Destruction and Damage. (a) The Tenant’s obligations under Article 10 are all subject to Strata Property Laws and the Bylaws. (b) If and to the extent that the Strata Corporation is required to repair or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]. (c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive). (d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] . (e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]
Appears in 2 contracts
Samples: Agreement of Purchase and Sale (GTWY Holdings LTD), Agreement of Purchase and Sale (Gateway Casinos & Entertainment LTD)
Destruction and Damage. a. If the Building is damaged by fire or other perils covered by extended coverage insurance Landlord shall, at Landlord's option:
(ai) The Tenant’s obligations under Article 10 are all subject In the event of total destruction of the Building, elect either to Strata Property Laws promptly commence repair and restoration of the BylawsBuilding and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore said Building, in which event this Lease shall terminate. In either case, Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(bii) If In the event of a partial destruction of the Building to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof and to if the extent damage thereto is such that the Strata Corporation is required Building may be repaired or restored within ninety (90) days from the date of such destruction and Landlord will receive insurance proceeds sufficient to cover the cost of such repairs, commence and proceed diligently with the work or repair and restoration, in which event the Lease shall continue in full force and effect; or rebuild if such repair and restoration requires longer than ninety (90) days or the cost thereof exceeds twenty-five percent (25%) of the full insurable value thereof or if said insurance proceeds will not be sufficient to cover such costs, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not repair, reconstruct or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within ninety (90) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
b. Upon termination of this Lease under any of the Damaged Premisesprovisions of this Article, the Tenant parties shall be relieved of its obligations under Article 10 released thereby without further obligation to effect the applicable repairs or rebuilding other from the date of the Damaged Premises provided that damage or destruction, except for items which have theretofore accrued and are then unpaid.
c. In the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise event of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations restoration as herein provided, the Rent shall be abated proportionately in the ratio which the Tenant's use of the Premises is impaired during the period of such repair, reconstruction or restoration. Tenant shall not be considered a default entitled to any compensation or damages from loss of use of the whole or any part of said Premises and/or any inconvenience or annoyance occasioned by the such damage, repair, reconstruction or restoration.
d. Tenant shall not be released from any of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that and upon the conditions expressly stated in this Article. Notwithstanding anything to the contrary contained in this Article, if Landlord receives insurance proceeds in respect thereofhas elected to repair and restore the Premises and is thereafter delayed or prevented from repairing and restoring said Premises within one (1) year after the occurrence of such damage or destruction by reason of acts of God, either directlywar, governmental restrictions, inability to procure the necessary labor or materials, or through amounts collected by other cause beyond the Strata Corporation and paid control of Landlord, Landlord shall be relieved of its obligation to Landlord (which payments make such repairs or restoration and, at Landlord's option, Tenant shall have no right to receive)be released from its obligations under this Lease as of the end of said one (1) year period.
(d) The e. If damage to the Building or the Premises is due to any cause other than fire or other peril covered by extended coverage, insurance, Landlord or Tenant shall have no responsibility may elect to terminate this Lease.
f. If Landlord is obligated to or elects to repair or rebuild restore as herein provided, Landlord shall repair or restore only those portions of said Building and Premises which were originally provided at Landlord's expense, and the repair and restoration of areas or items not provided at Landlord's expense shall be the obligation of Tenant.
g. Notwithstanding anything to the contrary contained in this article, Landlord shall not have any Damaged Common Property, unless obligation to repair or restore the Tenant is required to do so pursuant to Strata Property Laws Premises or the Bylaws and if so required then Section 10.2 shall apply as if Building during the Damaged Common Property were Damaged Premiseslast twelve (12) months of this Lease or any extension thereof. [Again, If Landlord elects not to restore the extent tenant has practical controlBuilding, this can’t Lease shall be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or deemed to have an abatement terminated as of Rent) if the Property is rebuilt, without regard to time limits or severity date of such partial destruction.]
Appears in 2 contracts
Samples: Lease Agreement (Brighton Technologies Corp), Lease Agreement (Brighton Technologies Corp)
Destruction and Damage. (a) The TenantIf the Building is damaged by fire or other perils covered by special form insurance Landlord shall, at Landlord’s obligations option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. Notwithstanding anything to the contrary in this Section 21, Landlord shall not have the right to terminate this Lease due to the unavailability or insufficiency of insurance proceeds if Landlord failed to maintain the special form insurance required under Article 10 paragraph 13 of this Lease or the cost to repair and restore the Building is less than five percent (5%) of the replacement cost of the Building or if Landlord actually intends to restore the casualty damage in the following one hundred eighty (180) day period. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction. Notwithstanding anything to the contrary in this Lease, if the Premises are all subject damaged by any peril and Landlord does not terminate the Lease, then Tenant shall have the option to Strata Property Laws and terminate this Lease if the BylawsPremises cannot be, or are not in fact, fully restored by Landlord to their prior condition within one hundred eighty (180) days after the damage.
(b) If the Building is damaged by any peril not covered by special form insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Building and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in whole or in part, which event there shall be abatement of Rent only to the extent of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild restore as herein provided, Landlord shall repair or restore the Building, the Premises and/or the Outside Area, as applicable, substantially to their condition existing immediately prior to the occurrence of the damage or destruction (excluding, however, any Damaged Common Property, unless alterations or improvements to the Premises which were made by Tenant without Landlord’s consent where such consent is required by the terms of this Lease); and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Property and any such non-permitted alterations or improvements which Tenant elects to do so pursuant to Strata Property Laws or the Bylaws repair and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] restore.
(e) [Tenant cannot terminate hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased Premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 2 contracts
Samples: Lease Agreement (Silk Road Medical Inc), Lease Agreement (Silk Road Medical Inc)
Destruction and Damage. (a) The TenantIf the Building is damaged by fire or other perils, whether or not covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof. If the peril causing such damage is covered by Landlord’s obligations under Article 10 insurance, Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if insurance proceeds therefor (if any), plus any amounts Tenant may elect or is obligated to contribute, are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the BylawsCasualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Building is damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Building and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged Premisesdate on which Tenant surrenders possession of the Building to Landlord, except that if the Tenant damage to the Building materially impairs Tenant’s ability to continue its business operations in the Building, then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (including Limited Common Property60) is damaged or destroyeddays after the Casualty Discovery Date, in whole or in part, by fire or any other occurrence (each of the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]following instances:
Appears in 2 contracts
Samples: Warehouse/Industrial Lease Agreement, Warehouse/Industrial Lease Agreement (Corsair Components, Inc.)
Destruction and Damage. (a) The TenantTenant shall give Landlord immediate notice of any damage to the Premises and/or the Building. If the Premises are damaged by fire or other perils covered by insurance carried by Landlord, Landlord shall, at Landlord’s obligations under Article 10 option:
(i) In the event of total destruction of the Premises (which shall mean destruction or damage in excess of fifty percent (50%) of the Premises), elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its election within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”). If Landlord elects to terminate this Lease, such notice shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of such notice.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding fifty percent (50%) of the Premises), and, in Landlord’s reasonable judgment, the damage to the Premises can be substantially repaired or restored to the condition existing immediately prior to such damage or destruction within two hundred seventy (270) days after the Casualty Discovery Date (when such repairs are all subject made without payment of overtime or other premiums), Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If in Landlord’s reasonable judgment such repair and restoration requires longer than said two hundred seventy (270) day period, or, if the insurance proceeds to Strata Property Laws be received by Landlord are not sufficient to fully cover the cost of such repair and restoration, Landlord may elect either to repair and restore the BylawsPremises, in which event this Lease shall continue in full force and effect, or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its election within sixty (60) days after the Casualty Discovery Date. If Landlord elects to terminate this Lease, such notice shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of such notice.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to the extent that the Strata Corporation is required completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its election within sixty (60) days after the Casualty Discovery Date. If Landlord elects to terminate this Lease, such notice shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of such notice. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease due to the unavailability of insurance proceeds (including due to an uninsured casualty or use of insurance proceeds to pay debt encumbering the Premises) unless (i) the shortfall in insurance proceeds exceeds five percent (5%) of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding insurable value of the Damaged Premises provided that Building and (ii) Landlord does not intend to restore the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild damage in a manner and timing consistent with this Lease that allows the Building to be used for the portion Permitted Use; provided, further, that, if Landlord seeks to terminate the Lease and clause (i) of the Demised Premises not subject to [preceding sentence applies, then Tenant may void such termination by paying for any shortfall in insurance proceeds in excess of five percent (5%) of the Strata regime]insurable value of the Building.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the right to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If only Common Property (including Limited Common Property) a significant portion of the Premises is damaged or destroyeddestroyed during the last twelve (12) months of the Term.
(ii) Subject to the last sentence of Paragraph (b) above, in whole any Superior Mortgagee or in part, by fire Superior Lessor shall require that insurance proceeds or any other occurrence portion thereof be used to retire debt under any Superior Mortgage or shall terminate a Superior Lease (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue as all of such capitalized terms are defined in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receiveParagraph 31).
(d) The In the event of repair and restoration as herein provided, the Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration. Except as expressly provided in the immediately preceding sentence with respect to abatement of Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, but not limited to, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore the Premises as provided above, Landlord shall be obligated to repair or restore only the tenant improvements, if any, constructed by Landlord or Tenant canin the Premises pursuant to the Work Letter or Alterations approved by Landlord, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Alterations which were not approved by Landlord.
(f) Tenant shall have the right to terminate this Lease (i) in the event of total destruction of the Premises (which shall mean destruction or have damage in excess of fifty percent (50%) of the Premises) or (ii) in the event of a partial destruction (which shall mean destruction or damage to an abatement extent not exceeding fifty percent (50%) of Rentthe Premises), and, in Landlord’s reasonable judgment, the damage to the Premises cannot be substantially repaired or restored to the condition existing immediately prior to such damage or destruction within two hundred seventy (270) if days after the Property is rebuiltCasualty Discovery Date (when such repairs are made without payment of overtime or other premiums).
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, without regard to time limits and the provisions of any similar law now or severity hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.]
Appears in 2 contracts
Samples: Lease Agreement (10x Genomics, Inc.), Lease Agreement (10X Genomics, Inc.)
Destruction and Damage. (a) The TenantIf the Building is damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s obligations under Article 10 option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) If the Building is damaged by any peril not covered by special form insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Building and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by Landlord. Tenant shall not be entitled to any compensation or damages for loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration. If the Lease is terminated by either Landlord or Tenant as permitted herein, then monthly installments of Base Rent and Additional Rent shall be abated from and after the date of the casualty.
(d) If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only those portions of the Building and Premises which were originally provided at Landlord’s expense, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s fixtures, improvements, alterations and additions in partand to the Premises or Building which were not provided at Landlord’s expense.
(e) Tenant shall have the right to terminate this Lease if the time to repair any damage or destruction to the Building is estimated to exceed, by fire or actually exceeds, one hundred fifty (150) days from the date of the casualty, or if the damage or destruction to the Building occurs during the last twelve (12) months of Term, the time to repair the damage or destruction to the Building is estimated to exceed, or actually exceeds, sixty (60) days from the date of the casualty. Tenant shall notify Landlord of its election within thirty (30) days after notice from Landlord of the estimated time required to complete the repair of any other occurrence damage or destruction to the Building or, if applicable, within thirty (30) days after the “Damaged Common Property”)expiration of such 150-day or 60-day period; provided, however, that if Tenant notifies Landlord of Tenant’s election to terminate this Lease due to Landlord’s inability to complete the repair of any such damage or destruction within such 150-day period and Landlord actually completes such repair within fifteen (15) days after Landlord’s receipt of Tenant’s notice, then this Lease shall not be terminated and it terminate but shall nonetheless continue remain in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)effect.
