DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 2 contracts
Samples: Office Lease (Global Axcess Corp), Office Lease (Global Axcess Corp)
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises same (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (ia) the Premises is are rendered wholly untenantable; (iib) the Premises is are damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iiic) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (ivd) the Premises is are damaged in whole or in part during the last two years of the Lease Term; or (ve) the Building building containing the Premises is damaged (whether or not the Premises is are damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined causes beyond its reasonable control (including, without limitation, those encompassed in Section 2the meaning of the term FORCE MAJEURE) ("Delays"), from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the such cause for the Delays delay within fifteen (15) days after of the occurrence thereof, such said notice to contain the reason for the Delays delay and a good faith estimate of the period of the Delays delay caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is are rendered wholly untenantable, then the Rent and other charges payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.partially
Appears in 1 contract
DAMAGES TO PREMISES. If the Premises shall be partially or the Shopping Center are damaged or destroyed by fire fire, storm, Act of God, war, riot, unavoidable accident, public enemy or other casualty insured under to an extent greater than twenty percent (20%) of the replacement cost thereof, Landlord reserves the right, at Landlord's insurance policies’s sole discretion, of either terminating this Lease or restoring the Premises (if and if Landlord's lender(sto the extent damaged) shall permit insurance proceeds paid as a result thereof to the condition in which they were prior to such damage or destruction (not to include any replacement or other installation of trade fixtures, equipment or other property of Tenant ). If Landlord should elect to reconstruct the Premises, Tenant is to be so used, then upon receipt advised in writing by Landlord within a period of the insurance proceeds, forty five (45) days after said damage or destruction that Landlord shall, except will as otherwise provided herein, promptly soon as practicable repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, howeverabove set forth. During the time required for repairing and restoring the Premises as aforesaid, to the extent of that the insurance proceeds received by Landlord. If by reason of such occurrence: (i) same are rendered untenantable the Premises is rendered wholly untenantable; (ii) the Premises is damaged fixed minimum rent shall xxxxx on a per diem basis in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as proportion to that portion of the Premises rendered untenantableuntenantable and the Base Receipts amount used in computing percentage rent shall be reduced in like manner. If the Premises, in either event or any part thereof, should be damaged by fire, storm, war, riot, Act of Gold, unavoidable accident, public enemy or other casualty to an extent that is less than twenty percent (unless 20%) of the Lease replacement cost, Landlord shall, to the extent that the same is terminatedcovered by insurance repair such damage and the rent shall not be abated. If by reason of any such event, as aforesaid) from the date of such casualty until the Premises have been substantially repaired shall be rendered untenantable in part, Landlord shall speedily and restoredas soon as practicable after such destruction repair and restore the Premises to the condition in which they were prior to such damage or destruction (not to include any replacement or other installation of trade fixtures, equipment or other property of Tenant). Notwithstanding the above, if the Premises are damaged or destroyed by a casualty not covered by Landlord’s insurance, or until Tenant's business operations are restored if such damage to the Premises is suffered during the last two year of the then current term of this Lease and the damage is sufficiently extensive to result in the entire Premises, whichever shall first occur. Tenant shall continue the operation suspension of Tenant's business in ’s business, however temporary, or if the proceeds of any insurance are not made available to Landlord by its lender, then Landlord at its option may elect not to repair the Premises or any part thereof not and upon so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty notifying Tenant in writing this Lease shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement terminate as of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or date on which the damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restorationoccurred.
Appears in 1 contract
Samples: Lease Agreement (Dgse Companies Inc)
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord if the Premises and any areas necessary for access to the Premises cannot be repaired in one hundred eighty (180) days, or at any time between the one hundred ----------------- T /s/ RDG INITIALS -------- LL /s/ illegible ----------------- eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section SECTION 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Office Lease (Software Spectrum Inc)
DAMAGES TO PREMISES. If the Building or Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to a condition at least equal to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value replacement cost thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen thirty (1530) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by (x) written notice given to Landlord within thirty (30) days of the date of such occurrence if the Premises is damaged in whole or in part during the last twelve (12) months of the Term and the period for repair to the Premises shall exceed ninety (90) days; or (y) written notice given to Landlord at any time between the one hundred eightyfifty-first day (181st151st) and one hundred ninetysixty-sixth sixty (196th166th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty fifty (180150) days of such casualty. However, if Landlord is prevented by Delays as defined in Section SECTION 2, from completing the restoration within said one hundred eighty fifty (180150) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty fifty (180150) days, equal to the Delays in which to restore the damaged areas of the BuildingBuilding including the Premises; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forthforth and any prepaid Rent shall be refunded to Tenant upon the termination of this Lease. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly with reasonable promptness repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal comparable to that existing prior to their damage or destructionother Class "A" office buildings in the Maryland Farms Office Park in Brentwood, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacementTennessee. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantableuntenantable or inaccessible to Tenant for Tenant's Permitted Use, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantableuntenantable or inaccessible to Tenant for Tenant's Permitted Use, in either event (unless the this Lease is terminated, terminated as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored Substantially Complete (as determined by the standards set forth in the entire Premises, whichever shall first occurWorkletter). Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business managementas determined by Tenant in Tenant's reasonable judgment. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises same (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contentscontents unless caused by Landlord's negligence or misconduct) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (ia) the Premises is are rendered wholly untenantable; (iib) the Premises is are damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iiic) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (ivd) the Premises is are damaged in whole or in part during the last two years year of the Lease Term; or (ve) the Building building containing the Premises is damaged (whether or not the Premises is are damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen thirty (1530) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined causes beyond its reasonable control (including, without limitation, those encompassed in Section 2the meaning of the term force majeure) ["Delays"], from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the such cause for the Delays delay within fifteen (15) days after of the occurrence thereof, such said notice to contain the reason for the Delays delay and a good faith estimate of the period of the Delays delay caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays such delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and upon Landlord's determination that it will restore the Premises, Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is are rendered wholly untenantable, then the Rent and other charges payable by Tenant shall be fully abated, or if only partially damageddamaged and Tenant can reasonably continue to conduct business, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until fifteen (15) days after the Premises have been substantially repaired and restored, and Tenant has received notice from Landlord, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of RentRent or other charges. Except for the abatement of the Rent and other charges hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Office Lease (Capital Bank Corp)
DAMAGES TO PREMISES. A. If the Premises shall be partially damaged by fire, the elements, unavoidable accident or other casualty, then, subject to the provisions below, Landlord shall cause the damage to be repaired. In doing so, Landlord shall commence its repairs promptly and diligently proceed with same, but shall not be required, in any event, to expend more than the net amount of insurance proceeds received on account of the damage.
