DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store shall be totally destroyed by fire, wind, or other casualty, or the casualty exceeds fifty percent (50%) of the replacement cost of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease. B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualty, the damages hereto shall be promptly repaired by and at the expense of Supermarket and the Rent, until such repair shall be substantially completed, shall be apportioned from the date following the casualty according to the part of the Leased Premises which is usable. C. If the Leased Premises are totally destroyed or rendered substantially unusable, as determined by Bank in its sole discretion, by fire, earthquake or other casualty, then Bank, at its option, may either terminate this Lease or elect that the Rent shall be paid up to the time of the casualty and thence forth shall cease until the date which, in Bank's sole judgment, the Leased Premises may be used by the Bank for the purpose set forth in this Lease.
Appears in 2 contracts
Samples: Lease Agreement (Commercial National Financial Corp /Mi), Lease Agreement (Commercial National Financial Corp /Mi)
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store shall be totally destroyed by fire, wind, or other casualty, or the casualty exceeds fifty percent (50%) of the replacement cost of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake fire or other casualtycause without the fault or neglect of Lessee or Lessee’s servants, employees, agents, invitees or licensees, Lessor shall, upon Lessor’s receipt of the damages hereto shall be promptly repaired insurance proceeds and to the extent such proceeds are allocable or attributable to the Premises, repair the portions of the Premises covered by and at the expense of Supermarket Lessor’s insurance, and the Rent, rent until such repair repairs shall be substantially completed, have been made shall be apportioned from the date following the casualty according to the part of the Leased Premises which is usable.
C. usable by Xxxxxx. But if such partial damage is due to the fault or neglect of Lessee or Xxxxxx’s servants, employees, agents, invitees or licensees, without prejudice to any other rights and remedies of Lessor and without prejudice to the rights of subrogation of Lessor’s insurer, the damages shall be repaired by Lessor but there shall be no apportionment or abatement of rent. If the Leased Premises are totally destroyed damaged or are rendered substantially unusable, as determined wholly un-Lesseeable by Bank in its sole discretion, by fire, earthquake fire or other casualtycause and Lessor shall decide not to restore or not to rebuild the same, or if the Building shall be so damaged that Lessor shall decide to demolish it or not to rebuild it, or if the damage occurs in the last year of the then term of this Lease, or if the Building (whether or not the Premises have been damaged) should be damaged to the extent of fifty (50%) percent or more of the then monetary value thereof, or if the damage resulted from a risk not fully covered by Lessor’s insurance, then Bankor in any of such events, at its optionLessor may, may either terminate within ninety (90) days after such fire or other cause, give Lessee a notice of Lessor’s election to cancel this Lease, and thereupon the term of this Lease or elect that shall expire by lapse of time upon the Rent third day after such notice is given, and Lessee shall be paid up vacate the Premises and surrender the same to Lessor. For purposes of this Lease, the time term “Lessor’s receipt of insurance proceeds” shall mean the portion of the casualty insurance proceeds paid over to Lessor free and thence forth shall cease until the date which, in Bank's sole judgment, the Leased Premises may be used clear of any collection by the Bank mortgagees for the purpose set forth in this Leasevalue of the damage, attorney fees and other costs of compromise, adjustment, settlement and collection of the insurance proceeds.
Appears in 1 contract
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store shall be totally destroyed by fire, wind, or other casualty, or the casualty exceeds fifty percent (50%) of the replacement cost of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Demised Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake fire or other casualtycause whether or not due to the fault or neglect of Lessee or Lessee’s servants, employees, agents, invitees or licensees, Lessor shall, upon Lessor’s receipt of the damages hereto shall be promptly repaired insurance proceeds and to the extent such proceeds are allocable or attributable to the Demised Premises, repair the portions of the Demised Premises covered by and at the expense of Supermarket Lessor’s insurance, and the Rent, rent until such repair repairs shall be substantially completed, have been made shall be apportioned from the date following the casualty according to the part of the Leased Demised Premises which is usable.
