Common use of Destruction and Restoration Clause in Contracts

Destruction and Restoration. If, after the commencement of the term of the Lease and prior to the expiration or earlier termination hereof, the Leased Premises shall be partially damaged (as distinguished from “substantially damaged”, as that term is hereinafter defined) by fire or casualty, Landlord shall promptly proceed to restore the Leased Premises to substantially the condition in which the Leased Premises were in immediately preceding such damage, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from any cause beyond the reasonable control of Landlord. Subject to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement of the term of this Lease, and prior to the expiration or earlier termination hereof, the building and improvements located on the Leased Premises shall be substantially damaged, as that term is hereinafter defined, by fire or casualty, the risk of which is covered by Tenant’s insurance, and Landlord does not elect to terminate this Lease as hereinafter set forth, Landlord shall, consistent with zoning laws and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control of Landlord. Should the net amount of insurance proceeds available to Landlord be insufficient to cover the cost of restoring the Leased Premises, then, in the reasonable business judgment of the Landlord, Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect to terminate this Lease by giving notice to Tenant not later than thirty (30) days after Landlord has determined the estimated net amount of insurance proceeds available to Landlord and the estimated cost of such restoration.

Appears in 3 contracts

Samples: Assignment and Assumption of Lease, Assignment and Assumption of Lease (Veri-Tek International, Corp.), Assignment and Assumption of Lease (Veri-Tek International, Corp.)

AutoNDA by SimpleDocs

Destruction and Restoration. If, A. Tenant covenants and agrees that in case of damage to or destruction of the Improvements after the commencement of the term of the Lease and prior to the expiration or earlier termination hereof, the Leased Premises shall be partially damaged (as distinguished from “substantially damaged”, as that term is hereinafter defined) by fire or casualty, Landlord shall promptly proceed to restore the Leased Premises to substantially the condition in which the Leased Premises were in immediately preceding such damage, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from any cause beyond the reasonable control of Landlord. Subject to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement Commencement Date of the term of this Lease, and prior to the expiration or earlier termination hereof, the building and improvements located on the Leased Premises shall be substantially damaged, as that term is hereinafter defined, by fire or casualtyotherwise, Tenant, at its sole cost and expense, shall promptly restore, repair, replace and rebuild the same as nearly as possible to the condition that the same were in immediately prior to such damage or destruction with such changes or alterations (made in conformity with Paragraph 8 hereof) as may be reasonably acceptable to Landlord or required by law. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the risk extent thereof. Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of which is covered by Tenant’s insurancetemporary repairs for the protection of the Demised Premises, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "Restoration." The Restoration shall be carried on and Landlord does not elect to terminate this Lease as hereinafter set forth, Landlord shall, consistent completed in accordance with zoning laws the provisions and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control conditions of LandlordParagraphs 8 and 18B hereof. Should If the net amount of the insurance proceeds available (after deduction of all costs, expenses and fees related to recovery of the insurance proceeds) recovered by Landlord and held by Landlord and Tenant as co-trustees is reasonably deemed insufficient by Landlord to complete the Restoration of such improvements (exclusive of Tenant's personal property and trade fixtures; which shall be insufficient restored, repaired or rebuilt out of Tenant's separate funds), Tenant shall, upon request of Landlord, deposit with Landlord and Tenant, as co-trustees, a cash deposit equal to cover the cost of restoring the Leased Premises, then, in the reasonable business judgment estimate of the Landlord, Landlord may, but shall have no obligation to, supply amount necessary to complete the Restoration of such improvements less the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect to terminate this Lease by giving notice to Tenant not later than thirty (30) days after Landlord has determined the estimated net amount of insurance proceeds available to Landlord and the estimated cost of such restorationavailable.