(df) The Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased Premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 2 contracts
Samples: Lease Agreement (Aerohive Networks, Inc), Lease Agreement (Aerohive Networks, Inc)
Destruction and Damage. (a) The TenantIf the Building is damaged by fire or other perils covered by special form insurance, Landlord shall, at Landlord’s obligations under Article 10 option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) If the Building is damaged by any peril not covered by special form insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Building and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of any damage or destruction to the Premises, the monthly installments of Base Rent shall be abated proportionately from the date of such damage or destruction until the Premises are repaired based upon the extent to which Tenant’s use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in whole or in part, which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only those portions of the Tenant is required Building and Premises which were originally provided at Landlord’s expense, substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] ’s expense, Tenant’s fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord’s expense.
(e) [Tenant cannot terminate hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased Premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (Silicon Image Inc)
Destruction and Damage. (a) The Tenant’s obligations If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant may each elect to terminate this Lease by written notice of such election given to the other within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease under Article 10 are all subject to Strata Property Laws and this Paragraph 22(a)(3) only if its use of the BylawsPremises is materially disrupted as a result of such damage.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Paraxxxxx 00, Xxxxxxxx xxxll have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Strata Corporation is Premises cannot be fully repaired or restored by Landlord within one hundred eighty (180) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant canshall not terminate this Lease (be entitled to such abatement to the extent that such damage or have an destruction resulted from the wrongful or grossly negligent acts of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent) if , Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Property is rebuiltPremises, the Building or the Project or the repair or restoration thereof, including, without regard to time limits limitation, any cost, loss or severity expense resulting from any loss of destruction.]use of the whole or any part of the Premises, the
Appears in 1 contract
Samples: Lease Agreement (General Magic Inc)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof and Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction (less deductibles) and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by fire and extended coverage insurance, or if the Premises are damaged by earthquake and Landlord either does not maintain earthquake insurance or the dollar amount of the deductible on any earthquake insurance maintained by Landlord exceeds $250,000, then Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises is destroyed.
(2) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”)Casualty Discovery Date, then this Lease shall regardless of whether or not be terminated the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereoftherefor are not sufficient to cover the costs of repair and restoration, either directly, regardless of whether or through amounts collected by not the Strata Corporation and paid to Landlord Premises is destroyed.
(which payments Tenant shall have no right to receive)4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term regardless of whether or not the Premises is destroyed.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially: to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destructionconstructed by Landlord.]
Appears in 1 contract
Destruction and Damage. a. If all or part of the Building is damaged by fire, earthquake, flood, explosion, the elements, riot, the release or existence of Hazardous Substances (aas defined in Section 49 below) The Tenant’s obligations under Article 10 or by any other cause whatsoever (hereinafter collectively referred to as "Damages"), but the Damages are all subject to Strata Property Laws and not "Material" (as defined in Section 11.b. below), Landlord shall repair the Bylaws.
(b) If and Damages to the extent that the Strata Corporation Building as soon as is required to repair or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent effortsreasonably possible, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue remain in full force and effect and there shall be no abatement effect. If all or part of any item included in Rentthe Building is destroyed or Materially Damaged, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility the right, in its sole and complete discretion, to repair or to rebuild the Building or to terminate this Lease, provided Landlord terminates all other leases of all other spaces similarly affected in the Building. Landlord shall within ninety (90) days after the discovery of such Material Damage or destruction notify Tenant in writing of Landlord's intention to repair or to rebuild or to terminate this Lease. Tenant shall in no event be entitled to compensation or damages on account of annoyance or inconvenience in making any Damaged Common Propertyrepairs, unless or on account of construction, or on account of Landlord's election to terminate this Lease. Notwithstanding the foregoing, if Landlord shall elect to rebuild or repair the Building after Material Damage or destruction, but in good faith determines that the Premises cannot be substantially repaired within two hundred ten (210) days after the date of the discovery of the Material Damage or destruction, without payment of overtime or other premiums, and the Damage to the Building will render the entire Premises substantially unusable during said two hundred ten (210) day period, Landlord shall notify Tenant thereof in writing at the time of Landlord's election to rebuild or repair, and Tenant shall thereafter have a period of fifteen (15) days within which Tenant may elect to terminate this Lease, upon thirty (30) days' advance written notice to Landlord. Tenant's termination right described in the preceding sentence shall not apply if the Damage was caused by the negligent or intentional acts of Tenant or its employees, agents, contractors. Failure of Tenant to exercise said election within said fifteen (15) day period shall constitute Tenant's agreement to accept delivery of the Premises under this Lease whenever tendered by Landlord, provided Landlord thereafter pursues reconstruction or restoration diligently to completion, subject to delays caused by Force Majeure Events. If Landlord is required unable to do so pursuant repair the Damage to Strata Property Laws the Premises or the Bylaws Building during such two hundred ten (210) day period due to Force Majeure Events, the two hundred ten (210) day period shall be extended by the period of delay caused by the Force Majeure Events. Subject to Section 11.c. below, if Landlord or Tenant terminates this Lease in accordance with this Section 11.a., Tenant shall continue to pay all Rent and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, other amounts due hereunder which arise prior to the extent tenant has practical control, this can’t be an “out” for Tenantdate of the occurrence of the Damage.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]
Appears in 1 contract
Samples: Lease Agreement (Equinix Inc)
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of thirty-three percent (33%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding thirty-three percent (33%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant shall each have the right to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 21(a)(3) only if Tenant’s obligations under Article 10 's use and occupancy of the Premises are all subject to Strata Property Laws and the Bylawsmaterially interfered with as a result of such damage.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If more than thirty-three percent (33%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Strata Corporation is Premises cannot be substantially repaired or restored by Landlord within one hundred eighty (180) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant canshall not terminate this Lease (be entitled to such abatement to the extent that such damage or have an destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent) if , Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Property is rebuiltPremises, the Building or the Project or the repair or restoration thereof, including, without regard limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to time limits or severity elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (Finisar Corp)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are damaged by fire or other perils, Tenant shall give Landlord immediate notice thereof and, to the extent insurance proceeds actually received by Landlord are sufficient to perform all subject necessary repairs and restoration, Landlord shall commence promptly to Strata Property Laws repair and restore the BylawsPremises and prosecute the same diligently to completion within twelve (12) months after Landlord has received all permits and approvals required to commence such repair and restoration, but no later than eighteen (18) months from the date of the casualty, and this Lease shall remain in full force and effect. If such repair and restoration is not completed by the end of such twelve (12) or eighteen (18) month period, as applicable, then Tenant shall have the right to terminate this Lease by written notice to Landlord given within fifteen (15) days after the end of such twelve (12) month or eighteen (18) month period, as applicable.
(b) If and Notwithstanding anything to the extent that contrary contained in this Paragraph, in the Strata Corporation is required event (i) insurance proceeds actually received by Landlord are insufficient to repair perform all necessary repairs and restoration, then Landlord may elect to terminate this Lease by written notice to Tenant within thirty (30) days after delivery of such notice, or rebuild any (ii) damage to the Building occurs during the last twelve (12) months of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding Term and exceeds twenty-five (25%) percent of the Damaged Premises provided that the full insurable value thereof, then either Landlord or Tenant has used diligent efforts, and provided adequate funds may elect to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under terminate this Lease so long as Tenant continues by written notice of such diligent efforts and funding election given to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion other within thirty (30) days after the date Landlord obtains actual knowledge of the Demised Premises not subject to [the Strata regime]such destruction.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Building is damaged impaired during the period of such repair or destroyedrestoration; provided, in whole or in parthowever, by fire or any other occurrence (the “Damaged Common Property”), then this Lease that Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no entitled to such abatement of any item included in Rent, except to the extent that such damage or destruction resulted from the Landlord receives insurance proceeds acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect thereofto abatement of Base Rent, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to receive)or destruction of the Premises or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) The If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial Landlord Improvements constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord. Landlord shall have no responsibility obligation to repair restore any improvements constructed by Tenant or rebuild any Damaged Common Property, unless which were not part of the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] Landlord Improvements.
(e) [Tenant cannot terminate hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 20 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (OMNICELL, Inc)
Destruction and Damage. 21.1 If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s option:
21.1.1 In the event of total destruction (awhich means destruction or damage in excess of twenty-five percent (25%) The Tenant’s obligations under Article 10 are all subject of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the Bylaws.
(b) If Premises and prosecute the same diligently to the extent that the Strata Corporation is required completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”). If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged Premises, Casualty Discovery Date.
21.1.2 In the Tenant shall be relieved event of its obligations under Article 10 to effect the applicable repairs a partial destruction (which means destruction or rebuilding damage not exceeding twenty-five percent (25%) of the Damaged full insurable value thereof) of the Premises provided for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Tenant has used diligent effortsPremises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and provided adequate funds to cause proceed diligently with the Strata Corporation to effect any such repairs work of repair and rebuilding (including without limitationrestoration, through exercise of governance rights), and in such which event the failure of or delay by the Strata Corporation to fulfill its Lease shall continue in full force and effect. If such repair and rebuilding obligations restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not be considered a default by to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its obligations under intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease so long shall be deemed to have terminated as of the Casualty Discovery Date.
21.1.3 Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term which will take more than one hundred twenty (120) days to repair, Landlord or Tenant continues may elect to terminate this Lease by written notice of such diligent efforts election given to the other party within thirty (30) days after the Casualty Discovery Date.
21.2 If the Premises are damaged by any peril not covered by extended coverage insurance, and funding the cost to cause Strata Corporation repair such damage exceeds any amount Tenant may agree to timely contribute, Landlord may elect either to commence promptly to repair and rebuild restore the Premises and prosecute the same diligently to completion, in a manner and timing consistent with which event this Lease for shall remain in full force and effect; or not to repair or restore the portion Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Demised date on which Tenant surrenders possession of the Premises not subject to [Landlord, except that if the Strata regime]damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
21.3 Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (c60) days after the Casualty Discovery Date, in each of the following instances:
21.3.1 If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
21.3.2 If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than two hundred seventy (270) days from the “Damaged Common Property”)Casualty Discovery Date.
21.3.3 If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
21.3.4 If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
21.4 In the event of repair and restoration as herein provided, then this Lease the monthly installments of Base Rent shall be abated proportionately from and after the casualty in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no entitled to such abatement of any item included in Rent, except to the extent that such damage or destruction resulted from the Landlord receives insurance proceeds in respect thereof, either directly, active negligence or through amounts collected by the Strata Corporation and paid to Landlord (which payments willful misconduct of Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]or
Appears in 1 contract
Samples: Warehouse/Industrial Lease Agreement (Zeltiq Aesthetics Inc)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Building is damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) Subject to the provisions of Paragraph 4 of Addendum One hereof, in the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs.