C. usable by Lessee. But if such partial damage is intentionally caused by Lessee or Lessee’s servants, employees, agents, invitees or licensees, without prejudice to any other rights and remedies of Lessor and without prejudice to the rights of subrogation of Lessor’s insurer, the damages shall be repaired by Lessor but there shall be no apportionment or abatement of rent. If the Leased Demised Premises are totally destroyed damaged or are rendered substantially unusable, as determined wholly un-tenantable by Bank in its sole discretion, by fire, earthquake fire or other casualtycause and Lessor shall decide not to restore or not to rebuild the same, or if the Building shall be so damaged that Lessor shall decide to demolish it or not to rebuild it, or if the damage occurs in the last year of the then term of this Lease, or if the Building (whether or not the Demised Premises have been damaged) should be damaged to the extent of fifty (50%) percent or more of the then monetary value thereof, or if the damage resulted from a risk not fully covered by Lessor’s insurance, then Bankor in any of such events, at its optionLessor may, may either terminate within ninety (90) days after such fire or other cause, give Lessee a notice of Lessor’s election to cancel this Lease, and thereupon the term of this Lease or elect that shall expire by lapse of time upon the Rent third day after such notice is given, and Lessee shall be paid up vacate the Demised Premises and surrender the same to Lessor. For purposes of this Lease, the time term “Lessor’s receipt of insurance proceeds” shall mean the portion of the casualty insurance proceeds paid over to Lessor free and thence forth shall cease until the date which, in Bank's sole judgment, the Leased Premises may be used clear of any collection by the Bank mortgagees for the purpose set forth in this Leasevalue of the damage, attorney fees and other costs of compromise, adjustment, settlement and collection of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (HeartWare LTD)
DESTRUCTION-FIRE OR OTHER CAUSE. A. a. If the Store demised premises shall be partially damaged by fire or other cause without the fault or neglect of Lessee or Lessee's servants, employees, agents, invitees or licensees, Lessor shall, upon Lessor's receipt of the insurance proceeds and to the extent such proceeds are allocable or attributable to the demised premises, repair the portions of the demised premises covered by Lessor's insurance, and the rent until such repairs shall have been made shall be apportioned according to the part of the demised premises which is usable by Lessee. But if such partial damage is due to the fault or neglect of Lessee or Lessee's servants, employees, agents, invitees or licensees, without prejudice to any other rights and remedies of Lessor and without prejudice to the rights of subrogation of Lessor's insurer, the damages shall be repaired by Lessor but there shall be no apportionment or abatement of rent.
b. If the demised premises are totally destroyed damaged or are rendered wholly untenantable by firefire or other cause, windLessor has the option to terminate the Lease as of the date of the damage or destruction by giving Lessee written notice within ninety (90) days after the date of the damage or destruction. If the demised premises are totally damaged or are rendered wholly untenantable and Lessor shall decide not to restore or not to rebuild the same, or other casualtyif the Building shall be so damaged that Lessor shall decide to demolish it or not to rebuild it, or if the casualty exceeds Building (whether or not the demised premises have been damaged) should be damaged to the extent of fifty percent (50%) percent or more of the replacement cost of then monetary value thereof, or if the Store as determined damage resulted from a risk not fully covered by a mutually acceptable insurance adjusterLessor's insurance, then or in either eventany of such events, either Bank Lessor may, within ninety (90) days after such damage or Supermarket may terminate this Lease by giving the other destruction, give Lessee written notice of its Lessor's election to terminate this Lease, not more than and thereupon the term of this Lease shall expire and terminate upon the third day after such notice is given, and Lessee shall vacate the demised premises and surrender the same to Lessor. Notwithstanding the foregoing, if the demised premises are totally damaged or are rendered wholly untenantable by fire or other cause, either party may terminate this Lease upon written notice to the other within thirty (30) days following after the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but .
