Common use of Destruction by Fire or Other Casualty Clause in Contracts

Destruction by Fire or Other Casualty. A. If the leased premises should be totally destroyed by fire or such other casualty, or should be so damaged that rebuilding or repairs cannot reasonably be completed within sixty (60) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option to terminate this Lease as set forth in this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final twelve (12) months of the initial term of this Lease, or any renewal option term, LESSOR shall have the right, at its option, to terminate this Lease by sending notice of termination to LESSEE within ten (10) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.

Appears in 3 contracts

Samples: Lease Agreement (Cyberian Outpost Inc), Lease Agreement (Cyberian Outpost Inc), Lease Agreement (Cyberian Outpost Inc)

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Destruction by Fire or Other Casualty. A. Section 15.01 (a) If the leased premises should be whole of the Demised Premises or a portion thereof is totally destroyed or damaged by fire or such other casualty, or should be so destroyed or damaged that rebuilding or repairs cannot reasonably be completed within sixty (60) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding they are unsuitable or repairs cannot reasonably be completed within one hundred eighty (180) days untenantable for use for the purpose for which they are leased, then from the date of such damage or destruction the notice by LESSEE to LESSOR rent shall be reduced in the proportion which the area of the happening part of the damageDemised Premises which is not usable by Tenant for the purposes permitted herein bears to the total area of the Demised Premises immediately prior to such damage until such time as Landlord repairs and restores the same to substantially suitable and tenantable condition as certified by the occupying agencies and D&PM, or acting reasonably, which approval shall not be unreasonably withheld if LESSEE has not exercised its option the plans and specifications, in D&PM’s and the occupying agency’s reasonable opinion, specify restoration of the Demised Premises to terminate pursuant to Section B the substantially similar condition (including Landlord’s Work and Tenant Work that were already complete in accordance with the terms of this Article, then, provided that the casualty has occurred either Lease prior to the final twelve casualty) as prior to the casualty. Tenant shall have forty- five (1245) months days (during the first thirty (30) days of which period no rent shall be due to Landlord unless Tenant actually moves into the initial term Demised Premises) to move into the Demised Premises after having been notified that the repairs have been completed by Landlord. At least seven (7) business days prior to said completion, Landlord shall notify Tenant of this Leasesame. In the event that D&PM and the occupying agency do not agree with Landlord that the repairs are complete, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option the parties shall submit their dispute to terminate this Lease as expedited arbitration in accordance with the procedures set forth in this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to Subsection 6A.13 (b) hereof within such damage. If the casualty occurs during the final twelve seven (127) months of the initial term of this Lease, or any renewal option term, LESSOR shall have the right, at its option, to terminate this Lease by sending notice of termination to LESSEE within ten (10) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, upon which notice this Lease shall terminatebusiness day period. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.

Appears in 2 contracts

Samples: Lease Agreement (Clipper Realty Inc.), Lease Agreement (Clipper Realty Inc.)

Destruction by Fire or Other Casualty. A. If the leased premises should be whole of the Demised Premises is totally destroyed or damaged by fire or such other casualty, or should be so destroyed or damaged to such an extent that rebuilding they are unsuitable or untenantable for use for the purpose for which they are leased, then from the date of such damage or destmction the Rent shall cease until such time as Landlord fully repairs cannot reasonably be completed and restores the same to suitable and tenantable condition and D&PM certifies in writing that the entire Demised Premises have been re-occupied by Tenant. Either party may terminate this Lease by notice to the other within thilty (30) days from the date of such fire or other casualty. If no such notice is given, Landlord shall, within sixty (60) days from after such fire or other casualty and the date receipt of insurance proceeds, commence and diligently proceed with continuity to complete the repairs and restoration of the notice Demised Premises to their condition, prior to said fire or casualty, suitable for use for the purpose for which the Demised Premises were leased, provided, however, that Landlord shall have no obligation to restore any of Tenant's furniture or other personal property or any alterations made to the Demised Premises by LESSEE or on behalf of Tenant. If Landlord fails to LESSOR of commence said repairs and restoration as above provided, or complete the happening of the damagesame within tln-ee hundred sixty five (365) days after such commencement, then subject to Unavoidable Delays, Tenant may terminate this Lease shallon thirty (30) days' written notice or, at in addition to any other remedy it may have, may perform such repairs and restoration and reimburse itself for the sole option of LESSEE, terminate. B. cost thereof from any Rent due or that may become due and payable under this Lease. If the leased premises should be Demised Premises are pmiially damaged by fire or such other casualty, but not Landlord shall, within forty-five (45) days after such fire or other casualty and the receipt of insurance proceeds, commence and diligently proceed to such an extent that rebuilding complete the repairs and restoration of the Demised Premises to their condition prior to said fire or repairs cannot reasonably be completed casualty. If Landlord fails to commence, as aforesaid, or to complete the same within one hundred eighty (180) days from the date of the notice by LESSEE after such commencement, subject to LESSOR of the happening of the damageUnavoidable Delays, or if LESSEE has not exercised its option Tenant, in addition to terminate pursuant to Section B of this Articleany other remedy it may have, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option to terminate this Lease as set forth in this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final twelve (12) months of the initial term of this Lease, or any renewal option term, LESSOR shall have the right, at its option, to may terminate this Lease by sending notice of termination to LESSEE within giving Landlord ten (10) days days' written notice or may perform such repairs and restoration and reimburse itself for the cost thereof from any Rent due or which may become due under this Lease. From the date of such damage to the notice date ce1iified by LESSEE to LESSOR D&PM in writing that the entire Demised Premises have been re-occupied by Tenant, Tenant shall pay Rent for that part of the happening Demised Premises it is using during the alterations and repairs on a squm·e foot basis in an amount equal to the product of the damage, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired dollar amount of Rent per square foot payable on such date and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement square feet being occupied by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEETenant.

