180) days. If days to complete, Lessee may by notice to Lessor within thirty (30) days from the Premises or portions date of the Project serving the Premises are damaged due to casualty, terminate this Lease. Lessor shall commence any peril, Tenant repairs required by this Section 10.02 within thirty (30) days of any said fire or other casualty. Lessor shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired complete any repairs required by this Section 10.02 within one hundred eighty (180) days following of the occurrence of date repairs are required to commence. If all repairs required by this Section 10.02 are not substantially completed such event, then Tenant also shall be entitled to that Lessee can substantially resume its operations within said one hundred eighty (180) day period. Lessee may terminate this Lease by delivery notice to Lessor. If all repairs required by this Section 10.02 are not fully completed within said one hundred eighty (180) days but substantial completion of written the repairs has been achieved and Lessee can resume its operations in all material respects, Lessor shall so notify Lessee of the repairs completed and said one hundred eighty (180) day period shall be extended for up to, but not exceeding, an additional ninety (90) days to facilitate completion of the restoration. If all repairs required by this Section 10.02 are not fully completed within said ninety (90) day extension, Lessee may terminate this Lease by notice of termination to Landlord at any time prior to restoration of such damageLessor.

Appears in 1 contract

Samples: Asset Purchase Agreement (Triquint Semiconductor Inc)

Damage. If If, prior to the Premises Closing Date, all or any portions part of the Project serving the Premises Improvements are damaged by fire or other casualty, Seller shall promptly give notice to Purchaser of such fact. If any peril, Landlord shall restore the Premises and such portions part of the Project Improvements are substantially damaged, at Purchaser's option (to be exercised by Purchaser's written notice to Seller given within thirty (30) days after Seller's initial notice to Purchaser), this Agreement shall terminate. In the event of any such termination of this Agreement, neither party will have any further obligations under this Agreement (other than the obligations of the parties that, by the express terms hereof, survive any such termination), and the Xxxxxxx Money shall be refunded to Purchaser. If Purchaser fails to elect to terminate (in the manner provided in this Section 12) despite such damage, or if the Improvements are damaged but not substantially, Seller shall promptly commence to repair such damage or destruction and to return the Improvements to substantially the same their condition as existed immediately prior to such damage. If such damage shall be completely repaired prior to the Closing Date, unless this Lease then there shall be no reduction in the Purchase Price, and Seller shall retain the proceeds of all insurance related to such damage. If such damage shall not be completely repaired prior to the Closing Date, but Seller is terminated by Landlord or Tenant as set forth below. Landlord diligently proceeding to repair, then Seller shall complete the repair after the Closing Date and shall be entitled to receive the proceeds of all insurance related to such damage; provided, however, that Purchaser shall have the right to terminate delay the Closing Date until repair is completed. For purposes of this LeaseSection 12, which option may be exercised by delivery the words "substantially damaged" mean damage that would cost $500,000 or more to repair or damage that would entitle the Tenant of a written notice within sixty (60) days after the date of such damage, in the event that: (a) the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damagethe Lease.

Appears in 1 contract

Samples: Purchase Agreement (Wells Real Estate Fund Xiii L P)

Damage. If all or any part of the Premises is damaged by fire or other casualty, Tenant shall immediately notify Landlord in writing. During any portions period of time that all or a material portion of the Project serving Premises is rendered untenantable as a result of a fire or other casualty, Base Rent and Tenant Reimbursement Amount shall xxxxx for the portion of the Premises are damaged that is untenantable and not used by any peril, Landlord shall restore the Premises and such portions of the Project to substantially the same condition as existed immediately prior to such damage, unless this Lease is terminated by Landlord or Tenant as set forth belowTenant. Landlord shall have the right to terminate this LeaseLease if: (i) the Building shall be damaged so that, which option in Landlord’s reasonable judgment, substantial alteration or reconstruction of the Building shall be required (whether or not the Premises has been damaged); (ii) Landlord is not permitted by Law to rebuild the Building in substantially the same form as existed before the fire or casualty; (iii) the Premises have been materially damaged and there is less than two (2) years of the Term remaining on the date of the casualty; (iv) any Mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (v) a substantial uninsured loss to the Building occurs. Landlord may be exercised exercise its right to terminate this Lease by delivery to notifying Tenant of a written notice in writing within sixty ninety (6090) days after the date of such damagecasualty. If Landlord does not terminate this Lease, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and the Premises. However, in no event shall Landlord be required to spend more than the event that: (a) insurance proceeds received by Landlord. Landlord shall not be liable for any loss or damage to Tenant’s Property or to the Premises business of Tenant resulting in any way from the fire or portions other casualty or from the repair and restoration of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damage.