c. If neither Supermarket or Bank Lessor nor Lessee elects to terminate this LeaseLease within thirty (30) days after such destruction or damage, said Store Lessor shall complete such restoration with reasonable diligence within one hundred eighty (180) days after the date of Lessor's receipt of insurance proceeds paid with respect to such damage or destruction. During such period of repair, if any portion of the demised premises shall be restored untenantable as a result of said damage or destruction, rent shall xxxxx beginning with the date of such damage or destruction and repaired ending on the date the demised premises are rendered tenantable by Supermarketan amount bearing the same ratio to the total amount of rent due under this Lease as the untenantable portion of the demised premises bears to the entire demised premises. The Rent for the Leased Premises Notwithstanding such abatement, Lessee shall be abated remain obligated to perform and discharge all of its remaining covenants under this Lease during the period of restoration and repairs if abatement.
d. If such damage or destruction occurs within one (1) year of the Leased premises is unusable by Bank for expiration of the purpose set forth in term of this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualty, the damages hereto shall be promptly repaired by and at the expense of Supermarket and the Rent, until such repair shall be substantially completed, shall be apportioned from the date following the casualty according to the part of the Leased Premises which is usable.
C. If the Leased Premises are totally destroyed or rendered substantially unusable, as determined by Bank in its sole discretion, by fire, earthquake or other casualty, then Bankeither party may, at its optionoption on written notice to the other party within thirty (30) days after such destruction or damage, may either terminate this Lease or elect that the Rent shall be paid up to the time as of the casualty and thence forth shall cease until the date which, in Bank's sole judgmentof such damage or destruction.
e. For purposes of this Lease, the Leased Premises may be used term "Lessor's receipt of insurance proceeds" shall mean the portion of the insurance proceeds paid over to Lessor free and clear of any collection by the Bank mortgagees for the purpose set forth in this Leasevalue of the damage, attorneys' fees and other costs of compromise, adjustment, settlement and collection of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Emtec Inc/Nj)
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store Premises shall be totally destroyed damaged by fire, wind, fire or other casualty, or the casualty exceeds fifty percent (50%) of the replacement cost of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written and if Tenant shall give prompt notice of its election thereof to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualtyLandlord, the damages hereto shall be promptly repaired by and at the expense of Supermarket Landlord to the condition existing immediately prior to he casualty, exclusive of Tenant's Alterations, and the Rent, until such repair repairs shall be substantially completed, made the Fixed Rent shall be apportioned from reduced in the date following proportion which the casualty according to area of the part of the Leased Premises which is usablenot usable by Tenant bears to the total area of the Premises. Landlord shall have no obligation to repair any damage to, or to replace, any Alterations, fixtures, furniture, furnishings, wall coverings, equipment or other property or effects of Tenant.
C. If B. Anything in Section A of this Article 10 to the Leased contrary notwithstanding, if the Premises are totally destroyed damaged or are rendered wholly untenantable, and if Landlord shall decide not to restore the Premises, or if the Building shall be so damaged by fire or other casualty that, in Landlord's opinion, substantial alteration, demolition, or reconstruction of the Building shall be required (whether or not the Premises shall have been damaged or rendered substantially unusable, as determined by Bank in its sole discretion, by fire, earthquake or other casualtyuntenantable), then Bankin any of such events, Landlord, at its Landlord's option, may either may, not later than ninety (90) days following the damage, give Tenant a notice in writing terminating this Lease. If Landlord elects to terminate this Lease or elect that the Rent shall be paid up to the time of the casualty and thence forth shall cease until the date which, in Bank's sole judgmentLease, the Leased Premises may be used by Term shall expire upon the Bank for the purpose set forth in this Lease.tenth (10th) day after such notice is given, and Tenant
Appears in 1 contract