B. If the Premises shall be so damaged or destroyed as would render the Premises 25% untenantable for a period in excess of one hundred eighty (180) days, or if then applicable laws or zoning requirements do not permit the necessary repair or restoration after occurrence of damage or destruction of the Premises to whatever extent, then either party shall have the right to cancel this Lease by written notice to the other served within thirty (30) days of the occurrence, effective as of the occurrence.
C. Tenant shall immediately notify Landlord in case of fire or other casualty insured damage to the Premises.
D. The repair and restoration of any damage to the property of Tenant or to the decorations and Alterations of Tenant shall not be the responsibility of Landlord.
E. In the event any damage or destruction of the Premises renders the Premises untenantable, all Rent shall be abated during such period of untenantability, except if the damage or destruction shall be due to the negligence or misconduct of Tenant, its agents or employees provided that all Rent shall be abated regardless of cause of damage or destruction to the extent that rent insurance is in effect for the Premises. If any such damage or destruction renders the Premises partially untenantable, all Rent shall be equitably apportioned, subject to the above-stated exception. For purposes of this Paragraph E, the word "Rent" shall not include any Additional Rent as may be due from Tenant by reason of default by Tenant under any term, covenant or condition of this Lease.
F. Landlord's insurance policies, proceeds shall be and if remain the exclusive property of Landlord's lender(s) shall permit insurance proceeds paid as a result thereof .
G. Notwithstanding anything to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided contrary herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) if the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of to the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more thereof, and if insurance proceeds received on account of the fair market value thereof, then Landlord may elect either damage would not be sufficient to repair or reconstruct the damage as aforesaidbuilding or tract, or to cancel this Lease by written notice of cancellation given to Tenant Landlord shall have the right, within sixty (60) days after occurrence of the damage, to elect, upon written notice to Tenant, not to repair or reconstruct the Building or Tract, in which event, this Lease and the tenancy hereby created, shall cease as of the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaidsuch termination, Tenant's liability for the all Rent and other charges reserved hereunder Additional Rent shall cease be apportioned as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restorationoccurrence.
Appears in 1 contract
DAMAGES TO PREMISES. 13.1 If during the term hereof the Premises shall be partially damaged or destroyed by fire fire, or by any other casualty insured under Landlord's insurance policiescause whatsoever, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shallOwner, except as otherwise provided hereinin this Article, promptly shall forthwith proceed to repair and restore and/or rebuild the Premises (exclusive of same, including any additions or improvements made by Owner or Tenant, Tenant's trade fixtures, decorations, signs, on the same plans and contents) substantially to the condition thereof design as existed immediately prior to before such damage or destruction; limiteddestruction occurred, howeversubject to such delays as may be reasonably attributable to governmental restrictions or failure to obtain materials or labor, to or other causes, whether similar or dissimilar, beyond the extent control of Owner. Materials used in repair and rebuilding shall be as nearly like original materials as may then be reasonably procured in regular channels of supply. Tenant's interest in the proceeds of insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part carried on Owner's improvements, payable as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount such damage or destruction shall be made available to Owner for the purpose of such repair or rebuilding. In the event Owner shall fail to commence the repair or reconstruction of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired damage or destruction, Tenant, at its option, may terminate this Lease. Tenant shall, at its own expense, replace and restored, or until repair Tenant's business operations are restored trade fixtures and equipment in said Premises which may be damaged or destroyed by fire or any other cause whatsoever. Such replacement or repair shall take place as soon after the entire Premisesdamaging or destruction as may be reasonably possible, whichever shall first occur. subject to delays beyond the control of Tenant.
13.2 In the event of a partial damage or destruction, Tenant shall continue the operation of Tenant's business in to utilize the Premises or any part thereof not so damaged during any such period to the extent reasonably that it may be practicable to do so from the standpoint of prudent business managementgood business. HoweverAll rent shall axxxx from the time any damage or destruction occurs until the Premises are wholly restored, if such damages unless Tenant shall continue or other casualty resume using the Premises, in which event the rent shall be caused by equitably abated in the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for proportion that the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any unusable part of the Premises and/or bears to the whole thereof.