(b) If and Subject to the extent that provisions of Paragraph 4 of Addendum One hereon, if the Strata Corporation Building is required damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall given Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in whole or in part, which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only those portions of the Tenant is required Building and Premises which were originally provided at Landlord's expense, substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] 's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) [Tenant cannot terminate hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The TenantIf the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s obligations under Article 10 option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the BylawsCasualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord or Tenant may elect to terminate this Lease by written notice of such election given to the other within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Pxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
(ii) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”), then this Lease shall not be terminated Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or through amounts collected by the Strata Corporation and paid to Landlord Project or any portion thereof is damaged or destroyed during the last twelve (which payments Tenant shall have no right to receive)12) months of the Term.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the criminal acts or willful misconduct of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not terminate constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 21 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The TenantIf the Premises are damaged by fire or other perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof and Landlord shall, at Landlord’s obligations under Article 10 option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”). If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the BylawsCasualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property the Premises or any portion thereof is damaged by fire or other perils, and if (including Limited Common Propertyi) the repair and restoration cannot be completed within two hundred seventy (270) days after the Casualty Discovery Date, or (ii) such damage occurs during the last twelve (12) months of the Term, then in either case, Tenant may elect to terminate this Lease by written notice of such election given to Landlord within thirty (30) days after the Casualty Discovery Date. In such event, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Project to Landlord.
(d) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire or any other occurrence (not the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)Premises are destroyed.
(dii) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless If the Tenant is required to do so pursuant to Strata Property Laws Building or the Bylaws Project or any portion thereof is damaged or destroyed and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Againrepair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date, regardless of whether or not the Premises are destroyed.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the extent tenant has practical controlcosts of repair and restoration, this can’t be an “out” for Tenantregardless of whether or not the Premises are destroyed.]
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or not the Premises are destroyed.
(e) [In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant canshall not terminate this Lease (be entitled to such abatement to the extent that such damage or have an destruction resulted from the criminal acts or willful misconduct of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent) if , Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Property is rebuiltPremises, the Building or the Project or the repair or restoration thereof, including, without regard limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to time limits or severity elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof and Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the "CASUALTY DISCOVERY DATE"). If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord or Tenant may elect to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises is destroyed.
(2) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”)Casualty Discovery Date, then this Lease shall regardless of whether or not be terminated the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereoftherefor are not sufficient to cover the costs of repair and restoration, either directlyregardless of whether or not the Premises is destroyed.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or through amounts collected by not the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)Premises is destroyed.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) This Lease sets forth the terms and conditions upon which this Lease may terminate in the event of any damage or destruction. Accordingly, the parties hereby waive the provisions of California Civil Code Section 1932, Subsection 2, and Section 1933, Subsection 4 (and any successor statutes thereof permitting the parties to terminate this Lease (as a result of any damage or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction).]
Appears in 1 contract
Samples: Office Lease Agreement (Performance Capital Management LLC)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five (25%) percent of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair and restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect, or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operation in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than twenty five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is destroyed, regardless of whether or not the Premises are destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed, in whole destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(3) If the Building or in part, by fire the Project or any other occurrence (portion thereof is damaged or destroyed and the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or through amounts collected by the Strata Corporation and paid to Landlord Project or any portion thereof is damaged or destroyed during the last twelve (which payments Tenant shall have no right to receive)12) months of the Term.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not terminate this Lease constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or have an abatement hereinafter in effect, and the provisions of Rent) if the Property is rebuilt, without regard to time limits or severity Paragraph 22 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance or any other insurance covering the Premises which may be maintained by Landlord, or by perils for which insurance is required to be carried hereunder by Landlord, the following provisions shall apply:
(1) In the event of total destruction of the Premises (which shall mean destruction or damage in excess of seventy-five percent (75%) of the full insurable value of the Landlord Improvements) either Landlord or Tenant may elect to terminate this Lease by giving written notice to the other party of its election to terminate within sixty (60) days after the occurrence of such destruction. If either party gives notice of election to terminate in accordance with the preceding sentence, this Lease shall be deemed to have terminated as of the date of such total destruction. In the event the Lease is not terminated in accordance with the foregoing, Landlord shall commence promptly to repair and restore the Premises and prosecute the same diligently to completion, and this Lease shall remain in full force and effect.
(2) In the event of a partial destruction of the Premises (which shall mean destruction or damage to an extent not exceeding seventy-five percent (75%) of the full insurable value of the Landlord Improvements) for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction under applicable laws, ordinances and regulations and under any Private Restrictions, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration is not permitted under applicable laws, ordinances or regulations or under any Private Restrictions, then this Lease shall terminate as of the date of such partial destruction. If the insurance proceeds Landlord will receive for such repair and restoration are not sufficient (by any amount and for any reason, including provision for a deductible in the applicable policy) to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord's election is not to repair and restore the Premises, Landlord shall include in its notice Landlord's reasonable estimate of the amount (the "Deficiency Amount") by which the cost of repair and restoration will exceed the insurance proceeds which Landlord will receive for such repair and restoration. In such event, Tenant may prevent a termination of this Lease by delivering to Landlord, within ten (10) days after the date of Landlord's notice, a written agreement by Tenant to pay the Deficiency Amount, together with cash in the amount of the estimated Deficiency Amount to be used for such restoration and repair, and Landlord shall proceed to repair and restore the Premises in accordance with the foregoing. In the event the actual Deficiency Amount is less than Landlord's estimate, Landlord shall pay to Tenant the difference promptly after completion of the repair and restoration work. In the event the actual Deficiency Amount exceeds Landlord's estimate, Tenant shall pay to Landlord, on demand, cash in the amount of the excess. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction, unless Tenant prevents the termination in accordance with the foregoing.
(3) Notwithstanding anything to the contrary contained in subparagraph 22(a)(2), in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs. Unless such notice is given at a time during the last 150 days of the current Term when Tenant has not exercised its option under Paragraph 47 to extend the Term for the next Option Term, such notice shall include Landlord's estimate of the Deficiency Amount, if any. If such notice is required, in accordance with the preceding sentence, to include Landlord's estimate of the Deficiency Amount, Tenant may prevent such termination by delivering to Landlord, not later than 15 days following receipt of Landlord's notice, a written agreement pursuant to which Tenant agrees to pay the Deficiency Amount, together with cash in the amount of the estimated Deficiency Amount, provided, however, that if Tenant’s obligations 's option as to the next Option Term has not yet been exercised, such agreement must be accompanied by notice of exercise of such option. In the event Tenant so prevents a termination of this Lease, then Landlord shall proceed to repair and restore the Premises in accordance with the provisions of subparagraph 22(a)(2). Notwithstanding the foregoing, Tenant shall have no right to prevent a termination of this Lease in the event the repair and restoration of the Premises is not permitted under Article 10 are all subject to Strata Property Laws and the Bylawsapplicable laws, ordinances, regulations or under any Private Restrictions.
(b) If and to the extent that the Strata Corporation is required to repair Premises are damaged by any peril not covered by extended coverage insurance or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if covering the Property is rebuiltwhich may be maintained by Landlord, without regard to time limits or severity of destruction.]Landlord
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 are all subject If the Building is damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(b2) If In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and to restore such partial destruction and, if the extent damage thereto is such that the Strata Corporation is required Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair or rebuild any of the Damaged Premisesand restoration, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such which event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect effect. If such repair and there shall be no abatement of any item included in Rent, except to restoration requires longer than one hundred eighty (180) days or if the extent that the Landlord receives insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in respect thereof, either directlywhich event the Lease shall continue in full force and effect, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility not to repair or rebuild restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty pursuant to the provisions of this Lease, and (2) the rent and any Damaged Common Propertyadditional rent payable by the assignee or sublessee to Tenant, unless after deducting the costs incurred by Tenant in connection with any such assignment or sublease. The assignment or sublease agreement, as the case may be, after approval by Landlord, shall not be amended without Landlord's prior written consent, and shall contain a provision directing the assignee or subtenant to pay the rent and other sums due thereunder directly to Landlord upon receiving written notice from Landlord that Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, in default under this Lease with respect to the extent tenant has practical control, this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement payment of Rent) if . Landlord's collection of such rent and other sums shall not constitute an acceptance by Landlord of attornment by such assignee or subtenant. A consent to one assignment, subletting, occupation or use shall not be deemed to be a consent to any other or subsequent assignment, subletting, occupation or use, and consent to any assignment or subletting shall in no way relieve Tenant of any liability under this Lease. Any assignment or subletting without Landlord's consent shall be void, and shall, at the Property is rebuiltoption of Landlord, without regard to time limits or severity of destructionconstitute a Default under this Lease.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of thirty-three percent (33%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full forte and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding thirty-three percent (33%) of the full insurable value thereof) of the Premises for which Landlord will actually receive insurance proceeds sufficient to covet the cost to repair and restore such partial destruction (or for which Landlord would have actually received insurance proceeds sufficient to cover the cost to repair and restore such partial destruction but for Landlord's intentional failure to maintain the insurance required to be carried pursuant to Paragraph 13 above) and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate; provided, however, that if the insurance proceeds actually collected by Landlord, if any, are not sufficient to cover the cost of repair and restoration solely due to the intentional failure of Landlord to maintain the insurance required to be carried under Article 10 are all subject Paragraph 13 above, and if Landlord would have actually collected sufficient insurance proceeds to Strata Property Laws cover such repair and restoration if Landlord had maintained such insurance in accordance with Paragraph 13, then for purposes of this Paragraph 22(a)(2), Landlord shall be deemed to have received sufficient insurance proceeds to cover the Bylawscost of repair and restoration. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability, in Tenant's reasonable opinion, to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent and Additional Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, in whole or in part, to the extent of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only those portions of the Tenant is required Premises which were originally provided at Landlord's expense, substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] 's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises which were not provided at Landlord's expense.
(e) [Tenant canNotwithstanding anything to the contrary contained in this Section 22, if the Premises are damaged by any peril and Landlord does not elect to terminate this Lease or is not entitled to terminate this Lease pursuant to its terms, then as soon as reasonably practicable, Landlord shall furnish Tenant with a written opinion of Landlords architect or construction consultant as to when the restoration work required of Landlord may be completed. Tenant shall have the option to terminate the Lease in the event any of the following occurs, which option may be exercised by delivery to Landlord of a written notice of election to terminate within ten (10) days after Tenant receives from Landlord the estimate of the time needed to complete such restoration: (i) the Premises, with reasonable diligence, cannot be substantially repaired by Landlord within two hundred seventy (270) days after the damage or have an abatement of Rentdestruction, or (ii) if the Property is rebuiltPremises are damaged by any peril within the last twelve (12) months of the Term.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, without regard to time limits and the provisions of any similar law now or severity hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Building is damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) Subject to the provisions of Paragraph 4 of Addendum One hereof, in the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs.
(b) If and Subject to the extent that provisions of Paragraph 4 of Addendum One hereon, if the Strata Corporation Building is required damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in whole or in part, which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only those portions of the Tenant is required Building and Premises which were originally provided at Landlord's expense, substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] 's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) [Tenant cannot terminate hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof and Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred forty (240) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred forty (240) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage (other than de minimis damage) to the Premises occurring during the last twelve (12) months of the Term, either Tenant or Landlord may elect to terminate this Lease by written notice of such election given to the other within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises is destroyed.
(2) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than two hundred forty (240) days from the Casualty Discovery Date, regardless of whether or not the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged (other occurrence (than de minimis damage) or destroyed and the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereoftherefor are not sufficient to cover the costs of repair and restoration, either directly, regardless of whether or through amounts collected by not the Strata Corporation and paid to Landlord Premises is destroyed.
(which payments Tenant shall have no right to receive)4) If the Building or the Project or any portion thereof is damaged (other than de minimis damage) or destroyed during the last twelve (12) months of the Term regardless of whether or not the Premises is destroyed.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destructionconstructed by Landlord.]