DESTRUCTION-FIRE OR OTHER CAUSE. A. 8.01 If the Store Building shall be partially damaged or destroyed or if the Demised Premises shall be partially or totally damaged or destroyed by fire, windcasualty or other cause, then, whether or not the damage or destruction shall have resulted from the fault or neglect of Tenant, or its servants, employees, agents, visitors or licensees (and if this Lease shall not have been canceled as in this Article hereinafter provided), Landlord will repair the damage, and restore, replace, and rebuild the Building and the Demised Premises at its expenses, with reasonable dispatch and continuity after notice to it of the damage or destruction; provided, however, that Landlord shall not be required to repair or replace any installation made by Tenant not required hereunder to be covered by Landlord's insurance. If the Demised Premises shall be partially damaged or partially destroyed, the rent and additional rent payable hereunder shall be abated to the extent that the Demised Premises shall have been rendered untenantable or unfit for Tenant's use and Tenant does not occupy such damaged or destroyed part of the premises on other than an emergency basis for the period from the date of such damage or destruction to the date that the damage shall be repaired or restored. If the Demised Premises or a major part thereof shall be totally, or substantially totally, damaged or destroyed or substantially completely, untenantable on account of fire, casualty or other cause, the rent and additional rent shall completely xxxxx as of the date of the damage or destruction and until Landlord shall repair, restore, replace and rebuild the Demised Premises; provided, however, that should Tenant reoccupy a portion of the Demised Premises for the purpose of conducting business during the period the restoration work is taking place and prior to the date that the same is made completely tenantable, rent and additional rent shall be apportioned and payable by Tenant in proportion to the part of the Demised Premises occupied by it.
8.02 If the Building shall be so damaged that Landlord shall decide to demolish or not to rebuild it, then in either of such events, Landlord shall within sixty (60)days after such fire or other casualty, or give Tenant a notice in writing of such decision, and thereupon the casualty exceeds fifty percent (50%) term of this Lease shall expire by lapse of time upon the thirtieth day after such notice is given, and Tenant shall vacate the Demised Premises and surrender the same to Landlord.
8.03 In the event of the replacement cost termination of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate this Lease by giving pursuant to provisions of this Article, this Lease shall expire as fully and completely on the other written date fixed in such notice of its election to terminate termination as if that were the date definitely fixed for the expiration of this Lease, not more than thirty (30) days following but the rent and additional rent shall be apportioned and shall be paid up to and including the date of such damage or destruction. In the event , and any period rent or prepaid additional rent be refunded to Tenant.
8.04 No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of partial destruction (less than 50% business or annoyance arising from any repair or restoration of any portion of the replacement Store cost), Demised Premises or if destruction is greater but neither Supermarket or Bank elects of the Building. Landlord shall use its best efforts to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualty, the damages hereto shall be promptly repaired by and at the expense of Supermarket and the Rent, until effect such repair shall be substantially completed, shall be apportioned from the date following the casualty according or restoration promptly and in such manner as not unreasonably to the part of the Leased Premises which is usable.
C. If the Leased Premises are totally destroyed or rendered substantially unusable, as determined by Bank in its sole discretion, by fire, earthquake or other casualty, then Bank, at its option, may either terminate this Lease or elect that the Rent shall be paid up to the time of the casualty and thence forth shall cease until the date which, in Bankinterfere with Tenant's sole judgment, the Leased Premises may be used by the Bank for the purpose set forth in this Lease.occupancy. COMMERCIAL USE ONLY - NO LIVING ALLOWED ---------------------------------------
Appears in 1 contract
Samples: Lease Agreement (Global Sources LTD)
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store demised premises shall be totally destroyed partially damaged by fire, wind, fire or other casualtycause, or the casualty exceeds fifty percent (50%) Lessor shall, upon Lessor's receipt of the replacement cost insurance proceeds, repair the portions of the Store as determined demised premises covered by a mutually acceptable insurance adjusterLessor's insurance, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualty, the damages hereto shall be promptly repaired by and at the expense of Supermarket and the Rent, rent until such repair repairs shall be substantially completed, have been made shall be apportioned from the date following the casualty according to the part of the Leased Premises demised premises which is usable.