13.3 Either party hereto shall have the right to terminate this Lease if, during the last twelve (12) months of the term of this Lease, the building which is a portion of the Premises is damaged in an amount exceeding sixty-six and two-thirds (66-2/3%) percent of the then reconstruction cost of said building (which reconstruction cost for the proposes of the Section 13.3 shall be limited to only the cost of actually reconstructing said building), provided that in such event such termination of this Lease shall be effected by written notice within sixty (60) days of the happening of the casualty causing such damage; provided that the right of the Owner to terminate pursuant to this Section shall be subject to the provisions of the following sentence. Should Owner, at any time there remains in force but unexercised, an option to extend this Lease pursuant to Section 3.1 hereof, give notice of its intention to terminate under this Section, Tenant may at any time within thirty (30) days after receipt of such notice exercise such option to extend (or if there be more than one such option in force and unexercised, the next such option) by giving Owner written notice of Tenant's intention so to do. Upon the giving of such latter notice within said thirty (30) day period, such election of Owner to terminate this Lease shall be of no effect and Owner shall proceed to repair or rebuild as herein required.
13.4 Each of the parties hereto mutually releases the other from liability, and waives all right of recovery against the other, for any inconvenience loss of or annoyance occasioned by any such damagedamage to the property of each, destruction, repairproperty of others for which either of the parties hereto is liable, or restorationmay become liable, or as to which either may have assumed liability, property of others in the actual or constructive custody of either of the parties hereto, the perils of the commonly referred to Extended Coverage Endorsement and leakage from automatic sprinkler systems, if any, or from perils insured against under any insurance policies maintained by the parties hereto, regardless of the cause of such loss or damage even though it results from some act or negligence of a party hereto, its agents or representatives; provided, however, that this provision shall be inapplicable if it would have the effect, but only to the extent that it would have the effect, of invalidating any insurance coverage of the parties hereto. If Tenant enters into a similar agreement with a subtenant of it, which agreement extends to Owner, the agreement of Owner contained in this paragraph shall also extend to such subtenant.
Appears in 1 contract
Samples: Lease Agreement (SenesTech, Inc.)
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceedscasualty, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises same (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: :
(ia) the Premises is are rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policiesb); (iiic) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (ivd) the Premises is are damaged in whole or in part during the last two years year of the Lease Term; or (ve) the Building building containing the Premises is damaged (whether or not the Premises is are damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined causes beyond its reasonable control (including, without limitation, those encompassed in Section 2the meaning of the term force majeure) ["Delays"], from completing the restoration ----- ------- within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the such cause for the Delays delay within fifteen (15) days after of the occurrence thereof, such said notice to contain the reason for the Delays delay and a good faith estimate of the period of the Delays delay caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is are rendered wholly untenantable, then the Rent and other charges payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until fifteen (15) days after notice by Landlord to Tenant that the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent and other charges hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
DAMAGES TO PREMISES. If In the event the Leased Premises shall be are hereafter damaged or destroyed or rendered partially damaged untenable for their accustomed uses by fire or other casualty insured under Landlord's insurance policiesthe coverage which Landlord is obligated to carry pursuant to ARTICLE 19
(a) hereof, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shallthen, except as otherwise provided hereinhereinafter provided, Landlord shall promptly repair said premises and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) same to substantially to the condition thereof in which they were immediately prior to the happening of such damage or destruction; limitedcasualty, however, provided that Landlord shall not be obligated to the extent expend for such repair an amount in excess of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part recovered as a result of a risk which is not covered by Landlordsuch damage and that in no event shall Landlord be required to repair or replace Tenant's insurance policies; (iii) Landlord's lender does not permit a sufficient amount stock in trade, interior partitions, fixtures, equipment, furniture, furnishings, wall covering, floor covering and draperies. From the date of such casualty until the Leased Premises are so repaired and restored, Minimum Annual Rental payments and all items of additional rental, except Taxes and Insurance, shall xxxxx in such proportion as the square footage of the insurance proceeds Leased Premises thus destroyed or rendered untenantable bears to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years total square footage of the Term; or (v) Lease Premises, provided, however, that in the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of event fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair Leased Premises or the damage as aforesaid, Shopping Center of which they are a part be hereafter destroyed or to cancel rendered untenable by fire or other casualty during the term of this Lease (based upon the cost to replace the premises immediately prior to such fire or other casualty as shown by written notice certificate of cancellation given to Tenant within sixty Landlord's architect) or if one (601) days after the date of or more department stores are damaged by fire or other casualty such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen that they will likely remain closed for business for a period exceeding twelve (1512) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused therebymonths, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect right to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease effective as of the effective date of such casualty, by giving Tenant, within thirty (30) days after the termination happening of this Leasesuch casualty, subject, however, to the provisions for abatement written notice of Rent hereinafter set forthsuch termination. Unless this Lease is terminated as aforesaidIf said notice be given within said thirty (30) day period, this Lease shall remain in full force terminate and effectMinimum Annual Rental and all other charges and items of additional rental shall xxxxx as aforesaid from the happening of such casualty, and Landlord shall promptly repay to Tenant any rental theretofore paid in advance which has not been earned at the date of such casualty. If said notice be not given and Landlord is required or elects to repair or rebuild the Leased Premises as herein provided, then Tenant shall promptly repair, restore, or repair and replace Tenant's improvementsits merchandise, trade fixtures, decorations, signs, furnishings and contents in the Premises equipment in a manner and to at least a condition equal to that existing prior to their its damage or destruction. Except as herein expressly provided to the contrary, and this Lease shall not terminate nor shall there be any abatement of rental or other charges or items of additional rental as the proceeds result of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such a fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Management and Leasing Agreement (Gotham Golf Corp)