Appears in 1 contract
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "CASUALTY DISCOVERY DATE") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds (or amounts from Tenant as described below) sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant shall each have the right to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 21(a)(3) only if Tenant’s obligations under Article 10 's use and occupancy of the Premises are all subject to Strata Property Laws and the Bylawsmaterially interfered with as a result of such damage.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) the Premises is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except destroyed to the extent that the Premises cannot be substantially repaired or restored by Landlord receives insurance proceeds in respect thereofwithin two hundred seventy (270) days after the Casualty Discovery Date, either directlyTenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)destruction.
(d) The In the event of repair and restoration as herein provided, the Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the negligence or willful misconduct of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not terminate constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 21 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (Affymetrix Inc)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "CASUALTY DISCOVERY Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in flaIl force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Paragraph 21, Landlord shall have the option to terminate this Lease, xxxxxxxxxxx xx xxxxxe to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
(ii) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”), then this Lease shall not be terminated Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or through amounts collected by the Strata Corporation and paid to Landlord Project or any portion thereof is damaged or destroyed during the last twelve (which payments Tenant shall have no right to receive)12) months of the Term.
(d) The If the Premises is damaged or destroyed such that the Premises cannot be substantially repaired or restored by Landlord within one hundred fifty (150) days after the Casualty Discovery Date, then Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall have no responsibility be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant canshall not terminate this Lease (be entitled to such abatement to the extent that such damage or have an destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent) if , Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Property is rebuiltPremises, the Building or the Project or the repair or restoration thereof, including, without regard to time limits limitation, any cost, loss or severity expense resulting from any loss of destructionuse of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of [*] of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "CASUALTY DISCOVERY Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore - - - - - - - - Confidential Treatment Requested. the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding [*] of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Paragraph 21, Landlord shall have the option to terminate this Lease, xxxxxxxxxxx xx xxxxxe to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If only Common Property (including Limited Common Property) more than [*] of the full insurable value of the Building is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
(ii) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”), then this Lease shall not be terminated Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or through amounts collected by the Strata Corporation and paid to Landlord Project or any portion thereof is damaged or destroyed during the last twelve (which payments Tenant shall have no right to receive)12) months of the Term. - - - - - - - - Confidential Treatment Requested.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction was caused by the acts or inaction of Tenant or Tenant's Agents. The number of parking spaces allocated to Tenant hereunder shall be reduced on a proportionate basis in the event any of the parking spaces in the Parking Areas are eliminated as a result of such damage or destruction affecting such Parking Areas. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration unless caused by the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] gross negligence or willful misconduct of Landlord.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial Tenant canImprovements constructed in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant may, but shall not be obligated to, promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
(g) If Landlord elects to repair or restore the Premises in accordance with the terms and conditions set forth in this Paragraph 21 but fails to substantially complete such repair or restoration within two hundred and seventy (270) days after the Casualty Discovery Date (the "Repair Period") and such damage to the Premises materially and adversely affects Tenant in the conduct of its business operations, Tenant shall have the right to terminate this Lease by providing written notice to Landlord within five (or have an abatement 5) business days after the end of Rent) if the Property is rebuiltRepair Period, without regard to time limits or severity in which event this Lease shall terminate as of destructionthe date of such casualty.]
Appears in 1 contract
Samples: Lease Agreement (Corixa Corp)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Building is damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate, Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs.
(b) If the Building is damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Building and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business 11 operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in whole or in part, which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only those portions of the Tenant is required Building and Premises which were originally provided at Landlord's expense, substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] 's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) [Tenant cannot hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.
(f) Notwithstanding the provisions of Paragraph 22 of the Lease to the contrary, in the event Landlord elects to repair or restore the Premises and such repair or restoration is reasonably estimated by Landlord to require more than one hundred eighty (180) days from the date of destruction, Landlord shall notify Tenant and Tenant shall have ten (10) days after receipt of such notice to elect to terminate this the Lease by giving written notice of such election to Landlord. If Tenant so elects to terminate the Lease, such termination shall be effective as of (or have an abatement of Renti) if Tenant is in possession of the Property Premises following such damage or destruction the date Tenant surrenders possession of the Premises to Landlord following Tenant's election to terminate the Lease or (ii) if Tenant is rebuiltunable to occupy the Premises following such damage and destruction, without regard to time limits the date on which the damage or severity of destructiondestruction occurred.]
Appears in 1 contract
Samples: Lease Agreement (MMC Networks Inc)
Destruction and Damage. (a) The TenantIf the Project or any portion thereof is damaged by fire or other perils covered by the insurance carried or required to be carried by Landlord pursuant to Paragraph 14 above (“Landlord’s obligations Insurance”), Landlord shall, at Landlord’s option:
(A) In the event of damage or destruction for which the insurance proceeds, when added to Landlord’s Contribution (as hereinafter defined), shall be sufficient to cover the cost to repair and restore the damaged portions of the Project (including the Tenant Improvements) and, if the damage thereto is such that the damaged portions of the Project (including the Tenant Improvements) may be substantially repaired or restored to their condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date (or such longer period as may be provided under Article 10 are all Paragraph 21(a)(i)(B) below), Landlord shall, subject to Strata Property Laws the terms of Paragraph 21(e) below, commence and proceed diligently with the Bylaws.
work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (b270) If days (or such longer period as may be provided under Paragraph 21(a)(i)(B) below) or if the insurance proceeds collected by Landlord (plus Landlord’s Contribution and any amounts Tenant may elect to contribute) are not sufficient to cover the extent that the Strata Corporation is required cost of such repair and restoration, Landlord may elect either to so repair and restore in accordance with Paragraph 21(e) below, in which event this Lease shall continue in full force and effect, or not to repair or rebuild any of the Damaged Premisesrestore, the in which event this Lease shall terminate. In either case, Landlord shall give Tenant shall be relieved written notice of its obligations under Article 10 to effect intention within sixty (60) days after the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence date (the “Damaged Common PropertyCasualty Discovery Date”)) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the damaged portions of the Project, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Project to Landlord, except that if the damage to the Project materially impairs Tenant’s ability to continue its business operations therein, then this Lease shall not be deemed to have terminated and it shall nonetheless continue in full force and effect and there as of the date such damage occurred. For purposes of calculating the insurance proceeds received by Landlord under this subparagraph (i), Landlord shall be no abatement deemed to have received, in addition to the proceeds actually received, an amount equal to the deductible under Landlord’s policy of Casualty Insurance which responds to the applicable loss. As used herein, “Landlord’s Contribution” means the sum of Five Hundred Thousand Dollars ($500,000.00), which amount Landlord agrees to contribute toward the repair and restoration of any item included in Rent, except damage to the Project to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by are not available to cover the Strata Corporation and paid full costs thereof (subject to Landlord (which payments any obligations of Tenant shall have no right to receivehereunder).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]
Appears in 1 contract
Samples: Lease Agreement (Kyphon Inc)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 are all subject to Strata Property Laws If the Building or the Leased Premises should be totally destroyed by fire, flood or other casualty or be so damaged that rebuilding or repair cannot reasonably be completed within nine (9) months after the occurrence of such damage or destruction, this Lease shall terminate and rent shall be abated for the Bylawsunexpired Term, effective as of the date of the occurrence of such damage or destruction.
(b) If the Building or the Leased Premises should be damaged by fire, flood to other casualty, but not to such an extent that rebuilding or repair cannot reasonably be completed within nine (9) months after the occurrence thereof, this Lease shall not terminate but Lessor shall, at Lessor's sole cost and expense, proceed to rebuild or repair the Building and the Leased Premises to the extent that same condition which existed prior to such damage, except that, if such damage occurs within the Strata Corporation is required last nine (9) months of Lessee's renewal option, either party may elect to repair terminate this Lease by written notification to the other, whereupon all rights and obligations hereunder shall cease. If the Leased Premises are rendered wholly or rebuild partially untenantable by any of the Damaged Premisessuch damage, the Tenant rent otherwise payable hereunder shall be relieved of its obligations under Article 10 to effect xxxxx during the applicable repairs or rebuilding of period in which the Damaged Leased Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]are untenantable.
(c) If only Common Property Notwithstanding the foregoing, Lessee shall have a separate option to terminate this Lease if any of the following events shall occur as a result of a casualty and if any damage or destruction of the Leased Premises shall not have been fully repaired, and any impairment of Lessee's use of the Leased Premises shall not have been fully restored, within three (including Limited Common Property3) months after such damage or destruction shall have first occurred: (a) any material portion of the Leased Premises is damaged or destroyed, in whole (b) any portion of the Building, or in partaccess to the Leased Premises or the Building is damaged or destroyed so as to materially interfere with Lessee's use of or access to the Leased Premises. For the purposes of this Section 12, by fire a "material portion of the Leased Premises" will be deemed to have been damaged or destroyed, and any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there casualty shall be no abatement deemed to "materially interfere" with Lessee's use of any item included in Rent, except or access to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as Leased Premises if the Damaged Common Property were Damaged Premises. [Again, portion of the Leased Premises capable of being used after such damage or destruction is unsuitable in Lessee's reasonable opinion for Lessee's continued business use of the Leased Premises in the manner in which it was used prior to the extent tenant has practical control, this can’t be an “out” for Tenantsuch taking.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 are all subject to Strata Property Laws If the Building or the Leased Premises should be totally destroyed by fire, flood or other casualty or be so damaged that rebuilding or repair cannot reasonably be completed within nine (9) months after the occurrence of such damage or destruction, this Lease shall terminate and rent shall be abated for the Bylawsunexpired Term, effective as of the date of the occurrence of such damage or destruction.
(b) If the Building or the Leased Premises should be damaged by fire, flood or other casualty, but not to such an extent that rebuilding or repair cannot reasonably be completed within nine (9) months after the occurrence thereof, this Lease shall not terminate but Lessor shall, at Lessor's sole cost and expense, proceed to rebuild or repair the Building and the Leased Premises to the extent that same condition which existed prior to such damage, except that, if such damage occurs within the Strata Corporation is required last nine (9) months of Lessee's renewal option, either party may elect to repair terminate this Lease by written notification to the other, whereupon all rights and obligations hereunder shall cease. If the Leased Premises are rendered wholly or rebuild partially untenantable by any of the Damaged Premisessuch damage, the Tenant rent otherwise payable hereunder shall be relieved of its obligations under Article 10 to effect xxxxx during the applicable repairs or rebuilding of period in which the Damaged Leased Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]are untenantable.