Appears in 1 contract

Samples: Lease (Clipper Realty Inc.)

Destruction by Fire or Other Casualty. A. If the leased premises should be totally destroyed by fire or such other casualty, or should be so damaged that rebuilding or repairs cannot reasonably be completed within sixty (60) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should Demised Premises shall be damaged by fire or such other casualty, but Tenant shall give immediate notice thereof to Landlord and this Lease shall continue in full force and effect except as hereinafter set forth. If the Demised Premises are partially unusable, then at Landlord's election, either (a) such damage shall be repaired and rebuilt with reasonable diligence by and at the expense of Landlord to the extent insurance proceeds are actually paid to Landlord, and the Rent and all Additional Rent, from the day following the casualty until the date upon which such repair shall be substantially completed, shall be abated in proportion to the part of the Demised Premises which are unusable; or (b) this Lease may be terminated upon Landlord furnishing Tenant with written notice of such termination. If the Demised Premises are substantially damaged or rendered unusable by fire or other casualty, then the Rent shall be proportionately paid up to the date of the casualty and thereafter shall cease until the date when the Demised Premises shall have been repaired, rebuilt and restored by Landlord to substantially the same condition as the Demised Premises were as of the Lease Commencement Date, subject to the Landlord's right to elect not to restore the same and Tenant's right to terminate this Lease as hereinafter provided. If the Demised Premises are rendered substantially unusable (whether or not the Demised Premises are damaged in whole or in part) or if the Building shall be so damaged that Landlord shall decide to demolish it or not to rebuild or repair the same, or if Landlord shall decide to rebuild the same, but if Landlord does not substantially complete the repair or re- building of the Demised Premises within one hundred twenty (120) days following such an extent that rebuilding casualty (but subject to Force Majeure as described in Section 4 above), then in any of such events, Landlord or repairs cannot reasonably be completed Tenant may elect to terminate this Lease by written notice to the other given within one hundred eighty (180) days from after the date of such fire or casualty. Such notice shall specify a date for the notice by LESSEE to LESSOR of the happening of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term expiration of this Lease, or any renewal option term, or during and upon the date specified the Term shall expire by lapse of time as fully and completely as if such final twelve (12) months and LESSOR has not exercised its option to terminate date were the scheduled expiration date of this Lease as set forth in this Sectionand Tenant shall forthwith quit, then this Lease shall remain in full effect surrender and LESSOR shall at its sole costvacate the Demised Premises, proceed at once but without prejudice, to rebuild or repair the leased premises to substantially the condition in which they existed Landlord's rights and remedies against Tenant arising prior to such damagetermination, and any Rent owing shall be paid up to the date of such termination and any payments of Rent made by Tenant which were on account of any period subsequent to such date shall be returned to Tenant. If Unless Landlord shall serve a termination notice as provided for herein, Landlord shall make repairs and restorations as herein set forth with all reasonable expedition, subject to delays caused by Force Majeure. Nothing contained herein shall relieve Tenant from liability hereunder that may exist as a result of damage from fire or other casualty. Tenant acknowledges that Landlord will not carry insurance with respect to Tenant's furniture and/or furnishings or any fixtures or equipment, improvements, or appurtenances removable by Tenant and agrees that Landlord will not be obligated to repair any damage thereto or replace the casualty occurs during same. Landlord shall keep the final twelve (12) months Building, including Landlord's Work, insured against loss or damage by fire and against loss or damage by other risks now or hereafter embraced by "Extended Coverage", so-called, and against such other risks as prudent operators of similar facilities would normally insure in amounts sufficient to prevent Landlord from becoming a coinsurer under the terms of the initial term applicable policies, but in any event in an amount not less than eighty (80%) percent of the then "full replacement cost" ("full replacement cost" being the cost of re- placing the Building excluding the cost of excavations, foundations and footings). In the event that Tenant's use of the Demised Premise shall be violative of the rules and regulations of the Fire Insurance Rating Organization and, as a result thereof, Tenant cannot continue the Represented Use without being in default of this Lease, or any renewal option term, LESSOR Tenant shall have the right, at its option, nonetheless remain liable to terminate this Lease by sending notice of termination to LESSEE within ten (10) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx Landlord for the unexpired portion faithful observance of all the terms, covenants and conditions of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.