Appears in 1 contract

Samples: Industrial Lease Agreement (Ufp Technologies Inc)

Damage. () If the Premises or any portions of the Project serving the Premises are damaged by fire or other cause covered by Landlord's policy of fire insurance with extended coverage or other property damage insurance carried by Landlord, the damage shall be repaired by and at the expense of Landlord and the rent until such repairs shall have been made shall xxxxx pro-rata according to the part of the Premises which is unusable by Tenant. However, if such damage was caused by the negligence of Tenant, its employees, agents, contractors, visitors or licensees, then all rentals shall be payable by Tenant during such period. Due allowance shall be made for reasonable delay which may arise by reason of adjustment of fire insurance by Landlord, and for personnel delay on account of "labor troubles" or any perilother cause beyond Landlord's control. If, however, the Premises are rendered wholly untenantable by fire or other cause and Landlord shall decide not to rebuild, the same, or if the entire Building be so damaged that Landlord shall decide to demolish it or not to rebuild it, then or in any of such events, Landlord may, at its option, cancel and terminate Lease by giving Tenant notice in writing of its intention to cancel this Lease, whereupon the term of this Lease shall restore terminate upon the thirtieth (30th) day after such notice is given, and Tenant shall vacate the Premises and such portions surrender the same to Landlord. In neither of the Project to substantially certain contingencies in this paragraph mentioned shall there be any liability on the same condition as existed immediately prior to such damage, unless this Lease is terminated by part of Landlord or Tenant as set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised by delivery to Tenant covering or in respect of a written notice within sixty (60) days after any period during which the date occupation of such damagesaid Premises by Tenant may not be possible because of the matters hereinabove stated, in the event that: (a) nor shall Landlord be liable for any damage incurred by Tenant other than Landlord's obligation to repair the Premises or portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance Landlord is required to carry under this Lease and not actually covered by valid and collectible insurance carried by Landlord to such an extent that the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damageas contained herein.

Appears in 1 contract

Samples: Office Lease (E Spire Communications Inc)

Damage. If the Premises or any portions of the Project serving the Premises are damaged by any perilfire or other cause covered by Landlord's policy of fire insurance with extended coverage or other property damage insurance carried by Landlord, Landlord shall restore all damage to the Premises and such structural portions of the Project Building required to substantially the same condition as existed immediately prior be maintained by Landlord pursuant to such damage, unless this Lease shall be repaired by and at the expense of Landlord and the rent until such repairs shall have been made shall xxxxx pro-rata according to the part of the Premises which is terminated unusable by Tenant. However, if such damage was caused by the negligence of Tenant, its clients, invitees, licensees, agents, contractors, or employees, then all rentals shall be payable by Tenant during such period. Due allowance shall be made for reasonable delay which may arise by reason of adjustment of fire insurance on the part of Landlord and/or Tenant, and for delay on account of "labor troubles" or Tenant as set forth belowany other cause beyond Landlord's control. If, however, the Premises are rendered wholly untenantable by fire or other cause, or Landlord shall have decide not to rebuild the right to same, Landlord may, at its option, cancel and terminate this LeaseLease by giving Tenant, which option may be exercised by delivery to Tenant of a written notice within sixty (60) days after from the date of such damage, notice in writing of its intention to cancel this Lease, whereupon the event that: (a) term of this Lease shall cease and terminate upon the third day after such notice is given, and Tenant shall vacate the Premises and surrender the same to Landlord, but in neither of the certain contingencies in this Section mentioned shall there be any liability on the part of Landlord to Tenant covering or in respect of any period during which the occupation of said Premises by Tenant may not be possible because of the matters hereinabove stated. If Landlord does not elect to terminate this Lease as provided above, Landlord shall proceed in a commercially reasonable manner to repair the portions of the Project serving the Premises are damaged by a peril both not covered by the type of insurance which Landlord is required to carry under restore in accordance with this Lease Section and, upon the completion of such repairs, Tenant shall use diligent and not actually covered by valid and collectible insurance carried by Landlord commercially reasonable efforts to such an extent that repair the estimated cost to restore the such areas exceeds ten percent (10%) of the then actual replacement cost thereof (and Tenant does not agree to pay the uninsured amount); or (b) the damage to the Premises or portions of the Project serving Premises which are the Premises cannot reasonably be restored within one hundred eighty (180) days. If the Premises or portions responsibility of the Project serving the Premises are damaged due Tenant to any peril, Tenant shall be entitled to an abatement of all Rent to the extent of the interference with Tenant’s use of the Premises occasioned thereby. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled to terminate insure under this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damageLease.