(c) If only Common Property Notwithstanding the foregoing, Lessee shall have a separate option to terminate this Lease if any of the following events shall occur as a result of a casualty and if any damage or destruction of the Leased Premises shall not have been fully repaired, and any impairment of Lessee's use of the Leased Premises shall not have been fully restored, within three (including Limited Common Property3) months after such damage or destruction shall have first occurred: (i) any material portion of the Leased Premises is damaged or destroyed, in whole (ii) any portion of the Building, or in partaccess to the Leased Premises or the Building is damaged or destroyed so as to materially interfere with Lessee's use of or access to the Leased Premises. For the purposes of this Section 12, by fire a "material portion of the Leased Premises" will be deemed to have been damaged or destroyed, and any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there casualty shall be no abatement deemed to "materially interfere" with Lessee's use of any item included in Rent, except or access to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as Leased Premises if the Damaged Common Property were Damaged Premises. [Again, portion of the Leased Premises capable of being used after such damage or destruction is unsuitable in Lessee's reasonable opinion for Lessee's continued business use of the Leased Premises in the manner in which it was used prior to the extent tenant has practical control, this can’t be an “out” for Tenantsuch taking.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]
Appears in 1 contract
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of thirty-three percent (33%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within forty-five (45) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding thirty-three percent (33%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event this Lease shall continue in full force and effect, or not to repair or restore, in which event this Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within forty-five (45) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, either Landlord or, if such damage to the Premises materially impairs Tenant’s obligations under Article 10 are all subject ability to Strata Property Laws and continue its business operations therein, then Tenant may elect to terminate this Lease by written notice of such election given to the Bylawsother party within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) In the event of repair and restoration as herein provided, the monthly installments of Base Rent and Additional Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that if such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents, then such abatement shall be limited to the extent of rental abatement insurance proceeds received by Landlord. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If the Premises is damaged or destroyed to the extent that the Strata Corporation is Premises cannot be substantially repaired or restored by Landlord within two hundred ten (210) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the period of time required to repair such damage or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canmay promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not terminate constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 21 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (Alliance Fiber Optic Products Inc)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(b2) If In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and to restore such partial destruction and, if the extent damage thereto is such that the Strata Corporation is required Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair or rebuild any of the Damaged Premisesand restoration, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such which event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect effect. If such repair and there shall be no abatement of any item included in Rent, except to restoration requires longer than one hundred eighty (180) days or if the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefor (plus any amounts Tenant may elect or through amounts collected by is obligated to contribute) are not sufficient to cover the Strata Corporation cost of such repair and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destruction.]restoration,
Appears in 1 contract
Samples: Lease Agreement (Vixel Corp)
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention and the estimated time to complete such work within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention and the estimated time to complete such work within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant shall each have the right to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date, provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 22(a)(iii) only if Tenant’s obligations under Article 10 use and occupancy of the Premises are all subject to Strata Property Laws and the Bylawsmaterially interfered with as a result of such damage.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention and the estimated time to complete such work within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Strata Corporation is Premises cannot be substantially repaired or restored by Landlord within two hundred ten (210) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the period of time required to repair such damage or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [In the event of repair and restoration as herein provided, the monthly installments of Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant canshall not terminate this Lease (be entitled to such abatement to the extent that such damage or have an destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Rent) if , Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Property is rebuiltPremises, the Building or the Project or the repair or restoration thereof, including, without regard limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to time limits or severity elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all damaged by fire or other perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof and Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, Landlord may elect, by written notice to Tenant within forty-five (45) days after the date of casualty: (A) to terminate this Lease as of the date when the Premises or the Building are so destroyed or made unfit for occupancy, if the amount of insurance proceeds is inadequate to cover the costs of repair or restoration of the Premises, or if the duration of such work of repairs or restoration is reasonably estimated by Landlord to exceed six (6) months after Landlord is able to take possession of the damaged Premises to make such repairs or undertake such restoration pursuant to a good faith estimate from a third-party general contractor reasonably qualified to perform such work; or (B) to repair, restore or rehabilitate the Premises or the Building at Landlord's expense within six (6) months after Landlord is enabled to take possession of the damaged Premises or the Building and undertake reconstruction or repairs; and if Landlord elects to so repair, restore or rehabilitate the Premises or the Building, this Lease shall not terminate, Landlord in good faith shall attempt to complete its work as promptly as reasonably possible, and Rent shall be abated on a per diem basis proportionate to the extent and for the period during which the Premises are unfit for occupancy (but only to the extent of rental abatement insurance proceeds received by Landlord and subject to Strata Property Laws Landlord's obligation to diligently and reasonably attempt to recover all proceeds and awards available to cover such costs). Landlord's failure to elect to terminate this Lease in a timely fashion shall constitute its election to proceed to repair the BylawsPremises. In the event Landlord shall proceed pursuant to the provisions of this paragraph 21(a)(1), and shall not substantially complete the work within said six (6) months period (excluding from said period loss of time (not to exceed twelve (12) additional months in the aggregate) resulting from adjustment of insurance, labor difficulties or other Acts of God) either Landlord or Tenant may then terminate this Lease, as of the date when the Premises or the Building were made unfit for occupancy, by written notice to the other not later than thirty (30) days after the expiration of said six (6) month period, computed as herein provided. In the event of termination of this Lease pursuant to this Paragraph 21(a)(1), Rent shall be apportioned on a per diem basis to and including the effective date of such termination, and Tenant shall promptly vacate the Premises and surrender the same to Landlord. In the event Landlord elects to terminate this Lease pursuant to clause (A) above, Tenant may elect to preserve this Lease without modification or amendment by timely notification thereof to Landlord given within ten (10) business days following Landlord's termination notice, whereby Tenant agrees to either, (1) if termination is based on the duration of repairs, pay such excess costs (such as overtime or additional personnel) as Landlord and Tenant may reasonably determine are required in order to cause completion of such work of repairs to occur within such six (6) month period, or (2) if termination is based on the cost of repairs exceeding the proceeds of insurance, timely undertake such reconstruction or repairs at Tenant's sole cost and expense (except, and only to the extent insurance is available to Landlord for such reconstruction or repairs, such insurance proceeds shall be made available to Tenant for such purpose), all such reconstruction or repairs shall be performed by Tenant as "Alterations" in accordance with Section 12, with the cost of such reconstruction or repairs, in excess of the insurance proceeds received from Landlord, paid by Tenant (and Tenant shall provide Landlord with security satisfaction to Landlord assuring such payment). If Tenant gives such notice, then Tenant shall not have any further right to terminate this Lease as a result of such casualty. If neither Landlord nor Tenant elects to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within the earlier of (A) six (6) months after Landlord is enabled to take possession of the damaged Premises or the Building, or (B) two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than six (6) months after Landlord is enabled to take possession of the damaged Premises or the Building or two hundred seventy (270) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, and Rent shall be abated on a per diem basis proportionate to the extent and for the period during which the Premises are unfit for occupancy (but only to the extent of rental abatement insurance proceeds received by Landlord), or Landlord may elect not to repair or restore, in which event the Lease shall terminate except as provided below. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction. Landlord's failure to elect to terminate this Lease in a timely fashion shall constitute its election to proceed to repair the Premises. In the event Landlord shall proceed pursuant to the provisions of this subparagraph 21(a)(2), and shall not substantially complete the work within said six (6) months period (excluding from said period loss or time resulting from adjustment of insurance, labor difficulties or other Acts of God) either Landlord or Tenant may then terminate this Lease, as of the date when the Premises or the Building were made unfit for occupancy, by written notice to the other not later than thirty (30) days after the expiration of said six (6) month period, computed as herein provided. In the event of termination of this Lease pursuant to this paragraph 21(a)(2), Rent shall be apportioned on a per diem basis to and including the effective date of such termination, and Tenant shall promptly vacate the Premises and surrender the same to Landlord. In the event Landlord elects to terminate this Lease pursuant to this paragraph 21(a)(2), Tenant may elect to preserve this Lease without modification or amendment by timely notification thereof to Landlord given within ten (10) business days following Landlord's termination notice, whereby Tenant agrees to either, (1) if termination is based on the duration of repairs, pay such excess costs (such as overtime or additional personnel) as Landlord and Tenant may reasonably determine are required in order to cause completion of such work of repairs to occur within such six (6) month period, or (2) if termination is based on the cost of repairs exceeding the proceeds of insurance, timely undertake such reconstruction or repairs at Tenant's sole cost and expense (except, and only to the extent insurance is available to Landlord for such reconstruction or repairs, such insurance proceeds shall be made available to Tenant for such purpose), all such reconstruction or repairs shall be performed by Tenant as "Alterations" in accordance with Section 12, with the cost of such reconstruction or repairs, in excess of the insurance proceeds received from Landlord, paid by Tenant (and Tenant shall provide Landlord with security satisfactory to Landlord assuring such payment). If Tenant gives such notice, then Tenant shall not have any further right to terminate this Lease as a result of such casualty. If neither Landlord nor Tenant elects to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, either Landlord or Tenant may elect to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Paragraph 21, Landlord shall have the option to terminate this Lease, xxxxxxxxxxx xx xxxxxe to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property (including Limited Common Property) the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration, regardless of whether or not the Premises is destroyed, in whole unless Tenant elects to contribute any shortfall, or in part, by fire to restore or repair the Premises as provided above; or
(2) If the Building or the Project or any other occurrence substantial portion thereof is damaged or destroyed during the last twelve (12) months of the “Damaged Common Property”)Term, then this Lease shall regardless of whether or not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)Premises is destroyed.
(d) The In the event of repair and restoration as herein provided, the monthly Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the wrongful acts or negligent inaction of Tenant or Tenant's Agents, unless, and to the extent, rental abatement insurance proceeds are available for such period of repair or restoration. Except as expressly provided in this Section 21, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not terminate constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease Paragraph 21 shall govern exclusively in case of such destruction.
(or g) Notwithstanding anything to the contrary contained in this Lease, in the event Tenant pays to Landlord as Additional Rent an amount allocable to the premium for rent insurance and Landlord intentionally fails to obtain the rent insurance for which such payment was made by Tenant, then in the event of a casualty, Tenant shall not be required to pay Rent to the extent Tenant would have been entitled to an abatement of Rent) if such Rent pursuant to this Section 21 had Landlord obtained the Property is rebuilt, without regard to time limits or severity of destructionrent insurance for which Tenant had paid such premium.]
Appears in 1 contract
Samples: Lease Agreement (Broadcom Corp)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of thirty-three percent (33%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding thirty-three percent (33%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than thirty-three percent (including Limited Common Property33%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
(2) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”), then this Lease shall not be terminated Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or through amounts collected by the Strata Corporation and paid to Landlord Project or any portion thereof is damaged or destroyed during the last twelve (which payments Tenant shall have no right to receive)12) months of the Term.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately as reasonably determined by Landlord in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Notwithstanding anything to the contrary in this Paragraph 21, (i) Landlord shall notify Tenant within forty- five (45) days following the Casualty Discovery Date of the length of time Landlord reasonably estimates to be necessary for repair or restoration of any damage or destruction; and (ii) Tenant shall have the right to terminate the Lease within fifteen (15) days following receipt of such notice if restoration or repair of the Premises is estimated by Landlord to take more than one hundred eighty (180) days.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (Arthrocare Corp)
Destruction and Damage. If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option: In the event of total destruction (awhich shall mean destruction or damage in excess of twenty-five percent (25%) The Tenant’s obligations under Article 10 are all subject of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the Bylaws.