Appears in 1 contract

Samples: Lease Agreement (Marine Management Systems Inc)

Destruction by Fire or Other Casualty. A. If the leased premises should be whole of the Demised Premises is totally destroyed or damaged by fire or such other casualtycasualty (“Casualty”), or should be so destroyed or damaged by Casualty to such an extent that rebuilding they are wholly or substantially unsuitable or untenantable for use for the purpose for which they are leased (“Total Casualty”), then from the date of such damage or destruction the rent shall axxxx fully until such time as Landlord fully repairs cannot and restores the Demised Premises to its layout and condition immediately prior to the Casualty as reasonably be completed certified by the Human Resources Administration. Either party may terminate this Lease by notice to the other within sixty thirty (6030) days from the date of the Total Casualty. If no such notice by LESSEE is given, Landlord shall, within ninety (90) days after receipt of insurance proceeds, commence and diligently proceed with continuity to LESSOR complete the repairs and restoration of the happening of Demised Premises to their layout and condition prior to said Total Casualty. If Landlord fails to commence said repairs and restoration as above provided, or complete the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed same within one hundred and eighty (180) days from the date of the notice by LESSEE to LESSOR of the happening of the damageafter such commencement, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option to Tenant may terminate this Lease as set forth on forty-five (45) days written notice or, in addition to any other remedy it may have, may perform such repairs and restoration and reimburse itself for the reasonable cost thereof from any rent due or that may become due and payable under this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damageLease. If the casualty occurs during Demised Premises are partially damaged by Casualty, to the final twelve extent of less than a Total Casualty (12“Partial Casualty”), Landlord shall, within ninety (90) months days after receipt of applicable insurance proceeds, commence and diligently proceed to complete the repairs and restoration of the initial term of this LeaseDemised Premises to their layout and condition prior to said Partial Casualty. If Landlord fails to commence as aforesaid or to complete the same within one hundred and twenty (120) days after such commencement, or Tenant, in addition to any renewal option termother remedy it may have, LESSOR shall have the right, at its option, to may terminate this Lease by sending notice of termination to LESSEE within ten giving Landlord forty-five (1045) days written notice or may perform such repairs and restoration and reimburse itself for the reasonable cost thereof from any rent due or which may become due under this Lease. From the date of such damage to the notice by LESSEE to LESSOR date of substantial completion of such repairs and restoration of the happening of Partial Casualty as reasonably certified by the damageHuman Resources Administration in writing, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE Tenant shall pay rent and additional rent for any portion that part of the leased premises used by it prior is using during the alterations and repairs on a square foot basis in an amount equal to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession product of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR dollar amount of rent per square foot payable on such date and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement square feet being occupied by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEETenant.

Appears in 1 contract

Samples: Lease Agreement (Clipper Realty Inc.)

Destruction by Fire or Other Casualty. A. If the leased premises should be totally destroyed by fire or such other casualty, or should be so damaged that rebuilding or repairs cannot reasonably be completed within sixty (60) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should Demised Premises shall be damaged by fire or such other casualty, but not Tenant shall give immediate notice thereof to Landlord and this Lease shall continue in full force and effect except as hereinafter set forth. If the Demised Premises are partially unusable, then at Landlord's election, either (a) such an damage shall be repaired and rebuilt with reasonable diligence by and at the expense of Landlord to the extent that rebuilding insurance proceeds are actually paid to Landlord, and the Fixed Rent and all Additional Rent, from the day following the casualty until the date upon which such repair shall be substantially completed, shall be abated in proportion to the part of the Demised Premises which are unusable; or repairs cannot reasonably (b) this Lease may be completed within one hundred eighty (180) days from terminated upon Landlord furnishing Tenant with written notice of such termination. If the Demised Premises are totally damaged or rendered wholly unusable by fire or other casualty, then the Fixed Rent shall be proportionately paid up to the date of the notice casualty and thereafter shall cease until the date when the Demised Premises shall have been repaired, rebuilt and restored by LESSEE Landlord to LESSOR substantially the same condition as the Demised Premises were as of the happening of the damageLease Commencement Date, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior subject to the final twelve (12) months of Landlord's right to elect not to restore the initial term of this Lease, or any renewal option term, or during such final twelve (12) months same and LESSOR has not exercised its option Tenant's right to terminate this Lease as set forth hereinafter provided. If the Demised Premises are rendered wholly unusable (whether or not the Demised Premises are damaged in this Section, then this Lease whole or in part) or if the Building shall remain in full effect and LESSOR be so damaged that Landlord shall at its sole cost, proceed at once decide to demolish it or not to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final twelve (12) months of the initial term of this Leasesame, or any renewal option termif Landlord shall decide to rebuild the same, LESSOR shall have but if Landlord does not substantially complete the right, at its option, to terminate this Lease by sending notice of termination to LESSEE within ten (10) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.re-

Appears in 1 contract

Samples: Lease Agreement (I3 Mobile Inc)