DAMAGES TO PREMISES. 19.1 If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceedscasualty, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of Tenant Improvements, other improvements made by Tenant, Tenant's ’s trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: , (ia) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is are damaged in whole or in part during the last two (2) years of the TermTerm (unless Tenant commits to renew the Lease pursuant to an outstanding renewal right); or (vb) the Building containing the Premises is damaged (whether or not the Premises is are damaged) to an extent of fifty percent (50%) or more of the then existing fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen the forty-five (1545) days after day period commencing upon Tenant’s receipt of such notice of termination. In addition, without limiting any other remedies Tenant may have under applicable law, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one two hundred eighty-seventy first (181st271st) and one two hundred ninety-eighty sixth (196th286th) days day after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the PremisesPremises but excluding Tenant Improvements, other improvements made by Tenant, Tenant’s trade fixtures, decorations, signs, and contents) within one two hundred eighty seventy (180270) days of such casualtycasualty (the “Rebuild Period”). However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day periodthe Rebuild Period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereofof the Delays, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord the Rebuild Period shall have an additional be extended by a period beyond said one hundred eighty (180) days, equal to the Delays in which to restore and Landlord shall diligently pursue restoration of the damaged areas of the BuildingBuilding to completion; and Tenant may not elect to terminate this Lease until said additional period required for completion the extended Rebuild Period has expired with the Building not having been substantially restored. In such casethe event the Rebuild Period is so extended, Tenant's ’s fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentenceRebuild Period as extended pursuant to this Article 19. Upon the termination of this Lease as aforesaid, Tenant's ’s liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter as set forth. forth in Section 19.3 hereof.
19.2 Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace the Tenant Improvements, other improvements made by Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. .
19.3 If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the this Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's ’s business operations are restored in the entire Premises, whichever shall first occur. The overall working environment and material interference with Tenant’s use of the Premises by reason or reduction in the services available (such as elevators, utilities, etc.), access, parking, and common area space shall also be used in calculating the degree to which the Premises are rendered untenantable. Tenant shall continue the operation of Tenant's ’s business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's ’s subtenants, licensees, contractors, or invitees, or their respective agents or employeesemployees causes such damages or other casualty, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Office Lease (Healthways, Inc)
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen thirty (1530) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eightytwenty-first (181st121st) and one hundred ninetythirty-sixth (196th136th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty twenty (180120) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty twenty (180120) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then then. Landlord shall have an additional period beyond said one hundred eighty twenty (180120) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Notwithstanding the foregoing, Landlord shall use commercially reasonable efforts to provide Tenant temporary space which is reasonably acceptable to Tenant during the time period in which the damage to the Building (including the Premises) is being repaired. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Office Lease (Spheris Leasing LLC)
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen thirty (1530) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eightytwenty-first (181st121st) and one hundred ninetythirty-sixth (196th136th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty twenty (180120) days of such casualty. However, if Landlord is prevented by Delays as defined in Section SECTION 2, from completing the restoration within said one hundred eighty twenty (180120) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty twenty (180120) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for (or abatement of Rent hereinafter set forth. Notwithstanding the foregoing, Landlord shall use commercially reasonable efforts to provide Tenant temporary space which is reasonably acceptable to Tenant during the time period in which the damage to the Building (including the Premises) is being repaired. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
DAMAGES TO PREMISES. If the Premises shall be partially are damaged or destroyed by fire fire, storm, Act of God, war, riot, unavoidable accident, public enemy or other casualty insured under Landlord's insurance policiesto an extent greater than twenty percent (20%) of the replacement cost thereof or the damage cannot reasonably be repaired within one hundred twenty (120) days, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof Landlord reserves the right of either terminating this Lease or restoring the Premises. Tenant is to be so used, then upon receipt advised in writing by Landlord within a period of forty-five (45) days after said damage or destruction whether Landlord has elected to terminate the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly Lease or to repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior above set forth. If the Landlord elects to repair and restore the Premises, such damage or destruction; limited, howeverwork will be done as speedily and as soon as practicable. During the time required for repairing and restoring the Premises as aforesaid, to the extent of that the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is same are rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain xxxxx on a per diem basis in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as proportion to that portion of the Premises rendered untenantable. If the Premises, in either event or any part thereof, should be damaged by fire, storm, war, riot, Act of God, unavoidable accident, public enemy or other casualty to an extent that is less than twenty percent (unless 20%) of the Lease replacement cost and the damage can be repaired within one hundred twenty (120) days, Landlord shall, to the extent that the same is terminatedcovered by insurance, as aforesaid) from repair such damage and the date Rent shall not be abated. If by reason of any such casualty until event, the Premises have been substantially repaired shall be rendered untenantable in part, Landlord shall speedily and restoredas soon as practicable after such destruction repair and restore the Premises to the condition in which they were prior to such damage or destruction and during the time required for repairing or restoring, the Rent shall xxxxx on the portion of the Premises rendered untenantable. Notwithstanding the above, if the Premises are damaged or destroyed by a casualty not covered by Landlord’s insurance, or until Tenant's business operations are restored if damage to the Premises is suffered during the last two (2) years of the then-current term of this Lease and the damage is sufficiently extensive to result in the entire Premises, whichever shall first occur. Tenant shall continue the operation suspension of Tenant's business ’s business, however temporary, or if the proceeds of any insurance are not made available by a beneficiary in a deed of trust in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from Landlord, then Landlord at its option may elect not to repair the standpoint of prudent business management. However, if such damages or other casualty Premises and upon so notifying Tenant in writing this Lease shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement terminate as of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or date on which the damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restorationoccurred.