Appears in 1 contract

Samples: Lease Agreement

Damage. 27.1 In case of partial or total destruction of the Premises, the Tenant will give immediate notice thereof to the Landlord. If the Premises shall have been damaged or any portions destroyed to an extent less than 25% of the Project serving insurable value thereof, the Landlord will restore the Premises are to their former condition within a reasonable time at its expense. If the Premises shall have been damaged or destroyed to an extent of 25% or more of the insurable value thereof, the Landlord may within Ninety (90) days elect to (a) restore the Premises to their former condition within One Hundred Twenty (120) days of Landlord's election date at its expense, or (b) terminate this Lease by any peril, giving notice of termination to the Tenant. If Landlord shall elects to restore the Premises and does not substantially complete said restoration within One Hundred Twenty (120) days (excluding noncompletion of details of construction, decoration or mechanical adjustments which are minor in character and the noncompletion of which does not materially interfere with Tenant's use of such portions part of the Project to substantially the same condition as existed immediately prior to such damagePremises), unless this Lease is terminated by Landlord or Tenant as set forth below. Landlord shall have the right to terminate this Lease, which option may be exercised Lease by delivery to Tenant of a giving written notice within sixty (60) days after to Landlord. A just proportion of the date Basic Rent, according to the nature and extent of such damagethe damage or destruction, in will be abated from the event that: (a) time of the same until the Premises shall have been restored (as hereinabove provided) or portions this Lease terminated, excepting, however, that if the nature of the Project serving damages is such as to render the Premises are damaged wholly unsuitable for Tenant's use, then unless this Lease is terminated by a peril both not covered by the type of insurance Landlord is required to carry Landlord, as hereinbefore provided, all rent shall xxxxx and Tenant's obligations under this Lease and not actually covered shall be suspended until such time as the Premises shall have been fully restored by valid and collectible insurance carried by the Landlord. There shall be no obligation upon the part of the Landlord to such an extent that repair or rebuild during the estimated cost to restore the such areas exceeds ten percent (10%) last year of the then actual replacement cost thereof (and Tenant does not agree term of this Lease. Landlord's obligation to pay the uninsured amount); repair or (b) the damage rebuild pursuant to this paragraph shall be limited to the Premises basic building, systems and equipment and replacement of any interior work which may have been installed at Landlord's cost. Landlord's obligation to repair or portions of the Project serving the Premises cannot reasonably rebuild shall also be restored within one hundred eighty (180) days. If the Premises or portions of the Project serving the Premises are damaged due to any peril, Tenant shall be entitled to an abatement of all Rent limited to the extent of insurance proceeds made available by any mortgagee having control over disposition of such proceeds and shall be further limited to not include the interference with Tenant’s use restoration, repair or rebuilding of any portion of the Premises occasioned therebyfor which Tenant is required to maintain insurance under Paragraph 26.3 of this Lease. If the damage resulting therefrom cannot be (or is not in fact) repaired within one hundred eighty (180) days following the occurrence of such event, then Tenant also shall be entitled responsible to terminate promptly restore, repair or replace any portion of the Premises for which Tenant is required to maintain insurance under Paragraph 26.3 of this Lease by delivery of written notice of termination to Landlord at any time prior to restoration of such damageLease.

Appears in 1 contract

Samples: Cyberian Outpost Inc

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