Destruction by Fire or Other Casualty. A. If 10.01 In the leased premises should be totally event the Demised Premises are hereafter damaged or destroyed or rendered partially untenantable for their accustomed uses by fire or such other casualty, or should be so damaged that rebuilding or repairs cannot reasonably be completed within sixty (60) days from casualty insured under the date of the notice by LESSEE coverage which Landlord is obligated to LESSOR of the happening of the damagecarry pursuant to Article 6, then this Lease shall, at Landlord shall promptly repair said premises and restore the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option to terminate this Lease as set forth in this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises same to substantially the condition in which they existed were immediately prior to the happening of such damagecasualty (excluding wall; and floor covering), and from the date of such casualty until the Demised Premises are so repaired and restored, annual rental payments and all other charges and items of additional rental payable hereunder, shall xxxxx in such proportion as the part of the Demised Premises thus destroyed or rendered untenantable bears to the total Demised Premises, provided Tenant may elect to terminate if Tenant will not be either (i) furnished reasonably suitable substitute space or (ii) be restored to possession of Demised Premises within sixty (60) days after the date of destruction. If Landlord elects not to repair then this Lease shall terminate as of the date of destruction. In the event fifty (50%) per cent or more of the Demised Premises be hereafter destroyed or rendered untenantable by fire or other casualty occurs during the final twelve (12) months last year of the initial term of this Lease, then Landlord or any renewal option term, LESSOR Tenant shall have the right, at its option, right to terminate this Lease by sending notice effective as of termination to LESSEE within ten (10) days from the date of such casualty, by giving to the notice by LESSEE to LESSOR of other party hereto, within thirty (30) days after the happening of the damagesuch casualty, upon which written notice this Lease shall terminate. C. of such termination. If the leased premises are to said notice be rebuilt or repaired and are untenantable in whole or in part following such damagegiven within said thirty (30) day period, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent annual rental and all other charges payable and items of additional rental shall xxxxx as aforesaid from the happening of such casualty, and Landlord shall promptly repay to Tenant any rental theretofore paid in advance which has not been earned as the date of such casualty. Except as herein expressly provided to the contrary, this Lease shall not terminate nor shall there be any abatement of rent or other charges or items of additional rent as the result of a fire or other casualty. In determining what constitutes prompt repair of the Demised Premises consideration shall xxxxx be given to the delays caused by strikes, adjustment of insurance and other causes beyond Landlord's control. Notwithstanding anything to the contrary contained in this Article, should Landlord be delayed or prevented from completing the repair or restoration of the damage to the Demised Premises after the occurrence of such damage or destruction by reason of acts of God or war, governmental restrictions, inability to procure the necessary labor or materials, strikes, or other uses beyond the control of Landlord, the time for Landlord to commence or complete repairs shall be extended, provided, at the unexpired portion election of Landlord or Tenant, Landlord shall be relieved of its obligation to make such repairs or restoration and Tenant shall be released from its obligation under this Lease, effective Lease as of the dates end of four (4) months from date of destruction, if repairs required to provide Tenant use of the Demised Premises are not then substantially complete. Any such election shall be by written notice delivered to the other party. 10.02 If, however, the building of which the Demised Premises are a part shall be substantially damaged or destroyed by LESSEE fire or casualty, or if, as a result of a risk not covered by the forms of hazard insurance at the time then customarily carried on like improvements in the locality in which the Demised Premises are located the Demised Premises are substantially damaged, Landlord shall promptly restore, (consistent, however, with zoning laws and building codes then in existence), the Demised Premises to LESSOR substantially the condition thereof at the time of such damage, unless Landlord, within thirty (30) days after such loss, gives notice to Tenant of Landlord's election to terminate this Lease. If Landlord shall give such notice, then this Lease shall terminate as of the happening of such casualty with the damage (except that LESSEE shall pay rent same force and additional rent for any portion of effect as if such date were the leased premises used by it prior to date originally established as the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Leaseexpiration date hereof. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.

Appears in 1 contract

Samples: Lease Agreement (Aris Industries Inc)

