Common use of Damaged Space Clause in Contracts

Damaged Space. If, at any time prior to delivery of the First Offer Space, the First Offer Space or any part thereof has been materially damaged or destroyed by fire or other casualty or cause, Landlord, at its expense, shall repair and restore the portion so damaged or destroyed to its condition immediately prior thereto and in compliance with the Base Building Shell Condition Requirements and all applicable Legal Requirements, with such alterations as Tenant may elect, provided that (a) if any such alterations increase the cost of repairing and restoring the First Offer Space, such excess cost shall be paid by Tenant, and (b) all Rent for such First Offer Space shall xxxxx until the earlier of (i) the date provided in Section 9.3.3, or (ii) in the event such alterations increase the period necessary to repair and restore the First Offer Space by one hundred twenty (120) days or more, the date such repair and restoration work would have been completed but for such alterations. In the event Landlord and Tenant do not agree on the cost or the excess time necessary to perform such alterations, the dispute shall be resolved by Arbitration.

Appears in 2 contracts

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc), Storage Space Lease Agreement (Piper Jaffray Companies)

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Damaged Space. If, at any time prior to delivery of the First Offer Expansion Space, the First Offer Expansion Space or any part thereof has been materially damaged or destroyed by fire or other casualty or cause, Landlord, at its expense, shall repair and restore the portion so damaged or destroyed to its condition immediately prior thereto and in compliance with the Base Building Shell Condition Requirements and all applicable Legal Requirements, with such alterations as Tenant may elect, provided that (a) if any such alterations increase the cost of repairing and restoring the First Offer Expansion Space, such excess cost shall be paid by Tenant, and (b) all Rent for such First Offer Expansion Space shall xxxxx until the earlier of (i) the date provided in Section 9.3.38.4, or (ii) in the event such alterations increase the period necessary to repair and restore the First Offer Expansion Space by one hundred twenty (120) days or more, the date such repair and restoration work would have been completed but for such alterations. In the event Landlord and Tenant do not agree on the cost or the excess time necessary to perform such alterations, the dispute shall be resolved by Arbitration.

Appears in 2 contracts

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc), Storage Space Lease Agreement (Piper Jaffray Companies)

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