C. usable by Lessee. If the Leased Premises demised premises are totally destroyed damaged or are rendered substantially unusable, as determined wholly untenantable by Bank in its sole discretion, by fire, earthquake fire or other casualtycause and Lessor shall decide not to restore or not to rebuild the same, or if the Building shall be so damaged that Lessor shall decide to demolish it or not to rebuild it, or if the damage occurs in the last year of the then term of this Lease, or if the Building (whether or not the demised premises have been damaged) should be damaged to the extent of fifty (50%) percent or more of the then monetary value thereof, then Bankor in any of such events, at its optionLessor may, may either terminate within ninety (90) days after such fire or other cause, give Lessee a notice of Lessor's election to cancel this Lease, and thereupon the term of this Lease or elect that shall expire by lapse of time upon the Rent third day after such notice is given, and Lessee shall be paid up vacate the demised premises and surrender the same to Lessor. For purposes of this Lease, the time term "Lessor's receipt of insurance proceeds" shall mean the portion of the casualty insurance proceeds paid over to Lessor free and thence forth shall cease until the date which, in Bank's sole judgment, the Leased Premises may be used clear of any collection by the Bank mortgagees for the purpose set forth in this Leasevalue of the damage, attorney fees and other costs of compromise, adjustment, settlement and collection of the insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Jaymark Inc)
DESTRUCTION-FIRE OR OTHER CAUSE. A. a. If the Store Property becomes partially damaged by fire or other cause without being attributable to the acts or omissions of Tenant, or Tenant’s officers, owners, managers, employees, agents, representatives, visitors, guests, customers, delivery persons, invitees, contractors, and subcontractors, then the damages to the originally leased Property shall be totally destroyed by fire, wind, or other casualty, or the casualty exceeds fifty percent (50%) of the replacement cost of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualty, the damages hereto shall be promptly repaired by and at the expense of Supermarket Landlord and the Rent, rent until such repair repairs shall be substantially completed, made shall be apportioned from the date following the casualty according to the part of the Leased Premises demised premise which is usableuseable by Tenant, if any. However, if such partial damage is due to the fault or neglect of Tenant, or Tenant’s officers, owners, managers, employees, agents, representatives, visitors, guests, customers, delivery persons, invitees, contractors, and subcontractors, without prejudice to the rights of subrogation of Landlord's insurer, the damages shall be repaired by Tenant, at Tenant’s expense, and there shall be no apportionment or abatement of rent.
C. b. If the Leased Premises are Property becomes totally destroyed damaged or is rendered substantially unusable, as determined wholly unusable by Bank in its sole discretion, by fire, earthquake fire or other casualtycause, and if Landlord decides not to restore or not to rebuild the same or if the building shall be so damaged that Landlord shall decide to demolish it or not to rebuild it, then Bankin any such events Landlord may within sixty (60) days after such fire or other cause give Tenant a notice in writing of such decision, at its optionand thereupon the term of this lease shall expire by lapse of time upon the third day after such notice is given, may either terminate and Tenant shall vacate the demised Property and surrender the same to Landlord. If Tenant shall not be in default under this Lease or elect that lease, then upon the Rent termination of this lease under the conditions provided for in the sentence immediately preceding, Tenant's liability for rent shall be paid up cease as of the day following the casualty damage to the time of the casualty and thence forth shall cease until the date which, in Bank's sole judgment, the Leased Premises may be used by the Bank for the purpose set forth in this LeaseProperty.
Appears in 1 contract
Samples: Lease Agreement
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store shall be totally destroyed by fire, wind, or other casualty, or the casualty exceeds fifty percent (50%) of the replacement cost of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Demised Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake fire or other casualtycause, the damages hereto shall be promptly repaired by and at the expense of Supermarket Landlord and the Rent, rent until such repair repairs shall be substantially completed, made shall be apportioned from the date following the casualty according to the part of the Leased Demised Premises which is usable.