Destruction by Fire or Other Casualty. A. (A) If (1) the leased premises should be whole of the Demised Premises is totally destroyed or damaged by fire or such other casualty, or should be so (2) the Demised Premises are damaged that rebuilding or repairs cannot reasonably be completed within sixty (60) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding an independent licensed architect or repairs cannot reasonably engineer retained by Landlord estimates and so certifies to both parties that they will be completed within one hundred eighty unsuitable or untenantable for use for the purpose for which they are leased for a period of more than nine (1809) days months (which estimate Landlord will obtain with reasonable diligence after the casualty), then from the date of such damage or destruction (the notice damage or destruction described in clauses (1) and (2) being called a “Total Casualty”), the rent shall cease until such time as Landlord fully repairs and restores the same to suitable and tenantable condition as certified by LESSEE the DRES, such certification not to LESSOR of be unreasonably withheld or delayed (or, if earlier, the happening of date on which Tenant actually occupies the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, Demised Premises or any renewal option termpart thereof). In the event of a Total Casualty, or during such final twelve (12) months and LESSOR has not exercised its option to terminate this Lease as set forth in this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final twelve (12) months of the initial term of this Lease, or any renewal option term, LESSOR shall have the right, at its option, to either party may terminate this Lease by sending notice of termination to LESSEE the other within ten thirty (1030) days from after the date of such Total Casualty (or, if later, after the notice by LESSEE to LESSOR date on which the certification of the happening independent architect or engineer is received). If no such notice is given. Landlord shall, within fifteen (15) days after settlement of its insurance claim (which Landlord shall promptly and diligently prosecute in good faith), commence and diligently proceed with continuity to complete the repairs and restoration of the damageDemised Premises to their condition prior to said Total Casualty, upon suitable for use for the purpose for which notice the Demised Premises were leased. If Landlord fails to commence said repairs and restoration as above provided, or to complete the same within nine (9) months after such commencement (subject to Unavoidable Delays), Tenant may terminate this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following on thirty (30) days written notice (unless such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantabilityfailure is cured within such thirty (30) days) or, in the reasonable objective determination of LESSEE addition to any other remedy it may have, may perform such repairs and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate restoration and rent and all charges payable as additional rent shall xxxxx reimburse itself for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except cost thereof from any rent due or that LESSEE shall pay rent may become due and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from payable under this Lease. E. (B) If the Demised Premises are partially damaged by fire or other casualty not described in Section (A) above, Landlord shall, within fifteen (15) days after settlement of its insurance claim (which Landlord shall promptly and diligently prosecute in good faith), commence and diligently proceed to complete the repairs and restoration of the Demised Premises to their condition prior to said fire or casualty. If Landlord fails to commence as aforesaid or to complete the same within six (6) months after such commencement (subject to Unavoidable Delays), Tenant, in addition to any other remedy it may have, may terminate this Lease by giving Landlord thirty (30) days’ written notice (unless such failure is cured within such thirty (30) days) or may perform such repairs and restoration and reimburse itself for the cost thereof from any rent due or which may become due under this Lease. From the dxxx of such damage to the date that the entire Demised Premises have been completely restored as certified by DRES, such certification not to be unreasonably withheld or delayed (or, if earlier, the date on which Tenant actually occupies the damaged portion of the Demised Premises or any part thereof), Tenant shall pay rent for that part of the Demised Premises it is using during the alterations and repairs on a dispute should arise between LESSOR square foot basis in an amount equal to the product of the dollar amount of rent per square foot allocable to such space payable on such date and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement square feet being occupied by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEETenant.

Appears in 1 contract

Samples: Lease Agreement (Clipper Realty Inc.)

Destruction by Fire or Other Casualty. A. If It is further agreed by and between the leased parties hereto that in case the said premises should or a substantial pa,t thereof shall, during the initial term or any extended term, be totally destroyed or rendered unusable by fire or such other casualtycasualty so that a substantial part thereof, which shall consist of more than twenty (20%) percent of same, be destroyed or should be so damaged that rebuilding rendered unusable for Tenant's purposes during the initial term or repairs cannot reasonably be completed within sixty (60) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B any extended term of this Articlelease, then, provided that and in such case, the casualty has occurred either prior to rent payable hereunder or a just and proportionate part thereof in accordance with the final twelve (12) months nature and extent of the initial term injury sustained, shall be abated until the said premises shall have been reconstructed to substantially as good a condition as before. If said damages should cause the premises to be rendered reasonably unfit for use and habitation, then and in that event, the Landlord shall have the option, within thirty (30) days after the occurrence of said damages, to terminate this Leaselease. Moreover, or any renewal option termif said damages should cause the premises to be rendered reasonably unfit for use and habitation, or during such final twelve (12) months and LESSOR has not exercised its then, in that event, the Tenant shall have the option to terminate this Lease as set forth in lease within thirty (30) days after the occurrence of said damages provided the Landlord does not elect, by written notice to the Tenant given within the aforementioned thirty (30) day period, to repair or restore the premises. In the event that the Landlord elects to repair or restore, the Tenant may terminate this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild lease if such repair or repair the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final twelve restoration is not accomplished within twenty-six (1226) months weeks of the initial term occurrence of said damages, provided said Tenant makes this Lease, or any renewal option term, LESSOR shall have the right, at its option, to terminate this Lease by sending notice of termination to LESSEE election in writing within ten (10) days from subsequent to the date passing of the notice by LESSEE to LESSOR of the happening of the damage, upon which notice this Lease shall terminateaforementioned twenty-six (26) week period. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.

Appears in 1 contract

Samples: Lease Agreement (CTC Communications Corp)