(b) If Premises and prosecute the same diligently to the extent that the Strata Corporation is required completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention and the amount of time reasonably anticipated to repair or restore the Premises within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged Premises, date of such total destruction. In the Tenant event of a partial destruction (which shall be relieved of its obligations under Article 10 mean destruction or damage to effect the applicable repairs or rebuilding an extent not exceeding twenty-five percent (25%) of the Damaged full insurable value thereof) of the Premises provided for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Tenant has used diligent effortsPremises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and provided adequate funds to cause proceed diligently with the Strata Corporation to effect any such repairs work of repair and rebuilding (including without limitationrestoration, through exercise of governance rights), and in such which event the failure of or delay by the Strata Corporation to fulfill its Lease shall continue in full force and effect. If such repair and rebuilding obligations restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not be considered a default by to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its obligations under intention and the amount of time reasonably anticipated to repair or restore the Premises within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease so long shall be deemed to have terminated as of the date of such partial destruction. Notwithstanding anything to the contrary contained in this Paragraph, in the event of substantial damage to the Premises (i.e., damage which cannot be repaired within sixty (60) days after the Casualty Discovery Date) occurring during the last twelve (12) months of the Term, Landlord and Tenant continues shall each have the right to terminate this Lease by written notice of such diligent efforts election given to the other party within thirty (30) days after the date on which Landlord notifies Tenant of the projected duration of the restoration period. If the Premises are damaged by any peril not covered by extended coverage insurance, and funding the cost to cause Strata Corporation repair such damage exceeds any amount Tenant is required or may agree to timely contribute, Landlord may elect either to commence promptly to repair and rebuild restore the Premises and prosecute the same diligently to completion, in a manner and timing consistent with which event this Lease for shall remain in full force and effect; or not to repair or restore the portion Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Demised date on which Tenant surrenders possession of the Premises not subject to [Landlord, except that if the Strata regime].
damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred. Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (c60) days after the Casualty Discovery Date, in each of the following instances: If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed. If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”)Casualty Discovery Date. If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor plus any amount Tenant is required or may agree to contribute are not sufficient to cover the costs of repair and restoration. If the Building or the Project or any portion thereof is substantially damaged or destroyed (i.e., damage which cannot be repaired within sixty (60) days after the Casualty Discovery Date) during the last twelve (12) months of the Term. If the Premises are damaged or destroyed and the repair or restoration of the same cannot be completed within two hundred seventy (270) days after the Casualty Discovery Date, then Tenant may elect to terminate this Lease by written notice of such election given to Landlord within thirty (30) days after the date on which Landlord notifies Tenant of the projected duration of the restoration period. In such event, this Lease shall terminate effective as of the date Tenant vacates the Premises. In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no entitled to such abatement of any item included in Rent, except to the extent that such damage or destruction resulted from the Landlord receives insurance proceeds negligence or willful misconduct of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect thereofto abatement of Base Rent, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to receive).
(d) The Tenant shall have no responsibility or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration. If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only the Tenant is required to do so initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Againterms of this Lease, substantially to their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord. Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this can’t be an “out” for Tenant.] .
(e) [Tenant cannot terminate this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (Cepheid)
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Building is damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) Subject to the provisions of Paragraph 5 of Addendum One hereof in the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Building, elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) or the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph 22, in the event of damage to the Building or the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs.
(b) If and Subject to the extent that provisions of Paragraph 5 of Addendum One hereon, if the Strata Corporation Building is required damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in whole or in part, which event there shall be abatement of Base Rent only to the extant of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only those portions of the Tenant is required Building and Premises which were originally provided at Landlord's expense, substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] 's expense, Tenant's fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord's expense.
(e) [Tenant cannot terminate hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction. 23.]
Appears in 1 contract
Samples: Sublease (MMC Networks Inc)
Destruction and Damage. (a) The TenantIf the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s obligations under Article 10 option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
(2) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”), then this Lease shall not be terminated Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefor are not sufficient to cover the costs of repair and restoration.
(4) If the Building or through amounts collected by the Strata Corporation and paid to Landlord Project or any portion thereof is damaged or destroyed during the last twelve (which payments Tenant shall have no right to receive)12) months of the Term.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not terminate constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The TenantIf the Premises are damaged by fire or other perils covered by extended coverage insurance, Tenant shall give Landlord immediate notice thereof and Landlord shall, at Landlord’s obligations under Article 10 option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”). If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred forty (240) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred forty (240) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, either party may elect to terminate this Lease. Landlord shall give written notice to Tenant of its estimate of the Bylawsrepair time within sixty (60) days after the Casualty Discovery Date. If either party terminates, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of material damage to the Premises occurring during the last twelve (12) months of the Term, either Landlord or Tenant may elect to terminate this Lease by written notice of such election given to the other within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Pxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building or the Project is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises is destroyed.
(2) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”)Casualty Discovery Date, then this Lease shall regardless of whether or not be terminated the Premises is destroyed.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereoftherefor are not sufficient to cover the costs of repair and restoration, either directlyregardless of whether or not the Premises is destroyed.
(4) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or through amounts collected by not the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)Premises is destroyed.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainProject and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not terminate this Lease (or have an abatement of Rent) if the Property is rebuilt, without regard to time limits or severity of destructionconstructed by Landlord.]
Appears in 1 contract
Destruction and Damage. (a) The TenantIf the Premises are damaged by fire or other perils covered by extended coverage insurance Tenant shall give Landlord immediate notice thereof and Landlord shall, at Landlord’s obligations under Article 10 option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within one hundred twenty (120) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within one hundred twenty (120) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within sixty (60) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within one hundred twenty (120) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within one hundred twenty (120) days after the Casualty Discovery Date, in each of the following instances:
(i) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
(ii) If the Building or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”)Casualty Discovery Date, then this Lease shall regardless of whether or not be terminated the Premises is destroyed.
(iii) If the Building or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereoftherefor are not sufficient to cover the costs of repair and restoration, either directlyregardless of whether or not the Premises is destroyed.
(iv) If the Building or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term, regardless of whether or through amounts collected by not the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)Premises is destroyed.
(d) The In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction resulted from the acts or inaction of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises or the Building or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [AgainBuilding and/or any inconvenience or annoyance occasioned by such damage, to the extent tenant has practical control, this can’t be an “out” for Tenant.] repair or restoration.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Tenant cannot terminate shall promptly repair and restore, at Tenant’s expense, any Alterations.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 20 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
(g) If the Lease is terminated pursuant to the provisions of this Paragraph 20, no event of Default exists under the Lease at the time of such termination and no event or condition which, with the passage of time or the giving of notice or both, would constitute such an event of Default exists at the time of such termination, then Landlord shall, within thirty (30) days following the effective date of such termination, refund to Tenant any Rent paid for periods after the effective date of such Termination and, subject to the provisions of Paragraph 7(c) above, return any unapplied portion of the Security Deposit to Tenant.
Appears in 1 contract
Destruction and Damage. (a) The TenantTenant shall give Landlord immediate notice of any damage to the Premises and/or the Building. If the Premises are damaged by fire or other perils covered by insurance carried by Landlord, Landlord shall, at Landlord’s obligations under Article 10 option:
(i) In the event of total destruction of the Premises (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof), elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice (the “Casualty Election Notice”) of its election within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”), which Casualty Election Notice shall also include Landlord’s reasonable categorization of such damage for purposes of this Paragraph 21 and Landlord’s reasonable estimate of the time period necessary to fully repair the damage and restore the Premises as required by this Paragraph 21. If Landlord elects to terminate this Lease, such Casualty Election Notice shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of such Casualty Election Notice.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the Premises of the full insurable value thereof) for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction, and, in Landlord’s reasonable judgment, the damage to the Premises can be substantially repaired or restored to the condition existing immediately prior to such damage or destruction within one hundred eighty (180) days after the Casualty Discovery Date (when such repairs are all subject made without payment of overtime or other premiums), Landlord shall commence and proceed diligently with the work of repair and restoration, in which event this Lease shall continue in full force and effect. If in Landlord’s reasonable judgment such repair and restoration requires longer than said one hundred eighty (180) day period, or, if the insurance proceeds to Strata Property Laws be received by Landlord are not sufficient to fully cover the cost of such repair and restoration, Landlord may elect either to repair and restore the BylawsPremises, in which event this Lease shall continue in full force and effect, or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its election within sixty (60) days after the Casualty Discovery Date. If Landlord elects to terminate this Lease, such notice shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of the Casualty Election Notice.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to the extent that the Strata Corporation is required completion, in which event this Lease shall remain in full force and effect, or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its election within sixty (60) days after the Casualty Discovery Date. If Landlord elects to terminate this Lease, such notice shall specify a termination date, which shall be no fewer than thirty (30) days or more than sixty (60) days after the date of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]Casualty Election Notice.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the right to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(i) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building is destroyed, or if more than twenty-five percent (25%) of the full insurable value of the Project is damaged or destroyed, in whole whether or in part, by fire or any other occurrence (not the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)Premises are damaged.
(dii) The Tenant shall have no responsibility In Landlord’s reasonable judgment, repair and restoration of damage to repair or rebuild any Damaged Common Property, unless portions of the Tenant is required to do so pursuant to Strata Property Laws Building or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” Project necessary for Tenant.] ’s access to or use and occupancy of the Premises cannot reasonably be completed within one hundred eighty (180) days from the Casualty Discovery Date (when such repairs are made without payment of overtime or other premiums), whether or not the Premises are damaged.
(eiii) [Tenant canIf the Building or the Project or any portion thereof necessary for Tenant’s access to or use and occupancy of the Premises is damaged or destroyed and the insurance proceeds therefor are not terminate this Lease sufficient to cover the costs of repair and restoration, whether or not the Premises are damaged.
(iv) If the Premises, the Building or have an abatement the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of Rent) if the Property is rebuilt, without regard to time limits or severity of destructionTerm.]
Appears in 1 contract
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within forty-five (45) days after the date (the “Casualty Discovery Date”) Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within forty-five (45) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant may each elect to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date; provided, however, that Tenant shall have the right to terminate this Lease under this Paragraph 22(a)(iii) only if Tenant’s obligations under Article 10 are all subject to Strata Property Laws use of the Premises is materially and the Bylawsadversely interfered with as a result of such damage.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within forty-five (45) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within forty-five (45) days after the Casualty Discovery Date, in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Project or any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Strata Corporation is Premises cannot be substantially repaired or restored by Landlord within three hundred sixty (360) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the period of time required to repair such damage or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [In the event of a casualty as herein provided, the monthly installments of Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired and continuing through the period of such impairment; provided, however, that Tenant canshall not terminate this Lease (be entitled to such abatement to the extent that such damage or have an destruction resulted from the negligence or willful misconduct of Tenant or Tenant’s Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Rent) if , Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Property is rebuiltPremises, the Building or the Project or the repair or restoration thereof, including, without regard limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) If Landlord is obligated to time limits or severity elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant shall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The TenantIf the Building is damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s obligations under Article 10 are all option:
(i) In the event of total destruction of the Building (which shall mean destruction or damage in excess of fifty percent (50%) of the full insurable value thereof), to elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) In the event of a partial destruction of the Building (which shall mean destruction or damage to an extent not exceeding fifty percent (50%) of the full insurable value thereof) for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction (subject to Strata Property Laws any applicable deductible) and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the Bylawswork of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus the amount of any applicable deductible and any amounts Tenant may elect or may be obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) If the Building is damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute (at its sole election and without any obligation to do so), Landlord may elect either to commence promptly to repair and restore the extent that Building and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is damaged impaired during the period of such repair or destroyedrestoration, unless the damage was caused by the negligent or willful acts of omissions of Tenant, in whole or in part, which event there shall be abatement of Base Rent only to the extent of rental abatement insurance proceeds received by fire or any other occurrence (the “Damaged Common Property”), then this Lease Landlord. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages for loss of use of the whole or any item included in Rentpart of the Premises and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall promptly repair or restore only those portions of the Tenant is required Building and Premises which were originally provided at Landlord’s expense, substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] ’s expense, Tenant’s fixtures, improvements, alterations and additions in and to the Premises or Building which were not provided at Landlord’s expense.
(e) [Notwithstanding anything to the contrary contained in this Paragraph 21, Tenant cannot shall have the right, at its sole option, to terminate this Lease (or have an abatement upon a total destruction of Rent) the Building as described in Paragraph 21(a)(i), if the Property is rebuiltPremises cannot be restored within two hundred ten (210) days from the date of such destruction, without regard by delivering written notice of such election to time limits Landlord within sixty (60) days of the occurrence of such total destruction. Subject to the foregoing, Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or severity hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Premises are all subject damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to Strata Property Laws commence promptly to repair and restore the BylawsPremises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefore (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the extent that Premises materially impairs Tenant's ability to continue its business operations in the Strata Corporation is required Premises, then this Lease shall be deemed to repair or rebuild any have terminated as of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date, in each of the following instances:
(1) If only Common Property more than twenty-five percent (including Limited Common Property25%) of the full insurable value of the Building is damaged or destroyed, in whole regardless of whether or in part, by fire not the Premises are destroyed.