Appears in 2 contracts

Samples: Suit Lease Agreement (R2 Technology Inc), Suit Lease Agreement (R2 Technology Inc)

Destruction and Restoration. IfIf the Building should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building should be totally destroyed by fire, tornado or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred eighty (180) days after the commencement date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease, effective upon the date of the term occurrence of such damage. Landlord shall notify Tenant in writing within forty-five (45) days after such damage or destruction, whether Landlord shall rebuild the Building within one hundred eighty (180) days. If Landlord does not so notify Tenant, Tenant shall be at liberty to terminate this Lease and by written notice to Landlord given after said forty-five (45) day period but prior to the expiration date that Landlord has notified Tenant that it shall rebuild the Premises. If the Building should be damaged by any peril covered by the insurance to be provided by Landlord pursuant to the provisions of this paragraph, but only to such extent that rebuilding or earlier termination hereofrepairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, the Leased Premises this Lease shall be partially damaged (as distinguished from “substantially damaged”not terminate, as that term is hereinafter defined) by fire or casualty, and Landlord shall promptly at its sole cost and expense thereupon proceed with reasonable diligence to restore rebuild and repair the Leased Premises Building to substantially the condition in which the Leased Premises were in immediately preceding it existed prior to such damage, but except that Landlord shall not be responsible for required to rebuild, repair or replace any damages Tenant may sustain attributable to delay part of the partitions, fixtures, additions and other improvements (other than the Leasehold Improvements described in such restoration Section 3.2 hereof) which may result from have been placed in, on or about the Premises by Tenant and except that Tenant shall pay to Landlord, upon demand, Tenant's Share of any cause beyond applicable deductible amount specified under Landlord's insurance (which, during the reasonable control primary term of Landlordthis Lease only, shall be limited to a maximum of $10,000.00 for Tenant's Share). Subject The Rent payable hereunder, shall xxxxx by reason of damage or destruction to the extent that the Premises are rendered unusable by Tenant by peril for which the Landlord is required to insure pursuant to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement of the term of this Lease, . In the event that Landlord should fail to commence such repairs and prior rebuilding with ninety (90) days or to complete such repairs and rebuilding within one hundred eighty (180) days after the expiration or earlier termination hereof, the building and improvements located on the Leased Premises shall be substantially damaged, as that term date upon which Landlord is hereinafter defined, notified by fire or casualty, the risk Tenant of which is covered by Tenant’s insurance, and Landlord does not elect to such damage. Tenant may at its option terminate this Lease as hereinafter set forth, Landlord shall, consistent with zoning laws and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control by delivering written notice of Landlord. Should the net amount of insurance proceeds available termination to Landlord be insufficient as Tenant's exclusive remedy, whereupon all rights and obligations hereunder (other than those which survive the termination of this Lease) shall cease and terminate. Notwithstanding anything herein to cover the cost of restoring the Leased Premises, thencontrary, in the reasonable business judgment event the holder of any indebtedness secured by a mortgage or deed of trust covering the LandlordBuilding or the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect right to terminate this Lease by giving delivering written notice of termination to Tenant not later than thirty within fifteen (3015) days after Landlord has determined such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the estimated net amount termination of insurance proceeds available this Lease) shall cease and terminate, subject, however, to Landlord and in terms of the estimated cost of such restorationNon-Disturbance Agreement.