Appears in 1 contract
Samples: Lease Agreement (Metromedia International Group Inc)
DAMAGES TO PREMISES. If the Premises demised premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policiescause, the damages shall be repaired by and at the expense of Landlord within one hundred twenty (120) days of such damage and the rent until such repairs shall be made shall be apportioned according to the part of the demised premises which is usable by Tenant. In the event of partial damage, the rent shall be apportioned according to the percentage of area that is rendered substantially untenantable. If the demised premises are substantially damaged or are rendered substantially untenantable by fire or other cause, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant engineer certifies within sixty (60) days after the date of such occurrencecasualty that it cannot restore or rebuild the same within 180 days, or if the building shall be so damaged that Landlord shall decide to demolish it or to rebuild it, then or in any of such events Landlord may, within ninety (90) days after such fire or other cause, give Tenant a notice in writing of such decision, and thereupon the term of this Lease lease shall terminate. expire thirty (30) days thereafter and Tenant shall vacate the demised premises and surrender the Premises same to Landlord within fifteen (15) days after receipt of such notice of terminationLandlord. In additionIf Tenant shall not be in default under this lease then, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaidlease under the conditions provided for in the sentence immediately preceding, Tenant's liability for the Rent and other charges reserved hereunder rent shall cease as of the effective date of day following the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forthcasualty. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property The demised premises shall be held in trust by Tenant deemed to be "substantially damaged" or "rendered substantially untenantable" for the purposes of such repair, restoration, or replacement. If, this paragraph if the loss by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion cause exceeds thirty (30%) percent of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date value of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restorationsaid premises.
Appears in 1 contract
Samples: Lease Agreement (Priceline Com Inc)
DAMAGES TO PREMISES. a. Landlord’s Restoration Obligations. If the Building, Common Areas or Premises shall be partially are damaged by fire or other casualty (“Casualty”), then Landlord shall repair and restore the Building, Common Areas and Premises to substantially the same condition immediately prior to such Casualty, subject to the following terms and conditions:
i. The casualty must be insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, ’s obligation is limited to the extent of the insurance proceeds received by Landlord. If Landlord’s duty to repair and restore the Premises shall not begin until receipt of the insurance proceeds.
ii. Landlord’s lender(s) must permit the insurance proceeds to be used for such repair and restoration.
iii. Landlord shall have no obligation to repair and restore Tenant’s trade fixtures, decorations, signs, contents, or any Non-Standard Improvements to the Premises.
b. Termination of Lease by reason Landlord. Landlord shall have the option of such occurrenceterminating the Lease if: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof. If Landlord elects to terminate this Lease, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written it shall give notice of the cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease shall terminatethe Casualty. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such the notice of termination. In addition, and all Rent shall be prorated through the date Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181st) and one hundred ninety-sixth (196th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including vacates the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Office Lease (Brown & Brown Inc)
DAMAGES TO PREMISES. If (a) In the event of any partial damage (defined to mean damage or destruction, other than to Tenant owned alterations, the repair cost of which damage or destruction is less than fifty percent (50%) of the then replacement value of the Premises shall be partially damaged (not including the value of the Land) just prior to said damage or destruction) or loss by fire or other casualty insured under Landlord's insurance policieswhatsoever to the Improvements or any part or portion thereof during the Term, Tenant shall give immediate written notice thereof to Landlord if the same equals or exceeds $50,000.00, and if Landlord's lender(s) shall permit shall, without regard to the availability and adequacy of insurance proceeds paid as a result thereof for such purposes, with reasonable diligence at Tenant’s sole cost and expense, complete all necessary Repairs. Tenant covenants and agrees to commence efforts to settle the insurance claim promptly after any event of loss or casualty and to expeditiously, diligently and continuously prosecute such efforts to settlement, or failing settlement, the commencement of litigation. In the event that settlement or collection cannot be so usedobtained within one hundred eighty (180) days after such casualty or loss, then upon receipt and Tenant has failed to diligently pursue such claim, Landlord shall have the right, but not the obligation, to commence Repairs or to declare an Event of Default. If any part or portion of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises Improvements is damaged in whole or in part lost as a result of a risk which is not covered by Landlord's such fire or other casualty, Tenant shall likewise, without regard to the availability and adequacy of insurance policies; (iii) Landlord's lender does not permit a sufficient amount proceeds for such purpose, repair the part or portion of the insurance proceeds Premises so damaged or lost. Such Repairs shall be without cost, charge or expense of any kind to be used for restoration purposes; (iv) Landlord. Notwithstanding any other provisions hereof, if the Premises is Improvements are partially damaged in whole or in part during the last two (2) years of this Lease, if the cost of repair exceeds twenty-five percent (25%) of the replacement value of the Premises (not including the value of the Land), Landlord or Tenant shall have the right to terminate this Lease by written notice to the other not later than forty-five (45) days from the date of damage and all insurance proceeds (except for insurance proceeds for Tenant’s personal property) resulting from such casualty shall be paid over to Landlord and Landlord shall have the right to adjust, compromise and settle any and all claims related thereto in its sole and absolute discretion without any liability to Tenant whatsoever, and Tenant shall have no further obligations under the Lease.