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Destruction by Fire or Other Casualty. A. 14.1 If the leased premises should be totally destroyed by fire Leased Premises or such other casualty, or should be so damaged that rebuilding or repairs cannot reasonably be completed within sixty (60) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should any part thereof shall be damaged by fire or such other casualty, but not Tenant shall give immediate notice thereof to such Landlord and this Lease shall continue in full force and effect except as hereinafter set forth. 14.2 If the Leased Premises are damaged or rendered unusable by fire or other casualty, the damages thereto shall be repaired by Landlord at Landlord's expense and, unless caused by the negligence or willful misconduct of Tenant, with an extent abatement of rent until the Leased Premises become usable, provided, however, that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days from if the date cost of restoration of the notice by LESSEE to LESSOR Leased Premises shall exceed fifty (50) percent of the happening replacement value of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that Leased Premises and the casualty has occurred either prior to the final twelve damage occurs within three (123) months years of the initial term expiration of this Leasethe Term, then either Landlord or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option Tenant shall have the right to terminate this Lease as set forth in this Section, then within ninety (90) days of such casualty. If neither party terminates this Lease within ninety (90) days of such casualty, Landlord shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises damages to substantially the condition in which they existed prior to such damage. Leased Premises at Landlord's expense. 14.3 If the casualty occurs at any time during the final twelve (12) months Term the Building is damaged or rendered unusable by fire or other casualty, and if the Master Tenant ceases all of its manufacturing activities at the initial term Building as a result of this Leasesuch fire or other casualty, or any renewal option term, LESSOR Landlord shall have the right, at its option, right to terminate this Lease by sending notice of termination to LESSEE within ten on ninety (1090) days from written notice to Tenant if the date cost of restoration of the notice by LESSEE to LESSOR Building shall exceed fifty (50) percent of the happening replacement value of the damage, upon which notice this Lease shall Building. If Landlord does not have or does not exercise such right to terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during damages to the period in which the leased premises are untenantable Leased Premises shall be equitably adjusted proportionated repaired (with appropriate work to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any whatever portion of the leased premises used Building is to remain so that such portion shall have a reasonable exterior appearance) by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; Landlord at Landlord's expense and, thereafterunless caused by the negligence or willful misconduct of Tenant, LESSEE shall be discharged from this Leaseif the Leased Premises has been damaged, with an equitable abatement of rent until the Leased Premises becomes usable. E. If a dispute should arise between LESSOR and LESSEE with respect to the number 14.4 Upon any termination of days required to repair or rebuild any damage this Lease pursuant to this Article, either or both parties Tenant shall request a mutually agreed upon arbitrator forthwith quit, surrender and vacate the Leased Premises without prejudice however, to make a determination Landlord's rights and remedies against Tenant under the Lease provisions in effect prior to such termination, and any Rent owing shall be paid up to such date of termination. The Rent shall be proportionately adjusted to the time of the number of days so required. Such request casualty and thenceforth shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEEcease.

Appears in 1 contract

Samples: Lease Agreement (Safeguard Scientifics Inc)

Destruction by Fire or Other Casualty. A. (a) If the leased premises should Premises or any part thereof shall be totally destroyed damaged by fire or such other casualty, Tenant shall give immediate notice thereof to Landlord and this Lease shall continue in full force and effect except as hereinafter set forth. (b) If the Premises are partially damaged or should rendered partially unusable by fire or other casualty, the damages thereto shall be repaired by and at the expense of Landlord, and the annual rental rate, additional rents and other charges payable hereunder, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the Premises which is used or usable by Tenant in the normal course of its business. (c) If the Premises are totally damaged or rendered wholly (d) If the Premises are rendered wholly unusable, or (whether or not the Premises are damaged in whole or in part) if the Building shall be so damaged that rebuilding Landlord shall decide to demolish or repairs canto rebuild, and Landlord shall be terminating all other leases in the Building, then, in either of such events, Landlord may elect to terminate this Lease by written notice to Tenant given within ninety (90) days after such fire or other casualty specifying a date for the expiration of this Lease, which date shall not reasonably be completed within moire than sixty (60) days from after the giving of such notice, and upon the date specified in such notice the Term shall expire as fully and completely as if such date were the date set forth above for the termination of this Lease, and Tenant shall forthwith quit, surrender and vacate the Premises, without prejudice, however, to Landlord's rights and remedies against Tenant, and Tenant's rights and remedies against Landlord, under the provisions in effect under this Lease prior to such termination, and any rent payable hereunder then owing shall be paid up to the date of the notice by LESSEE to LESSOR of the happening of the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by such fire or such other casualty, but not and any payments of rent payable hereunder made by Tenant on account of any period subsequent to such an extent that rebuilding or date shall be returned to Tenant. Landlord shall make the repairs cannot reasonably be completed and restorations under the conditions of (b) and (c) hereof with all reasonable expedition and within one hundred eighty (180) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term date of this Leasethe casualty, or any renewal option termsubject to delays due to labor troubles, or during such final twelve adjustment of the loss with Landlord's insurance carrier, and other causes beyond Landlord's control (12) months and LESSOR "force majeure"). If Landlord has not exercised its option to terminate this Lease as set forth in this Section, then this Lease shall remain in full effect substantially completed the repairs and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final restorations within twelve (12) months of the initial term date of the casualty, absent force majeur, Tenant may give Landlord a thirty (30) day notice of cancellation of the Lease. If Landlord does not substantially complete the repairs and restorations within the thirty (30) day period, this LeaseLease shall be deemed canceled on the thirtieth (30th) day after the giving of the notice aforesaid, and Landlord shall return the security deposited hereunder to Tenant. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the Premises, as promptly as reasonably possible, all of Tenant's salvageable, movable equipment, furniture, and other property. Tenant's liability for rent shall resume on the date the Premises are substantially ready for Tenant's occupancy. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty, and to the extent that such insurance is in force and collectible and to the extent permitted by law, and/or each party's insurers, Landlord and Tenant each hereby releases and waives all rights of recovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. Tenant acknowledges that Landlord will not carry insurance on Tenant's furniture or furnishings, or any renewal option termfixtures, LESSOR shall have equipment, improvements. or appurtenances and agrees that Landlord will not be obligated to repair any damage thereto or replace the right, at its option, to terminate this Lease by sending notice same. (e) Tenant hereby waives the provisions of termination to LESSEE within ten (10) days from the date Section 227 of the notice by LESSEE to LESSOR of Real Property Law and agrees that the happening of the damage, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion provisions of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE article shall pay rent govern and additional rent for any portion of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE shall be discharged from this Leasecontrol in lieu thereof. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.