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Destruction and Restoration. IfIf the Building should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building should be totally destroyed by fire, tornado or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred eighty (180) days after the commencement date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease, effective upon the date of the term occurrence of such damage. Landlord shall notify Tenant in writing within forty-five (45) days after such damage or destruction, whether Landlord shall rebuild the Building within one hundred eighty (180) days. If Landlord does not so notify Tenant, Tenant shall be at liberty to terminate this Lease and by written notice to Landlord given after said forty-five (45) day period but prior to the expiration date that Landlord has notified Tenant that it shall rebuild the Premises. If the Building should be damaged by any peril covered by the insurance to be provided by Landlord pursuant to the provisions of this paragraph, but only to such extent that rebuilding or earlier termination hereofrepairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, the Leased Premises this Lease shall be partially damaged (as distinguished from “substantially damaged”not terminate, as that term is hereinafter defined) by fire or casualty, and Landlord shall promptly at its sole cost and expense thereupon proceed with reasonable diligence to restore rebuild and repair the Leased Premises Building to substantially the condition in which the Leased Premises were in immediately preceding it existed prior to such damage, but except that Landlord shall not be responsible required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements (other than the Leasehold Improvements described in Section 3.2 hereof) which may have been placed in, on or about the Premises by Tenant and except that Tenant shall pay to Landlord, upon demand, Tenant's Share of any applicable deductible amount specified under Landlord's insurance to a maximum of $5,000.00 for any damages Tenant's Share. The Rent payable hereunder, except to the extent covered by insurance, shall in no event xxxxx by reason of damage or destruction; however, to the extent insurance is collectible by Landlord for loss of Rent, then the Rent payable under this Lease shall xxxxx. In the event that Landlord should fail to commence such repairs and rebuilding with ninety (90) days or to complete such repairs and rebuilding within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, Tenant may sustain attributable at its option terminate this Lease by delivering written notice of termination to delay in such restoration Landlord at Tenant's exclusive remedy, whereupon all rights and obligations hereunder (other than those which may result from any cause beyond survive the reasonable control of Landlord. Subject to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement of the term termination of this Lease, ) shall cease and prior terminate. Notwithstanding anything herein to the expiration or earlier termination hereof, the building and improvements located on the Leased Premises shall be substantially damaged, as that term is hereinafter defined, by fire or casualty, the risk of which is covered by Tenant’s insurance, and Landlord does not elect to terminate this Lease as hereinafter set forth, Landlord shall, consistent with zoning laws and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control of Landlord. Should the net amount of insurance proceeds available to Landlord be insufficient to cover the cost of restoring the Leased Premises, thencontrary, in the reasonable business judgment event the holder of any indebtedness secured by a mortgage or deed of trust covering the LandlordBuilding or the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect right to terminate this Lease by giving delivering written notice of termination to Tenant not later than thirty within fifteen (3015) days after Landlord has determined such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the estimated net amount termination of insurance proceeds available this Lease) shall cease and terminate, subject, however, to Landlord and in terms of the estimated cost of such restorationNon- Disturbance Agreement.

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Destruction and Restoration. If, after the commencement of the term of the Lease and prior to the expiration or earlier termination hereof, the Leased Premises shall be partially damaged (as distinguished from “substantially damaged”, as that term is hereinafter defined) by fire or casualty, Landlord shall promptly proceed to restore the Leased Premises to substantially the condition in which the Leased Premises were in immediately preceding such damage, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from any cause beyond the reasonable control of Landlord. Subject to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement of during the term of this Residential Lot Lease, and the Residence is wholly or partially destroyed by a risk covered by insurance carried by Home Owner or otherwise required to be carried by Home Owner pursuant to the provisions of Section 2.7, Home Owner shall promptly commence (within one hundred eighty (180) calendar days after the date of such casualty) restoration of the Residence to substantially the original specifications, except as to variations required by law or as approved pursuant to Section 3.1.1, below, as it was immediately prior to such destruction, and such destruction shall not terminate this Residential Lot Lease. In such an event and notwithstanding the expiration or earlier termination hereofprovisions of Section 3.2, Home Owner shall have the right to demolish any portion of the Residence necessary to permit such restoration. Failure to complete the restoration within three hundred sixty (360) calendar days after commencement of restoration shall, at the option of the University, constitute a default hereunder. If, during the term of this Residential Lot Lease, the building and improvements located on Residence is wholly or partially destroyed by a risk not covered by the Leased Premises insurance that Home Owner is required to carry pursuant to the provisions of Section 2.7 above, or other insurance Home Owner may carry, then Home Owner shall be substantially damaged, as that term is hereinafter definedhave the right to terminate this Residential Lot Lease, by fire or notice thereof delivered to the University within sixty (60) days after the date of such casualty. If Home Owner so elects to terminate this Residential Lot Lease, then this Residential Lot Lease shall terminate effective as of the date of such casualty, provided, however, that Home Owner shall promptly remove such destroyed or damaged buildings or improvements from the risk of which is covered by Tenant’s insurance, Residential Lot and Landlord thereafter redeliver the Residential Lot to the University in a neat and clean condition. If Home Owner does not elect to terminate this Lease as hereinafter set forthwithin the aforesaid sixty (60) day period, Landlord shall, consistent with zoning laws and building codes then in existence, Home Owner shall promptly restore commence (within one hundred eighty (180) calendar days of such casualty) restoration of the Leased Premises Residence to substantially the condition which the Leased Premises where in immediately preceding such damageoriginal specifications, except as hereinafter providedto variations required by law or as approved pursuant to Section 3.1.1, but Landlord shall not be responsible for any damages Tenant may sustain attributable below, as it was immediately prior to delay in such destruction. Failure to complete the restoration which may result from a cause beyond within three hundred sixty (360) calendar days after commencement of restoration, shall, at the reasonable control of Landlord. Should the net amount of insurance proceeds available to Landlord be insufficient to cover the cost of restoring the Leased Premises, then, in the reasonable business judgment option of the LandlordUniversity, Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect to terminate this Lease by giving notice to Tenant not later than thirty (30) days after Landlord has determined the estimated net amount of insurance proceeds available to Landlord and the estimated cost of such restorationconstitute a default hereunder.