(b) In the event that, during the Term; , any of the Improvements shall be totally destroyed (defined to mean damage or (v) destruction, other than to Tenant owned alterations, the Building containing the Premises repair cost of which damage or destruction is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market then replacement value thereof, then Landlord may elect either of the Premises (not including the value of the Land) just prior to repair the said damage as aforesaidor destruction), or so substantially damaged by fire or other casualty whatsoever that the Repairs would be impracticable or the use of the Premises would not be economically feasible after Repairs, as determined by Tenant in its reasonable discretion, Tenant shall give prompt written notice thereof to Landlord, and shall either (a) without regard to the availability and adequacy of insurance proceeds, proceed with reasonable diligence, to demolish and remove the ruins and complete the Repairs, or (b) within thirty (30) days of the date of the aforesaid written notice, give Landlord a further written notice electing to cancel this Lease by written notice of cancellation given to Tenant within sixty with a termination date thirty (6030) days after said further written notice. In the date event that Tenant elects to cancel the Lease, all insurance proceeds (except for insurance proceeds for Tenant’s personal property) resulting from such casualty shall be paid over to Landlord or the holder of such occurrenceany first mortgage lien on Landlord’s fee interest in the Premises the “First Mortgage”), if required to do so, and thereupon this Lease Landlord or the holder of the First Mortgage shall terminate. have the right to adjust, compromise and settle any and all claims related thereto in its sole and absolute discretion without any liability to Tenant whatsoever, and Tenant shall vacate and surrender have no further obligations under the Premises to Landlord within fifteen (15) days after receipt of such notice of terminationLease. In additionany event, demolition, removal and construction (in the event that Tenant may also terminate does not elect to cancel this Lease by written notice given to Landlord at any time between the one hundred eighty-first (181stLease) and one hundred ninety-sixth (196th) days after the occurrence shall be without cost, charge or expense of any such casualtykind to Landlord. The replacement Improvements so to be constructed shall be as nearly as possible of a size, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty (180) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty (180) day period, type and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty (180) days, character equal to the Delays in damaged or destroyed Improvements, shall have a net rentable area which is not less than the net rentable area of such Improvements, shall be of a quality of not less than the quality of such Improvements, as the same existed immediately prior to restore such damage or destruction, shall include all articles necessary for the damaged areas operation of such replacement Improvements, and shall be of a quality not less than the quality of the Building; items of the Improvements which were damaged or destroyed by such fire or other casualty. Before commencing the construction of any replacement Improvements, Tenant shall submit copies of the plans and Tenant may specifications therefor to Landlord for Landlord’s approval, which approval shall not elect to terminate this Lease until said additional period required for completion has expired with the Building be unreasonably withheld or delayed.
(c) If any damage or destruction mentioned in Sections 17(a) or 17(b) hereof does not having been substantially restored. In such case, Tenant's fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth result in the preceding sentence. Upon the termination of this Lease as aforesaidand the insurance proceeds are in an amount of $50,000.00 or less and are paid under any insurance policy, such insurance proceeds shall be paid over to Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, hold the same to be used first for the payment of the entire cost the Repairs and any part or replace Tenant's improvements, trade fixtures, decorations, signs, and contents portion thereof before using the same for any other purpose.
(d) In the event that the damage or destruction does not result in the Premises termination of the Lease and if the aggregate insurance proceeds received by reason of any single instance of damage or destruction to the Improvements shall be greater than $50,000.00, such insurance proceeds shall be paid over to a mutually acceptable escrow agent (“Escrow Agent”) be held and disposed of as provided in a manner and Section 17(e).
(e) Escrow Agent shall hold all insurance proceeds deposited with it pursuant to at least a condition equal to that existing Section 17(d) hereof until receipt by the Escrow Agent of:
(i) A certificate of Tenant (“Repair Certificate”) dated not more than 10 days prior to their damage the date of such receipt (A) requesting the payment of a specified amount of insurance proceeds; (B) describing in reasonable detail the work and materials applied to the Repairs since the date of the last Repair Certificate; (C) stating that such specified amount does not exceed the cost of such work and materials; and (D) stating that such work and materials have not previously been made the basis of any request for or destructionany withdrawal of money; and
(ii) A certificate of Tenant’s architect or engineer, licensed in the State of South Carolina (respectively, “Tenant’s Architect” or “Tenant’s Engineer”), stating (A) that the work and materials described in the proceeds accompanying Repair Certificate were satisfactorily performed and furnished and were necessary, appropriate or desirable to the Repair of the Improvements, in accordance with the plans and specifications therefor; (B) that the amount specified in such Repair Certificates is not in excess of the cost of such work and materials; and (C) the additional amount, if any, required to complete the Repairs; and
(iii) Waivers of lien from all contractors and subcontractors for work performed and materials supplied, if requested by Landlord. The parties acknowledge that such waivers may be conditioned on receipt by the contractor or subcontractor of payment for the work performed and materials supplied.