C. If usable by Tenant. But if such partial damage is due to the Leased Premises are totally destroyed willful misconduct or rendered substantially unusablenegligence of Tenant, as determined Tenant's servants, employees, agents, or licensees, without prejudice to any other rights and remedies of Landlord of the damages shall be repaired by Bank Landlord but there shall be no apportionment or abatement of rent. No penalty shall accrue for reasonable delay which may arise by reason of adjustment of insurance on the part of Landlord, and for reasonable delay on account of "labor troubles", or any other cause, and if Landlord shall decide not to restore or not to rebuild the same, or if the Building shall be so damaged that Landlord shall decide to demolish it or not to rebuild it, then or in its sole discretionany of such events Landlord may, by fire, earthquake within ninety (90) days after such fire or other casualtycause, then Bankgive Tenant a notice in writing of such decision, at its option, may either terminate and thereupon the term of this Lease or elect that shall expire by lapse of time upon the Rent third day after such notice is given, and Tenant shall vacate the Demised Premises and surrender the same to Landlord. If Tenant shall not be paid up to in default under this Lease then, upon the time termination of this Lease under the conditions provided for in the sentence immediately preceding, Tenant's liability for rent shall cease as of the casualty and thence forth shall cease until day following the date which, in Bank's sole judgment, the Leased Premises may be used by the Bank for the purpose set forth in this Leasecasualty.
Appears in 1 contract
Samples: Deed of Lease (MCG Capital Corp)
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store demised premises shall be totally destroyed partially damaged by fire, wind, fire or other casualtycause without the fault or neglect of Lessee or Lessee's servants, employees, agents, invitees or the casualty exceeds fifty percent (50%) licensees, Lessor shall, upon Lessor's receipt of the replacement cost insurance proceeds and to the extent such proceeds are allocable or attributable to the demised premises, repair the portions of the Store as determined demised premises covered by a mutually acceptable insurance adjusterLessor's insurance, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualty, the damages hereto shall be promptly repaired by and at the expense of Supermarket and the Rent, rent until such repair repairs shall be substantially completed, have been made shall be apportioned from the date following the casualty according to the part of the Leased Premises demised premises which is usable.
C. usable by Lessee. But if such partial damage is due to the fault or neglect of Lessee or Lessee's servants, employees, agents, invitees or licensees, without prejudice to any other rights and remedies of Lessor and without prejudice to the rights of subrogation of Lessor's insurer, the damages shall be required by Lessor but there shall be no apportionment or abatement of rent. If the Leased Premises demised premises are totally destroyed damaged or are rendered substantially unusable, as determined wholly untenantable by Bank in its sole discretion, by fire, earthquake fire or other casualtycause and Lessor shall decide not to restore or not to rebuild the same, or if the building of which the demised premises are a part shall be so damaged that Lessor shall decide to demolish it or not to rebuild it, or if the damage occurs in the last year of the then term of this Lease, or if the building of which the demised premises are a part (whether or not the demised premises have been damaged) should be damaged to the extent of fifty (50%) percent or more of the then monetary value thereof, or if the damage resulted from a risk not fully covered by Lessor's insurance, then Bankor in any of such events, at its optionLessor may, may either terminate this Lease or elect that the Rent shall be paid up to the time of the casualty and thence forth shall cease until the date which, in Bank's sole judgment, the Leased Premises may be used by the Bank for the purpose set forth in this Lease.within ninety (90) days after such fire or
Appears in 1 contract
Samples: Lease Addendum (Satx Inc)
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store demised premises shall be totally destroyed partially damaged by fire, wind, fire or other casualtycause without the fault or neglect of Lessee or Lessee's servants, employees, agents, invitees or the casualty exceeds fifty percent (50%) licensees, Lessor shall, upon Lessor's receipt of the replacement cost insurance proceeds and to the extent such proceeds are allocable or attributable to the demised premises, repair the portions of the Store as determined demised premises covered by a mutually acceptable insurance adjusterLessor's insurance, then in either event, either Bank or Supermarket may terminate this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this Lease.