Appears in 1 contract

Samples: employeehousing.ucsc.edu

Destruction and Restoration. If, Tenant covenants and agrees that in case of damage to or destruction of the Improvements after the commencement of the term of the Lease and prior to the expiration or earlier termination hereof, the Leased Premises shall be partially damaged (as distinguished from “substantially damaged”, as that term is hereinafter defined) by fire or casualty, Landlord shall promptly proceed to restore the Leased Premises to substantially the condition in which the Leased Premises were in immediately preceding such damage, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from any cause beyond the reasonable control of Landlord. Subject to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement date of the term of this Lease, and prior to the expiration or earlier termination hereof, the building and improvements located on the Leased Premises shall be substantially damaged, as that term is hereinafter definedLease Agreement, by fire or casualtyotherwise, Tenant, at its sole cost and expense, shall promptly restore, repair, replace and rebuild the same as nearly as possible to the condition that the same were in immediately prior to such damage or destruction with such changes or alterations (made in conformity with Article XIX hereof) as may be reasonably acceptable to Landlord or required by law. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the risk extent thereof. Such restoration, repairs, replacements, rebuilding, changes and alterations, including the cost of which is covered by Tenant’s insurancetemporary repairs for the protection of the Demised Premises, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "Restoration." The Restoration shall be carried on and Landlord does not elect to terminate this Lease as hereinafter set forth, Landlord shall, consistent completed in accordance with zoning laws the provisions and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control conditions of LandlordSection 13.2 and Article XIX hereof. Should If the net amount of the insurance proceeds available (after deduction of all costs, expenses and fees related to recovery of the insurance proceeds) recovered by Tenant are reasonably deemed insufficient by Landlord to complete the restoration of such Improvements (exclusive of Tenant's personal property and trade fixtures which shall be insufficient to cover the cost restored, repaired or rebuilt out of restoring the Leased PremisesTenant's separate funds), thenTenant shall, upon request of Landlord, deposit in the Restoration Account (as hereinafter defined) a cash deposit (or a completion bond or letter credit in form and substance reasonably acceptable to Landlord) equal to the reasonable business judgment estimate of the Landlord, Landlord may, but shall have no obligation to, supply amount necessary to complete the restoration of such Improvements after taking into account the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect to terminate this Lease by giving notice to Tenant not later than thirty (30) days after Landlord has determined the estimated net amount of insurance proceeds available to Landlord available. Without limiting the foregoing, Tenant shall be responsible for all costs of Restoration including, but not limited to, all construction, architectural, engineering, legal, administrative and supervisory fees connected with the estimated cost of such restorationRestoration.

Appears in 1 contract

Samples: Lease Agreement (Cheap Tickets Inc)