(f) Upon receipt by Escrow Agent of all the deliveries pursuant to Section 17(e) hereof, Escrow Agent shall pay to Tenant the amount of the insurance carried by Tenant on said property proceeds specified in the Repair Certificate; provided however, that the balance of insurance proceeds shall not be reduced below the amount specified in the certificate of Tenant’s Architect or Tenant’s Engineer as the amount required to complete the Repair. Each such payment shall be held by Tenant in trust and shall be used solely by Tenant for the purposes payment of such repair, restoration, or replacement. If, by reason the cost of such fire or other casualty, the Premises is rendered wholly untenantable, then work and materials described in the Rent payable by Tenant shall be fully abatedRepair Certificate, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises cost or any part thereof not so damaged during has theretofore been paid by Tenant out of its own funds, then for the reimbursement to Tenant of any such period cost or part thereof so paid by it. If there shall remain on deposit with Escrow Agent any balance of insurance proceeds after (a) the Repairs have been completed, as evidenced by a certificate of such Tenant’s Architect or Tenant’s Engineer delivered to the Escrow Agent, and (b) all work, materials, and professional services supplied in connection therewith shall have been paid for in full, as evidenced by a certificate from Tenant, such balance of insurance proceeds shall be paid to Tenant.
(g) Notwithstanding the foregoing, provided that Tenant has deposited with Escrow Agent all insurance proceeds to be deposited pursuant to Section 17(d) together with all other funds necessary to complete the Repairs, including but not limited, the applicable deductible, and provided that Tenant has waived all rights to terminate this Lease provided in this Section 17, then Landlord, upon written request from Tenant, shall undertake such Repairs on behalf of Tenant and follow the same payment process as outlined in Section 17(e)(i) through (iii) and (f). Tenant shall be responsible, at its expense, for any and all cost above insurance proceeds necessary to complete the Repairs (the “Tenant Repair Contribution”). Landlord will invoice Tenant for all costs and expense associated with any Tenant Repair Contribution, and Tenant pay such any such invoice to Landlord with thirty (30) days after the receipt thereof, unless Tenant has a good faith challenge as to the amount.
(h) Upon the expiration of this Lease however caused, any insurance proceeds then held by the Escrow Agent, if applicable will be paid to Landlord or if held by Tenant, shall be paid to Landlord.
(i) Subject to Tenant’s right of termination under Sections 17(a) and 17(b), no destruction of or damage to the Improvements or any part or item thereof, by fire or other casualty whatsoever, whether such damage or destruction be partial or total or otherwise, shall entitle or permit Tenant to surrender or terminate this Lease, except as set forth herein.
(j) For the purposes of the Lease, the term “Improvements” shall mean all buildings and improvements comprising any portion of the Premises, including the Buildings, and all replacements thereof and additions thereto, all walkways, parking and road improvements of whatever nature, utility and sewage lines (to the extent reasonably practicable from to Landlord’s interest therein) and all apparatus, machinery, devices, fixtures, appurtenances and equipment necessary for the standpoint property operation and maintenance of prudent business management. Howeverthe foregoing now owned by Landlord or hereafter acquired by Tenant pursuant hereto and attached to and used in connection with the Buildings and the Land, if such damages and the term “Repairs” shall mean all repairs, replacements, restoration, reconstruction and other work necessary to return the Premises (or any portion thereof) damaged or destroyed by fire or other casualty shall be caused by as nearly as possible to the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for condition the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any same were in immediately prior to such damage, destruction, repair, or restoration.
Appears in 1 contract
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's insurance policies, and if Landlord's lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's insurance policies; (iii) Landlord's lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty forty-five (6045) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen (15) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eightytwenty-first (181st121st) and one hundred ninety-sixth fiftieth (196th150th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty twenty (180120) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty twenty (180120) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty twenty (180120) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen thirty (1530) day notice of termination period shall begin to run upon the expiration of Landlord's additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Lease (Metavante Corp)
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's ’s insurance policies, and if Landlord's ’s lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises (exclusive of improvements made by Tenant, Tenant's ’s trade fixtures, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction; limited, however, to the extent of the insurance proceeds received by Landlord. If by reason of such occurrence: (i) the Premises is rendered wholly untenantable; (ii) the Premises is damaged in whole or in part as a result of a risk which is not covered by Landlord's ’s insurance policies; (iii) Landlord's ’s lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; (iv) the the-Premises is damaged in whole or in part during the last two years of the Term; or (v) the Building containing the Premises is damaged (whether or not the Premises is damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaid, or to cancel this Lease by written notice of cancellation given to Tenant within sixty forty-five (6045) days after the date of such occurrence, and thereupon this Lease shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen thirty (1530) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eightytwenty-first (181st121st) and one hundred ninetythirty-sixth (196th136th) days after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty twenty (180120) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2, from completing the restoration within said one hundred eighty twenty (180120) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty twenty (180120) days, equal to the Delays in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required requited for completion has expired with the Building not having been substantially restored. In such case, Tenant's ’s fifteen (15) day notice of termination period shall begin to run upon the expiration of Landlord's ’s additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's ’s liability for the Rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for abatement Abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's ’s improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a a. condition equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is rendered wholly untenantable, then the Rent payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until the Premises have been substantially repaired and restored, or until Tenant's ’s business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's ’s business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management. However, if such damages or other casualty shall be caused by the negligence or other wrongful conduct of Tenant or of Tenant's ’s subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of Rent. Except for the abatement of the Rent hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Office Lease (SOI Holdings, Inc.)