(2) If the Building or the Project or any other occurrence portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the “Damaged Common Property”), then this Lease shall not be terminated Casualty Discovery Date.
(3) If the Building or the Project or any portion thereof is damaged or destroyed and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, therefore are not sufficient to cover the costs of repair and restoration.
(4) If the Building or through amounts collected by the Strata Corporation and paid to Landlord Project or any portion thereof is damaged or destroyed during the last twelve (which payments Tenant shall have no right to receive)12) months of the Term.
(d) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ration which Tenant's use of the Premises is impaired during the period of such repair or restoration, but only to the extent of rental abatement insurance proceeds received by Landlord, provided, however, that Tenant shall not be entitled to such abatement to the extent that such damage or destruction was caused by the acts or inaction of Tenant or Tenant's Agents. The number of parking spaces allocated to Tenant hereunder shall be reduced on a proportionate basis in the event any of the parking spaces in the Parking Areas are eliminated as a result of such damage or destruction affecting such Parking Areas. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the building or the Project or the repair or rebuild restoration thereof, including, without limitation, any Damaged Common Propertycost, unless loss or expense resulting from any loss of use of the Tenant is required to do so pursuant to Strata Property Laws whole or any part of the Premises, the Building or the Bylaws and if so required then Section 10.2 shall apply as if Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration unless caused by the Damaged Common Property were Damaged Premises. [Again, to gross negligence or the extent tenant has practical control, this can’t be an “out” for Tenant.] willful misconduct of Landlord.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial Tenant canImprovements constructed in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant may, but shall not be obligated to, promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 21 shall govern exclusively in case of such destruction.
(g) If Landlord elects to repair or restore the Premises in accordance with the terms and conditions set forth in this Paragraph 21 but fails to substantially complete such repair or restoration within two hundred and seventy (270) days after the Casualty Discovery Date (the "Repair Period") and such damage to the Premises materially and adversely affects Tenant in the conduct of its business operations, Tenant shall have the right to terminate this Lease by providing written notice to Landlord within five (or have an abatement 5) business days after the end of Rent) if the Property is rebuiltRepair Period, without regard to time limits or severity in which event this Lease shall terminate as of destructionthe date of such casualty.]
Appears in 1 contract
Samples: Lease Agreement (Corgentech Inc)
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord’s option:
(i) In the event of total destruction (which means destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date Landlord obtains actual knowledge of such destruction (the “Casualty Discovery Date”). If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(ii) In the event of a partial destruction (which means destruction or damage not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within two hundred seventy (270) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than two hundred seventy (270) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Casualty Discovery Date.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises which costs in excess of One Hundred Thousand Dollars ($100,000) to repair occurring during the last twelve (12) months of the Term, either Landlord or, if such damage to the Premises materially impairs Tenant’s obligations under Article 10 are all subject ability to Strata Property Laws and continue its business operations therein, then Tenant may elect to terminate this Lease by written notice of such election given to the Bylawsother party within thirty (30) days after the Casualty Discovery Date.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period from the Casualty Discovery Date until substantial completion of such repair or restoration; provided, however, that if such damage or destruction resulted from the negligent acts of Tenant or Tenant’s Agents, then such abatement shall be limited to the extent of rental abatement insurance proceeds received by Landlord. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent, Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Premises, the Building or the Project or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) If the Premises is damaged or destroyed to the extent that the Strata Corporation is Premises cannot be substantially repaired or restored by Landlord within two hundred seventy (270) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord’s estimate of the period of time required to repair such damage or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [If Landlord is obligated to or elects to repair or restore as herein provided, Landlord shall repair or restore only the initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to the terms of this Lease, substantially to their condition existing immediately prior to the occurrence of the damage or destruction; and Tenant canshall promptly repair and restore, at Tenant’s expense, Tenant’s Alterations which were not terminate constructed by Landlord.
(f) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 21 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
Appears in 1 contract
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils (a “Casualty”), Tenant shall give Landlord prompt notice thereof and Landlord shall, at Landlord’s option:
(1) In the event of total destruction (which shall mean destruction or damage in excess of fifty percent (50%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within thirty (30) days after the date of the Casualty (the “Casualty Date”) If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding fifty percent (50%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction (together with any applicable insurance deductibles) and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred twenty (120) days from the Casualty Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred twenty (120) days or if the insurance proceeds therefore (plus any amounts Tenant may elect or is obligated to contribute, including any applicable insurance deductibles) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within thirty (30) days after the Casualty Date, failing which, Landlord shall be deemed to have elected to restore the Premises. If Landlord timely elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the Casualty Date, provided that Tenant may nullify this right by delivering Tenant’s obligations under Article 10 are all subject Extension Notice pursuant to Strata Property Laws and the BylawsParagraph 61(a), if such an Option is available to Tenant pursuant thereto.
(b) If the Premises are damaged by any peril not fully covered by insurance proceeds to be received by Landlord (together with any applicable insurance deductibles), and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the extent that Premises and prosecute the Strata Corporation is required same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or rebuild any restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within thirty (30) days after the Casualty Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the Damaged date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant’s ability to continue its business operations in the Premises, the Tenant then this Lease shall be relieved of its obligations under Article 10 deemed to effect the applicable repairs or rebuilding have terminated as of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]date.
(c) If only Common Property (including Limited Common Property) is damaged or destroyedIn the event of repair and restoration as herein provided, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there monthly installments of Base Rent shall be no abated proportionately in the ratio which Tenant’s use of the Premises is impaired during the period of such repair or restoration. Except as expressly provided in the immediately preceding sentence with respect to abatement of any item included in Base Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right claim against Landlord for, and hereby releases Landlord and Landlord’s Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to receive)or destruction of the Premises or the Building or the repair or restoration thereof, including, without limitation, any cost, loss or expense resulting from any loss of use of the whole or any part of the Premises or the Building and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only the Tenant is required to do so initial tenant improvements, if any, constructed by Landlord in the Premises pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Againterms of this Lease, substantially to their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] ’s expense, Tenant’s Alterations which were not constructed by Landlord.
(e) [If a material portion of the Premises or Common Areas is damaged by the Casualty such that Tenant cannot is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty, and Landlord reasonably estimates that the Restoration Period will exceed one hundred twenty (120) days after the date of the Casualty (the “Restoration Period”), Tenant may terminate this Lease by delivering written notice to Landlord of its election to terminate within thirty (30) days after Tenant’s receipt of Landlord’s estimate pursuant to Paragraph 21(a) (or have an abatement the expiration of Rentsuch period if no such estimate is delivered). Notwithstanding anything herein to the contrary, if Landlord does not complete the restoration within the Restoration Period, Tenant shall be entitled to terminate this Lease by giving Landlord written notice of intent to terminate at any time after expiration of the Restoration Period, but in any event prior to Landlord’s completion of the restoration. However, if at any time Landlord believes Landlord will be unable to complete the restoration within the Restoration Period, Landlord shall be entitled to notify Tenant in writing of Landlord’s estimated time frame for completion of the restoration, and if Tenant fails to terminate this Lease by notice of cancellation given to Landlord within thirty (30) if days following receipt of Landlord’s written notice, such Restoration Period shall automatically be extended to the Property is rebuilt, without regard to last day of Landlord’s estimated time limits or severity of destructionframe.]
Appears in 1 contract
Destruction and Damage. (a) The If the Premises are damaged by fire or other perils covered by extended coverage insurance, Landlord shall, at Landlord's option:
(i) In the event of total destruction (which shall mean destruction or damage in excess of twenty-five percent (25%) of the full insurable value thereof) of the Premises, elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the date (the "Casualty Discovery Date") Landlord obtains actual knowledge of such destruction. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such total destruction.
(ii) I n the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding twenty-five percent (25%) of the full insurable value thereof) of the Premises for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Premises may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the Casualty Discovery Date, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration requires longer than one hundred eighty (180) days or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are not sufficient to cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the Lease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(iii) Notwithstanding anything to the contrary contained in this Paragraph, in the event of damage to the Premises occurring during the last twelve (12) months of the Term, Landlord and Tenant shall each have the right to terminate this Lease by written notice of such election given to the other party within thirty (30) days after the Casualty Discovery Date, provided, however, that Tenant shall have the right to terminate this Lease pursuant to this Paragraph 22(a)(iii) only if Tenant’s obligations under Article 10 's use and occupancy of the Premises are all subject to Strata Property Laws and the Bylawsmaterially interfered with as a result of such damage.
(b) If the Premises are damaged by any peril not covered by extended coverage insurance, and the cost to repair such damage exceeds any amount Tenant may agree to contribute, Landlord may elect either to commence promptly to repair and restore the Premises and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Premises, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the Casualty Discovery Date. If Landlord elects not to restore the Premises, this Lease shall be deemed to have terminated as of the date on which Tenant surrenders possession of the Premises to Landlord, except that if the damage to the Premises materially impairs Tenant's ability to continue its business operations in the Premises, then this Lease shall be deemed to have terminated as of the date such damage occurred.
(c) Notwithstanding anything to the contrary in this Xxxxxxxxx 00, Xxxxxxxx shall have the option to terminate this Lease, exercisable by notice to Tenant within sixty (60) days after the Casualty Discovery Date in each of the following instances:
(i) If more than twenty-five percent (25%) of the full insurable value of the Building or the Project is damaged or destroyed, regardless of whether or not the Premises are destroyed.
(ii) If the Building or the Projector any portion thereof is damaged or destroyed and the repair and restoration of such damage requires longer than one hundred eighty (180) days from the Casualty Discovery Date.
(iii) If the Building or the Project or any portion thereof is damaged or destroyed and the insurance proceeds therefor are not sufficient to cover the costs of repair and restoration.
(iv) If the Building or the Project or any portion thereof is damaged or destroyed during the last twelve (12) months of the Term.
(d) If the Premises is damaged or destroyed to the extent that the Strata Corporation is Premises cannot be substantially repaired or restored by Landlord within two hundred seventy (270) days after the Casualty Discovery Date, Tenant may terminate this Lease immediately upon notice thereof to Landlord, which notice shall be given, if at all, not later than fifteen (15) days after Landlord notifies Tenant of Landlord's estimate of the period of time required to repair such damage or rebuild any of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime].
(c) If only Common Property (including Limited Common Property) is damaged or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive).
(d) The Tenant shall have no responsibility to repair or rebuild any Damaged Common Property, unless the Tenant is required to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical control, this can’t be an “out” for Tenant.] destruction.
(e) [In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Premises is impaired during the period of such repair or restoration; provided, however, that Tenant canshall not terminate this Lease (be entitled to such abatement to the extent that such damage or have an destruction resulted from the acts or inaction of Tenant or Tenant's Agents. Except as expressly provided in the immediately preceding sentence with respect to abatement of Base Rent) if , Tenant shall have no claim against Landlord for, and hereby releases Landlord and Landlord's Agents from responsibility for and waives its entire claim of recovery for any cost, loss or expense suffered or incurred by Tenant as a result of any damage to or destruction of the Property is rebuiltPremises, the Building or the Project or the repair or restoration thereof, including, without regard to time limits limitation, any cost, loss or severity expense resulting from any loss of use of the whole or any part of the Premises, the Building or the Project and/or any inconvenience or annoyance occasioned by such damage, repair or restoration.