Destruction and Restoration. IfTenant covenants and agrees that, after the commencement in ---------------------------- case of damage to or destruction of the term of Improvements during the Lease and prior to the expiration or earlier termination hereofTerm, the Leased Premises shall be partially damaged (as distinguished from “substantially damaged”, as that term is hereinafter defined) whether by fire or casualtyotherwise, Tenant shall make funds available to Landlord and Landlord shall promptly proceed restore, repair, replace and rebuild the same as nearly as possible to restore the Leased Premises to substantially the condition in which that the Leased Premises same were in immediately preceding prior to such damagedamage or destruction with such changes or alterations as may be reasonably acceptable to Landlord and Tenant or required by Applicable Land Use Laws and Restrictions then in effect. Tenant shall immediately give Landlord written notice of such damage or destruction upon Tenant's or any assignee's or subtenant's knowledge of the occurrence thereof and specify in such notice, but in reasonable detail, the extent thereof. Such restorations, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Demised Premises, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "RESTORATION." Landlord shall be entitled to recover all "soft" costs incurred in connection with Landlord's performance of the Restoration including a fee competitive with others providing similar services. The Restoration shall be carried on and completed in accordance with the provisions and conditions of Section 13.2 hereof. If the amount of the insurance proceeds recovered from the policy or policies maintained (or required to be maintained) by Tenant, as described in Article VI of this Lease, is reasonably deemed insufficient by a qualified contractor, reasonably acceptable to Tenant and Landlord (or Landlord's lender, as the case may be) to complete the Restoration of such Improvements (exclusive of Tenant's personal property and trade fixtures which shall be restored, repaired or rebuilt, at Tenant's discretion, out of Tenant's separate funds), except as provided in this Section 1 3.1 below, Tenant shall, upon request of Landlord (or by Landlord's lender, as the case may be), deposit with Landlord (or Landlord's lender, if required) a cash deposit equal to the reasonable estimate of the amount necessary to complete the Restoration of such Improvements less the amount of such insurance proceeds available. Notwithstanding the foregoing, if Landlord is prohibited from effecting the Restoration of the Demised Premises due to applicable governmental laws, rules or regulations then in effect, Landlord shall not be responsible for required to effect such Restoration. In such an event, any damages Tenant insurance proceeds shall be paid to, and may sustain attributable to delay in such restoration which be retained by, Landlord or Landlord's lender, as the case may result from any cause beyond the reasonable control of Landlord. Subject to the terms be, and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement of the term of this Lease, and prior to all obligations of the expiration or earlier parties hereunder (except those which expressly survive the termination hereof, the building and improvements located on the Leased Premises ) shall be substantially damaged, as that term is hereinafter defined, by fire or casualty, the risk of which is covered by Tenant’s insurance, and Landlord does not elect to terminate this Lease as hereinafter set forth, Landlord shall, consistent with zoning laws and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control of Landlord. Should the net amount of insurance proceeds available to Landlord be insufficient to cover the cost of restoring the Leased Premises, then, in the reasonable business judgment of the Landlord, Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect to terminate this Lease by giving notice to Tenant not later than thirty (30) days after Landlord has determined the estimated net amount of insurance proceeds available to Landlord and the estimated cost of such restorationterminate.

Appears in 1 contract

Samples: Lease (Applied Micro Circuits Corp)

AutoNDA by SimpleDocs

Destruction and Restoration. If, Tenant covenants and agrees that in case of damage to or destruction of the Improvements after the commencement of the term of the Lease and prior to the expiration or earlier termination hereof, the Leased Premises shall be partially damaged (as distinguished from “substantially damaged”, as that term is hereinafter defined) by fire or casualty, Landlord shall promptly proceed to restore the Leased Premises to substantially the condition in which the Leased Premises were in immediately preceding such damage, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from any cause beyond the reasonable control of Landlord. Subject to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement Commencement Date of the term of this Lease, and prior to the expiration or earlier termination hereof, the building and improvements located on the Leased Premises shall be substantially damaged, as that term is hereinafter defined, by fire or casualtyotherwise, Tenant, at its sole cost and expense, shall promptly restore, repair, replace and rebuild the same as nearly as possible to the condition that the same were in immediately prior to such damage or destruction with such changes or alterations (made in conformity with Article XIX hereof) as may be reasonably acceptable to Landlord or required by law. Tenant shall forthwith give Landlord written notice of such damage or destruction upon the occurrence thereof and specify in such notice, in reasonable detail, the risk extent thereof. Such restorations, repairs, replacements, rebuilding, changes and alterations, including the cost of which is covered temporary repairs for the protection of the Demised Premises, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "Restoration." The Restoration shall be carried on and completed in accordance with the provisions and conditions of Section 13.2 and Article XIX hereof. Landlord and Tenant shall make appropriate, reasonable and customary arrangements at such time for Tenant's use of the insurance proceeds recovered by Tenant’s insurance, and Landlord does not elect to terminate this Lease as hereinafter set forth, Landlord shall, consistent in connection with zoning laws and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control of LandlordRestoration. Should If the net amount of the insurance proceeds (after deduction of all costs, expenses and fees related to recovery of the insurance proceeds) recovered and held by Landlord, but made available to Tenant for the Restoration, is reasonably deemed insufficient by Landlord to complete the Restoration of such Improvements (exclusive of Tenant's personal property and trade fixtures which shall be insufficient restored, repaired or rebuilt out of Tenant's separate funds), Tenant shall, upon request to cover the cost of restoring the Leased PremisesLandlord, then, in deposit with Landlord a cash deposit equal to the reasonable business judgment estimate of the Landlord, Landlord may, but shall have no obligation to, supply amount necessary to complete the Restoration of such Improvements less the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect to terminate this Lease by giving notice to Tenant not later than thirty (30) days after Landlord has determined the estimated net amount of insurance proceeds available to Landlord and the estimated cost of such restorationavailable.