DAMAGES TO PREMISES. If the Premises shall be partially damaged by fire or other casualty insured under Landlord's ’s insurance policies, and if Landlord's ’s lender(s) shall permit insurance proceeds paid as a result thereof to be so used, then upon Landlord’s receipt of the insurance proceeds, Landlord shall, except as otherwise provided herein, promptly repair and restore the Premises same as hereinafter defined (exclusive of improvements made by Tenant, Tenant's trade fixtures, equipment, furnishings, decorations, signs, and contents) substantially to the condition thereof immediately prior to such damage or destruction); limited, however, to the extent of the insurance proceeds actually received by Landlord. If by reason of such occurrence: (ia) the Premises is are rendered wholly untenantable; or (iib) the Premises is are damaged in whole or in part as a result of a risk which is not covered by Landlord's ’s insurance policies; or (iiic) Landlord's ’s lender does not permit a sufficient amount of the insurance proceeds to be used for restoration purposes; or (ivd) the Premises is are damaged in whole or in part during the last two years year of the Initial Lease Term; or (ve) the Building containing the Premises is damaged (whether or not the Premises is are damaged) to an extent of fifty percent (50%) or more of the fair market value thereof, then Landlord may elect either to repair the damage as aforesaidaforesaid within one hundred twenty (120) days of damage, or to cancel this Lease by written notice of cancellation given to Tenant within sixty (60) days after the date of such occurrence, and thereupon this Lease Table of Contents shall terminate. Tenant shall vacate and surrender the Premises to Landlord within fifteen thirty (1530) days after receipt of such notice of termination. In addition, Tenant may also terminate this Lease by written notice given to Landlord at any time between the one hundred eightytwenty-first (181st121st) and one hundred ninety-sixth fiftieth (196th150th) days day after the occurrence of any such casualty, if Landlord has failed to restore the damaged portions of the Building (including the Premises) within one hundred eighty twenty (180120) days of such casualty. However, if Landlord is prevented by Delays as defined in Section 2strike, act of God, unavailability of materials, weather, Tenant induced delays or other cause beyond its reasonable control, from completing the restoration within said one hundred eighty twenty (180120) day period, and if Landlord provides Tenant with written notice of the cause for the Delays within fifteen (15) days after the occurrence thereof, such notice to contain the reason for the Delays and a good faith estimate of the period of the Delays caused thereby, then Landlord shall have an additional period beyond said one hundred eighty twenty (180120) days, equal to the Delays period Landlord is delayed by causes beyond its reasonable control, in which to restore the damaged areas of the Building; and Tenant may not elect to terminate this Lease until said additional period required for completion has expired with the Building not having been substantially restored. In such case, Tenant's fifteen (15) day notice of ’s termination period shall begin to run upon the expiration of Landlord's ’s additional period for restoration set forth in the preceding sentence. Upon the termination of this Lease as aforesaid, Tenant's ’s liability for the Rent all rent and other charges reserved hereunder shall cease as of the effective date of the termination of this Lease, subject, however, to the provisions for the prior abatement of Rent hereinafter set forth. Unless this Lease is terminated as aforesaid, this Lease shall remain in full force and effect, and Tenant shall promptly repair, restore, or replace Tenant's ’s improvements, trade fixtures, decorations, signs, and contents in the Premises in a manner and to at least a condition substantially equal to that existing prior to their damage or destruction, and the proceeds of all insurance carried by Tenant on said property shall be held in trust by Tenant for the purposes of such repair, restoration, or replacement. If, by reason of such fire or other casualty, the Premises is are rendered wholly untenantable, then the Rent all rent and other charges payable by Tenant shall be fully abated, or if only partially damaged, such Rent and other charges shall be abated proportionately as to that portion of the Premises rendered untenantable, in either event (unless the Lease is terminated, as aforesaid) from the date of such casualty until fifteen (15) days after notice by Landlord to Tenant that the Premises have been substantially repaired and restored, or until Tenant's Tenant resumes or can resume its normal business operations are restored in the entire Premises, whichever shall first occur. Tenant shall continue the operation of Tenant's ’s business in the Premises or any part thereof not so damaged during any such period to the extent reasonably practicable from the standpoint of prudent business management, except for such abatement of Rent and other charges as hereinabove set forth. However, if such damages or other Table of Contents casualty shall be were caused by the gross negligence or other wrongful conduct of Tenant or of Tenant's ’s subtenants, licensees, contractors, or invitees, or their respective agents or employees, there shall be no abatement of RentRent or other charges. Except for the abatement of the Rent and other charges hereinabove set forth, Tenant shall not be entitled to, and hereby waives, all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any such damage, destruction, repair, or restoration.
Appears in 1 contract
Samples: Lease (Borland Software Corp)