(f) Tenant shall promptly repair and restore, at Tenant's expense, Tenant's Alterations which were not constructed by Landlord.
(g) Tenant hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Paragraph 22 shall govern exclusively in case of such destruction.]
Appears in 1 contract
Samples: Lease Agreement (Paypal Inc)
Destruction and Damage. (a) The If during the term of this Lease, the buildings, improvements or the equipment on, in, or appurtenant to the Premises at the commencement of such term or thereafter created thereon or therein shall be destroyed in whole or in part by fire or any other cause, Tenant shall give to Landlord immediate notice thereof, and Tenant’s obligations under Article 10 are all subject , at its own cost and expense, shall, promptly repair, replace, and rebuild the same with a structure of substantially the same character and condition as existed immediately prior to Strata Property Laws such occurrence, and Landlord shall, in no event, be called upon to repair, replace or rebuild any such buildings, improvements, or equipment, nor to pay any of the Bylawscost or expenses thereof, beyond or in excess of the insurance proceeds as herein provided.
(b) If For the purpose of paying towards the cost of such repairs, replacements or rebuilding, Landlord shall make available and pay from time to time, all net sums received under insurance policies covering such loss or losses as provided for herein at the request of or at the direction of Tenant to the extent that the Strata Corporation is required parties whom Tenant may employ to repair repair, replace, or rebuild any of the Damaged Premisessame, as such repairs, replacements or rebuilding shall progress, or to Tenant if the Tenant shall make or pay for such repairs, replacement, or rebuilding, in reimbursement for work and materials actually incorporated in the Premises. Such payment shall be relieved made by Landlord upon written request from an officer of its obligations under Article 10 Tenant, or in the event that an architect has been retained to effect the applicable repairs or rebuilding supervise said work, then said payments by Landlord shall be made upon appropriate requisition certificate of the Damaged Premises provided architect in charge of such work, provided, however, that in each instance of requisition, prior to the completion of such work, said officer of Tenant or the architect, if any, shall also certify to Landlord, and at Landlord's request, to the holder of any mortgage to which this lease is subordinate, that the cost of the then remaining work necessary for completion thereof does not exceed ninety percent (90%) of the balance of said insurance proceeds as will remain after payment over the sum so requisitioned, and that such work has been prosecuted in accordance with the plans and specifications therefor. If in the course of such work, any mechanics or other lien or order for the payment of money shall be filed against the Premises or against Landlord or Tenant or any contractor of Tenant or if Tenant shall be in default in the payment of any net rent or additional rent then due and payable or if there are any existing and unremedied defaults on the part of Tenant under the agreements, terms, covenants and conditions of this lease as to which Landlord has served notice upon Tenant and with respect to which Tenant has used diligent effortsfailed to cure within the time provided for herein, and provided adequate funds to cause the Strata Corporation to effect any such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations Landlord shall not be considered a obligated to make any payment of such insurance proceeds until and unless such lien or order shall have been fully bonded, satisfied, cancelled, discharged of record, or complied with and/or until such default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]shall have been cured.
(c) If only Common Property (including Limited Common Property) is the net amount of such insurance proceeds shall be insufficient for the proper and effective repair, replacement or rebuilding of such damaged or destroyeddestroyed buildings, in whole improvements or in partequipment, by fire or any other occurrence (Tenant shall pay the “Damaged Common Property”)additional sums required, then this Lease shall not be terminated and it shall nonetheless continue in full force and effect and there if the amount of such insurance proceeds shall be no abatement in excess of any item included in Rent, except to the extent that the Landlord receives insurance proceeds in respect cost thereof, either directly, or through amounts collected by the Strata Corporation and excess shall be paid to Landlord (which payments Tenant shall have no right to receive)and retained by Tenant.
(d) The Unless the repairs, replacement or rebuilding to be performed by Tenant is delayed by Landlord's failure to make the insurance proceeds available for such work, or unless a delay occurs by reason of Tenant's inability to adjust the amount of insurance to be paid, Tenant shall have no responsibility proceed to repair repair, replace, or rebuild any Damaged Common Propertythe structures, unless improvements and equipment promptly and, in the event that such work shall not be commenced within thirty (30) days from the date of payment to Landlord or Tenant is required of the insurance proceeds by the company or companies insuring such loss or damage and shall not be expeditiously prosecuted to completion, Landlord shall have the right to cancel and terminate this lease by giving to Tenant not less than sixty (60) days notice of intention to do so pursuant to Strata Property Laws and, if upon the expiration of the time fixed in such notice, such work shall not have been commenced and the other agreements, terms, covenants and conditions herein complied with, or if after commencement thereof, the Bylaws and if so required then Section 10.2 work shall apply not have been expeditiously prosecuted as if the Damaged Common Property were Damaged Premises. [Again, to the extent tenant has practical controlcase may be, this can’t Lease and the term hereof shall terminate and all such insurance proceeds shall belong to and shall be an “out” for Tenant.] retained by Landlord.
(e) [Such work and the performance thereof shall be subject to and shall be performed in accordance with the provisions of the paragraph of the lease headed "ALTERATIONS AND IMPROVEMENTS".
(f) The thirty (30) day period mentioned in the foregoing subparagraph (d) shall be extended by such period as Tenant cannot terminate this Lease (may be delayed by strikes, labor or have an abatement of Rent) if the Property is rebuiltmaterial shortages, without regard to time limits embargos, governmental restrictions or severity of destructionpriorities, or other causes beyond Tenant's reasonable control, including obtaining insurance proceeds.]
Appears in 1 contract
Destruction and Damage. (a) The Tenant’s obligations under Article 10 If the Building is damaged by fire or other perils covered by the insurance required by Paragraph 13, the following shall apply:
(1) In the event of total destruction (which shall mean destruction or damage in excess of fifty percent (50%) of the full insurable value thereof) of the Building, Tenant may elect to terminate the Lease by giving Landlord written notice of termination within thirty (30) days after the occurrence of such destruction. If Tenant does not elect to terminate the Lease, Landlord may elect either to commence promptly to repair and restore the Building and prosecute the same diligently to completion, in which event this Lease shall remain in full force and effect; or not to repair or restore the Building, in which event this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such destruction. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such total destruction.
(2) In the event of a partial destruction (which shall mean destruction or damage to an extent not exceeding fifty percent (50%) of the full insurable value thereof) of the Building for which Landlord will receive insurance proceeds sufficient to cover the cost to repair and restore such partial destruction and, if the damage thereto is such that the Building may be substantially repaired or restored to its condition existing immediately prior to such damage or destruction within one hundred eighty (180) days from the date of such destruction, Landlord shall commence and proceed diligently with the work of repair and restoration, in which event the Lease shall continue in full force and effect. If such repair and restoration is reasonably estimated to require more than one hundred eighty (180) days, Tenant may within thirty (30) days of receipt from Landlord of notice of the time required for repair terminate this Lease by giving Landlord written notice. If such repair and restoration requires longer than one hundred eighty (180) days and Tenant has not elected to terminate this Lease or if the insurance proceeds therefor (plus any amounts Tenant may elect or is obligated to contribute) are all subject not sufficient to Strata Property Laws cover the cost of such repair and restoration, Landlord may elect either to so repair and restore, in which event the BylawsLease shall continue in full force and effect, or not to repair or restore, in which event the Lease shall terminate. In either case, Landlord shall give written notice to Tenant of its intention and of the estimated time required for repair within sixty (60) days after the destruction occurs. If Landlord elects not to restore the Building, this Lease shall be deemed to have terminated as of the date of such partial destruction.
(3) Nothwithstanding anything to the contrary contained in this Paragraph 22, in the event of damage to the Building occurring during the last twelve (12) months of the Term, Landlord may elect to terminate this Lease by written notice of such election given to Tenant within thirty (30) days after the damage occurs. If Landlord does not terminate this Lease as provided in the immediately preceding sentence, and if the repair and restoration of such damage is reasonably estimated to require more than ninety (90) days, Tenant may elect to terminate this Lease by written notice of such election given to Landlord within ten (10) days of receipt from Landlord of notice of the time required for repair and restoration.
(b) If the Building is damaged by any peril not covered by the insurance required by Paragraph 13, and the cost to repair such damage exceeds any amount Tenant may voluntarily agree to contribute, Landlord may elect to commence promptly to repair and restore the extent that Building and prosecute the Strata Corporation is required same diligently to completion if such repairs and restoration can be completed within two hundred and ten (210) days after the date such damage occurs, in which event this Lease shall remain in full force and effect. If such repairs and restoration cannot be completed within two hundred and ten (210) days after the date of the casualty or if Landlord elects not to repair or rebuild any restore the Building, this Lease shall terminate. Landlord shall give Tenant written notice of its intention within sixty (60) days after the occurrence of such damage. If Landlord elects not to restore the Building, then this Lease shall be deemed to have terminated as of the Damaged Premises, the Tenant shall be relieved of its obligations under Article 10 to effect the applicable repairs or rebuilding of the Damaged Premises provided that the Tenant has used diligent efforts, and provided adequate funds to cause the Strata Corporation to effect any date such repairs and rebuilding (including without limitation, through exercise of governance rights), and in such event the failure of or delay by the Strata Corporation to fulfill its repair and rebuilding obligations shall not be considered a default by the Tenant of its obligations under this Lease so long as Tenant continues such diligent efforts and funding to cause Strata Corporation to timely repair and rebuild in a manner and timing consistent with this Lease for the portion of the Demised Premises not subject to [the Strata regime]damage occured.
(c) If only Common Property (including Limited Common Property) In the event of repair and restoration as herein provided, the monthly installments of Base Rent shall be abated proportionately in the ratio which Tenant's use of the Building is damaged impaired during the period of such repair or destroyed, in whole or in part, by fire or any other occurrence (the “Damaged Common Property”), then this Lease restoration. Tenant shall not be terminated and it shall nonetheless continue in full force and effect and there shall be no abatement entitled to any compensation or damages from Landlord for loss of use of the whole or any item included in Rentpart of the Building and/or any inconvenience or annoyance occasioned by such damage, except to the extent that the Landlord receives insurance proceeds in respect thereof, either directly, repair or through amounts collected by the Strata Corporation and paid to Landlord (which payments Tenant shall have no right to receive)restoration.
(d) The Tenant shall have no responsibility If Landlord is obligated to or elects to repair or rebuild any Damaged Common Propertyrestore as herein provided, unless Landlord shall repair or restore only those portions of the Tenant is required Building which were originally provided at Landlord's expense substantially to do so pursuant to Strata Property Laws or the Bylaws and if so required then Section 10.2 shall apply as if the Damaged Common Property were Damaged Premises. [Again, their condition existing immediately prior to the extent tenant has practical controloccurrence of the damage or destruction; and Tenant shall promptly repair and restore, this can’t be an “out” for at Tenant.] 's expense, Tenant's fixtures, improvements, alterations and additions in and to the Building which were not provided at Landlord's expense.
(e) [Tenant cannot terminate hereby waives the provisions of California Civil Code Section 1932(2) and Section 1933(4) which permit termination of a lease upon destruction of the leased premises, and the provisions of any similar law now or hereinafter in effect, and the provisions of this Lease (or have an abatement Paragraph 22 shall govern exclusively in case of Rent) if the Property is rebuilt, without regard to time limits or severity of such destruction.]
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Samples: Sublease Agreement (Scios Inc)