Appears in 1 contract

Samples: Inspire Insurance Solutions Inc

Destruction and Restoration. IfTenant covenants and agrees that, after the commencement in --------------------------- case of damage to or destruction of the term of Improvements during the Lease and prior to the expiration or earlier termination hereofTerm, the Leased Premises shall be partially damaged (as distinguished from “substantially damaged”, as that term is hereinafter defined) whether by fire or casualtyotherwise, Tenant shall make funds available to Landlord and Landlord shall promptly proceed restore, repair, replace and rebuild the same as nearly as possible to restore the Leased Premises to substantially the condition in which that the Leased Premises same were in immediately preceding prior to such damagedamage or destruction with such changes or alterations as may be reasonably acceptable to Landlord and Tenant or required by Applicable Land Use Laws and Restrictions then in effect. Tenant shall immediately give Landlord written notice of such damage or destruction upon Tenant's or any assignee's or subtenant's knowledge of the occurrence thereof and specify in such notice, but in reasonable detail, the extent thereof. Such restorations, repairs, replacements, rebuilding, changes and alterations, including the cost of temporary repairs for the protection of the Demised Premises, or any portion thereof, pending completion thereof are sometimes hereinafter referred to as the "Restoration." Landlord shall be entitled to recover all "soft" costs incurred in connection with Landlord's performance of the Restoration including a fee competitive with others providing similar services. The Restoration shall be carried on and completed in accordance with the provisions and conditions of Section 13.2 hereof. If the amount of the insurance proceeds recovered from the policy or policies maintained (or required to be maintained) by Tenant, as described in Article VI of this Lease, is reasonably deemed insufficient by a qualified contractor, reasonably acceptable to Tenant and Landlord (or Landlord's lender, as the case may be) to complete the Restoration of such Improvements (exclusive of Tenant's personal property and trade fixtures which shall be restored, repaired or rebuilt, at Tenant's discretion, out of Tenant's separate funds), except as provided in this Section 13.1 below, Tenant shall, upon request of Landlord (or by Landlord's lender, as the case may be), deposit with Landlord (or Landlord's lender, if required) a cash deposit equal to the reasonable estimate of the amount necessary to complete the Restoration of such Improvements less the amount of such insurance proceeds available. Notwithstanding the foregoing, if Landlord is prohibited from effecting the Restoration of the Demised Premises due to applicable governmental laws, rules or regulations then in effect, Landlord shall not be responsible for required to effect such Restoration. In such an event, any damages Tenant insurance proceeds shall be paid to, and may sustain attributable to delay in such restoration which be retained by, Landlord or Landlord's lender, as the case may result from any cause beyond the reasonable control of Landlord. Subject to the terms be, and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement of the term of this Lease, and prior to all obligations of the expiration or earlier parties hereunder (except those which expressly survive the termination hereof, the building and improvements located on the Leased Premises ) shall be substantially damaged, as that term is hereinafter defined, by fire or casualty, the risk of which is covered by Tenant’s insurance, and Landlord does not elect to terminate this Lease as hereinafter set forth, Landlord shall, consistent with zoning laws and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control of Landlord. Should the net amount of insurance proceeds available to Landlord be insufficient to cover the cost of restoring the Leased Premises, then, in the reasonable business judgment of the Landlord, Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect to terminate this Lease by giving notice to Tenant not later than thirty (30) days after Landlord has determined the estimated net amount of insurance proceeds available to Landlord and the estimated cost of such restorationterminate.