Appears in 1 contract

Samples: Lease Agreement (STV Group Inc)

Destruction by Fire or Other Casualty. A. If In the leased event of a partial destruction of the said premises should be totally destroyed by fire or during the said term, from any cause, Lessor shall forthwith repair same, provided such other casualty, or should be so damaged that rebuilding or repairs cannot reasonably be completed are made within sixty (60) days from under the date laws and regulations of State, Federal, County or Municipal authorities but such partial destruction shall in no way annul or void this Lease, except that Lessee shall be entitled to a proportionate deduction to be based upon the notice extent to which the making of such repairs shall interfere with the business carried on by LESSEE Lessee in the said premises. If such repair cannot be made in sixty (60) days, Lessor may, at his option, make same within a reasonable time, this Lease continuing in full force and effect and the rent to LESSOR be proportionately rebated as aforesaid in this paragraph provided. In the event that Lessor does not so elect to make such repairs that cannot be made in sixty (60) days, or such repairs cannot be made under such laws or regulations, this Lease may be terminated at the option of either party. Upon the happening of any damage or destruction of any portion of the Lessee's premises, the Lessee shall give written notice to the Lessor of such damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not . Lessor agrees to such an extent that rebuilding or repairs cannot reasonably be completed notify Lessee in writing within one hundred eighty fifteen (18015) days from the date of his notification of the notice partial destruction, as to whether or not the Lessor shall make repairs by LESSEE to LESSOR of the happening reason of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided . Lessor shall make all repairs as promptly as possible. In the event that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option to terminate this Lease as set forth in this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final twelve (12) months of the initial term of this Lease, or any renewal option term, LESSOR shall have the right, at its option, to terminate this Lease by sending notice of termination to LESSEE within ten (10) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period building in which the leased premises are untenantable shall may be equitably adjusted proportionated situated be destroyed to tenantability, in the reasonable objective determination extent of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as not less than fifty (50%) percent of the dates the notice by LESSEE replacement cost thereof, Lessor or Lessee may elect to LESSOR of the happening of the damage (except that LESSEE shall pay rent and additional rent for any portion of terminate this lease, whether the leased premises used by it prior are injured or not. A total destruction of the building in which the said premises may be situated shall terminate this Lease. In the event of any dispute between the Lessor and Lessee relative to the time same is surrendered to LESSORprovisions of this paragraph, they shall each select a third arbitrator and the three (3) arbitrators so selected shall hear and LESSEE shall as soon as reasonably possible surrender to LESSOR determine the leased premises controversy, within fifteen (15) days, and LESSOR may re-enter and take possession of the leased premises; and, thereafter, LESSEE their decision thereon shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive final and binding on upon both Lessor and Lessee, who shall bear the LESSOR and the LESSEEcosts of such arbitration equally between themselves.

Appears in 1 contract

Samples: Commercial Lease Agreement (Mechanical Technology Inc)

Destruction by Fire or Other Casualty. A. If the leased premises should be whole of the Demised Premises is totally destroyed or damaged by fire or such other casualtycasualty (“Casualty”), or should be so destroyed or damaged by Casualty to such an extent that rebuilding they are wholly or substantially unsuitable or untenantable for use for the purpose for which they are leased (“Total Casualty”), then from the date of such damage or destruction the rent shall xxxxx fully until such time as Landlord fully repairs cannot and restores the Demised Premises to its layout and condition immediately prior to the Casualty as reasonably be completed certified by the Human Resources Administration. Either party may terminate this Lease by notice to the other within sixty thirty (6030) days from the date of the Total Casualty. If no such notice by LESSEE is given, Landlord shall, within ninety (90) days after receipt of insurance proceeds, commence and diligently proceed with continuity to LESSOR complete the repairs and restoration of the happening of Demised Premises to their layout and condition prior to said Total Casualty. If Landlord fails to commence said repairs and restoration as above provided, or complete the damage, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed same within one hundred and eighty (180) days from the date of the notice by LESSEE to LESSOR of the happening of the damageafter such commencement, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option to Tenant may terminate this Lease as set forth on forty-five (45) days written notice or, in addition to any other remedy it may have, may perform such repairs and restoration and reimburse itself for the reasonable cost thereof from any rent due or that may become due and payable under this Section, then this Lease shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair the leased premises to substantially the condition in which they existed prior to such damageLease. If the casualty occurs during Demised Premises are partially damaged by Casualty, to the final twelve extent of less than a Total Casualty (12“Partial Casualty”), Landlord shall, within ninety (90) months days after receipt of applicable insurance proceeds, commence and diligently proceed to complete the repairs and restoration of the initial term of this LeaseDemised Premises to their layout and condition prior to said Partial Casualty. If Landlord fails to commence as aforesaid or to complete the same within one hundred and twenty (120) days after such commencement, or Tenant, in addition to any renewal option termother remedy it may have, LESSOR shall have the right, at its option, to may terminate this Lease by sending notice of termination to LESSEE within ten giving Landlord forty-five (1045) days written notice or may perform such repairs and restoration and reimburse itself for the reasonable cost thereof from any rent due or which may become due under this Lease. From the date of such damage to the notice by LESSEE to LESSOR date of substantial completion of such repairs and restoration of the happening of Partial Casualty as reasonably certified by the damageHuman Resources Administration in writing, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantability, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as of the dates the notice by LESSEE to LESSOR of the happening of the damage (except that LESSEE Tenant shall pay rent and additional rent for any portion that part of the leased premises used by it prior is using during the alterations and repairs on a square foot basis in an amount equal to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased premises and LESSOR may re-enter and take possession product of the leased premises; and, thereafter, LESSEE shall be discharged from this Lease. E. If a dispute should arise between LESSOR dollar amount of rent per square foot payable on such date and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Article, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement square feet being occupied by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEETenant.