Appears in 1 contract

Samples: Applied Micro Circuits Corp

Destruction and Restoration. IfIf the Building should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building should be totally destroyed by fire, tornado or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred eighty (180) days after the commencement date upon which Landlord is notified by Tenant of such damage, this .Lease shall terminate and the term Rent shall be abated during the unexpired portion of this Lease, effective upon the date of die occurrence of such damage. Landlord shall notify Tenant in writing within forty-five (45) days after such damage or destruction, whether Landlord shall rebuild the Building within one hundred eighty (180) days. If Landlord does not so notify Tenant, Tenant shall be at liberty to terminate this Lease and by written notice to Landlord given after said forty-five (45) day period but prior to the expiration date that Landlord has notified Tenant that it shall rebuild the Premises. If the Building should be damaged by any peril covered by the insurance to be provided by Landlord pursuant to the provisions of this paragraph, but only to such extent that rebuilding or earlier termination hereofrepairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, the Leased Premises this Lease shall be partially damaged (as distinguished from “substantially damaged”not terminate, as that term is hereinafter defined) by fire or casualty, and Landlord shall promptly at its sole cost and expense thereupon proceed with reasonable diligence to restore rebuild and repair the Leased Premises Building to substantially the condition in which the Leased Premises were in immediately preceding it existed prior to such damage, but except that Landlord shall not be responsible for required to rebuild, repair or replace any damages Tenant may sustain attributable to delay part of the partitions, fixtures, additions and other improvements (other than the Leasehold Improvements described in such restoration Section 3.2 hereof) which may result from have been placed in, on or about the Premises by Tenant and except that Tenant shall pay to Landlord, upon demand, Tenant's Share of any cause beyond applicable deductible amount specified under Landlord's insurance (which, during the reasonable control primary term of Landlordthis Lease only, shall be limited to a maximum of $10,000.00 for Tenant's Share). Subject The Rent payable hereunder, shall xxxxx by reason of damage or destruction to the extent that the Premises are rendered unusable by Tenant by a peril for which the Landlord is required to insure pursuant to the terms and conditions contained in the mortgage between the Landlord and any mortgagee of the Leased Premises, if, after the commencement of the term of this Lease. In the event that Landlord should fail to commence such repairs and rebuilding with ninety (90) days or to complete such repairs and rebuilding within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, and prior to the expiration or earlier termination hereof, the building and improvements located on the Leased Premises shall be substantially damaged, as that term is hereinafter defined, by fire or casualty, the risk of which is covered by Tenant’s insurance, and Landlord does not elect to Tenant may at its option terminate this Lease as hereinafter set forth, Landlord shall, consistent with zoning laws and building codes then in existence, promptly restore the Leased Premises to substantially the condition which the Leased Premises where in immediately preceding such damage, except as hereinafter provided, but Landlord shall not be responsible for any damages Tenant may sustain attributable to delay in such restoration which may result from a cause beyond the reasonable control by delivering written notice of Landlord. Should the net amount of insurance proceeds available termination to Landlord be insufficient as Tenant's exclusive remedy, whereupon all rights and obligations hereunder (other than those which survive the termination of this Lease) shall cease and terminate. Notwithstanding anything herein to cover the cost of restoring the Leased Premises, thencontrary, in the reasonable business judgment event the holder of any indebtedness secured by a mortgage or deed of trust covering the LandlordBuilding or the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord may, but shall have no obligation to, supply the amount of such insufficiency and restore the Leased Premises with all reasonable diligence, or Landlord may elect right to terminate this Lease by giving delivering written notice of termination to Tenant not later than thirty within fifteen (3015) days after Landlord has determined such requirement is made by any such holder, whereupon all rights and obligations hereunder (other than those which survive the estimated net amount termination of insurance proceeds available this Lease) shall cease and terminate, subject, however, to Landlord and in terms of the estimated cost of such restorationNon-Disturbance Agreement.

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.