Appears in 1 contract

Samples: Lease Renewal and Amendment Agreement

Destruction by Fire or Other Casualty. A. If the leased demised premises should shall be totally destroyed damaged by fire or such other casualty, then Tenant shall give immediate notice thereof to Landlord and Tenant shall in every reasonable way facilitate the making of any repairs or should the removal of any debris necessitated by such damage, and the following terms and conditions shall apply: ( a) In the event of such damage, if it shall be so damaged such as to render the demised premises wholly untenantable or wholly unusable, then the rent shall be abated during such period as the demised premises shall be wholly untenantable or wholly unusable. As used in this Article 48, the term "wholly unusable" with respect to fire or casualty damage to the demised premises means that rebuilding such premises are completely inaccessible by elevator or repairs stairwell passage and/or cannot reasonably be completed effectively occupied by Tenant for any of the uses set forth in Article 64 hereof, in either case for a period of time exceeding five (5) consecutive calendar days. Furthermore, in such event, provided that such fire or other casualty shall not have been caused by the willful act of Tenant or Tenant's employees, contractors, agents, subtenants, licensees or invitees, Tenant shall have the right, exercisable by written notice to Landlord given within sixty (60) days from after the date of the notice by LESSEE to LESSOR of the happening of the damagewhen such damage shall have occurred, then this Lease shall, at the sole option of LESSEE, terminate. B. If the leased premises should be damaged by fire or such other casualty, but not to such an extent that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, or if LESSEE has not exercised its option to terminate pursuant to Section B of this Article, then, provided that the casualty has occurred either prior to the final twelve (12) months of the initial term of this Lease, or any renewal option term, or during such final twelve (12) months and LESSOR has not exercised its option to terminate this Lease as set forth of a date not more than sixty (60) days after the date of such notice. If Tenant does not so exercise its right to terminate within such period, then the abatement of rent referred to in this Sectionclause (a) shall continue, then except as provided below in clause (c), but this Lease otherwise shall remain in full effect and LESSOR shall at its sole cost, proceed at once to rebuild or repair (unless terminated by Landlord as hereinafter provided); (b) In the leased premises to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final twelve (12) months event of the initial term of this Lease, or any renewal option term, LESSOR shall have the right, at its option, to terminate this Lease by sending notice of termination to LESSEE within ten (10) days from the date of the notice by LESSEE to LESSOR of the happening of the damage, upon which notice this Lease shall terminate. C. If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following such damage, if it shall be such as to render the demised premises partially untenantable, or accessible but partially unusable, then the rent during the period in which the leased premises are untenantable shall be equitably adjusted proportionated to tenantabilitypartially abated during such period as the demised premises shall be partially untenantable or unusable, in the reasonable objective determination of LESSEE and LESSOR. D. Wherever in this Article proportion which the phrase "this Lease shall terminate" is used, it shall mean this Lease shall terminate and rent and all charges payable as additional rent shall xxxxx for the unexpired portion of this Lease, effective as area of the dates premises rendered untenantable or unusable bears to the notice by LESSEE to LESSOR area of the happening whole demised premises. Furthermore, if such partial damage shall render untenantable or unusable more than fifty percent (50%) of the damage (except that LESSEE shall pay rent and additional rent for any portion area of the leased premises used by it prior to the time same is surrendered to LESSOR) and LESSEE shall as soon as reasonably possible surrender to LESSOR the leased demised premises and LESSOR may re-enter and take possession if Landlord, within thirty (30) days after the date when such damage shall have occurred, shall not have notified Tenant in writing of Landlord's undertaking to reconstruct or restore the leased premises; anddemised premises or if Landlord, thereafterhaving notified Tenant of such undertaking, LESSEE does not actually commence such reconstruction or restoration within ninety (90) days after the date when such damage shall be discharged from this Lease. E. If a dispute should arise between LESSOR and LESSEE with respect to the number of days required to repair or rebuild any damage pursuant to this Articlehave occurred, either or both parties shall request a mutually agreed upon arbitrator to make a determination of the number of days so required. Such request shall also contain an agreement by the parties to hold the insurance company harmless for any good faith determination made by it. The determination so made shall be conclusive and binding on the LESSOR and the LESSEE.then in

Appears in 1 contract

Samples: Lease Agreement (Impath Inc)

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