B. If the Leased Premises are partially damaged or rendered partially unusable by fire, earthquake or other casualty, the damages hereto shall be promptly repaired by and at the expense of Supermarket and the Rent, rent until such repair repairs shall be substantially completed, have been made shall be apportioned from the date following the casualty according to the part of the Leased Premises demised premises, which is usable.
C. usable by Lessee. But if such partial damage is due to the fault or neglect of Lessee or Lessee's servants, employees, agents, invitees or licensees, without prejudice to any other rights and remedies of Lessor and without prejudice to the rights of subrogation of Lessor's insurer, the damages shall be repaired by Lessor but there shall be no apportionment or abatement of rent. If the Leased Premises demised premises are totally destroyed damaged or are rendered substantially unusable, as determined wholly untenantable by Bank in its sole discretion, by fire, earthquake fire or other casualtycause and Lessor shall decide not to restore or not to rebuild the same, or if the Building shall be so damaged that Lessor shall decide to demolish it or not to rebuild it, or if the damage occurs in the last year of the then term of this Lease, or if the Building (whether or not the demised premises have been damaged) should be damaged to the extent of fifty (50%) percent or more of the then monetary value thereof, or if the damage resulted from a risk not fully covered by Lessor's insurance, then Bankor in any of such events, at its optionLessor may, may either terminate within ninety (90) days after such fire or other cause, given Lessee a notice of Lessor's election to cancel this Lease, and thereupon the term of this Lease or elect that shall expire by lapse of time upon the Rent third day after such notice is given, and Lessee shall be vacate the demised premises and surrender the same to Lessor. For purposes of this Lease, the term "Lessor's receipt of insurance proceeds" shall mean the portion of the insurance proceeds paid up over to Lessor free and clear of any collection by mortgagees for the value of the damage, attorney fees and other costs of compromise, adjustment, settlement and collection of the insurance proceeds. Notwithstanding any provisions of this Paragraph 19 to the time contrary, if, without fault or neglect of the casualty and thence forth shall cease Lessee, the demised premises are usable but the Building is so damaged that use of the demised premises is impractical, rent will be abated until the date whichBuilding is restored, in Bank's sole judgmentand if restoration is not completed within 150 days of the damage occurrence, either Lessor or Lessee upon written notice can terminate the Leased Premises may be used by the Bank for the purpose set forth in this Leaselease without further liability on Lessor or Lessee.
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Samples: Lease Agreement (Dunn Computer Corp)
DESTRUCTION-FIRE OR OTHER CAUSE. A. If the Store shall be totally Premises are destroyed by fire, wind, or other casualty, damaged to the extent of 10% or the casualty exceeds fifty percent (50%) more of the then full replacement cost of from a cause not insured against under either Lessor's or Lessee's casualty insurance policy, Lessee shall have the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may right to terminate this Lease by giving the other written notice of its election termination to terminate this Lease, not more than Lessor within thirty (30) days following after the date of such the damage or destruction. In If the event of partial destruction (less than 50% of Lease is not so terminated, then Lessee shall diligently proceed to repair and restore the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose set forth in this LeasePremises.
B. If the Leased Premises or the Building are partially destroyed or damaged to the extent of 10% or rendered partially unusable more of the then full replacement cost from a cause covered by fireeither Lessee's or Lessor's casualty insurance, earthquake and that damage or other casualtydestruction may be repaired or restored within ninety (90) days after commencement of repair or restoration, then Lessee shall diligently proceed to repair and restore the Premises and Lessor shall pay over any proceeds of such insurance to Lessee. If Lessee determines that the Premises cannot be repaired or restored within that period, the damages hereto Lessee shall be promptly repaired have the right to terminate this Lease by and at the expense of Supermarket and the Rent, until such repair shall be substantially completed, shall be apportioned from written notice to Lessor given within sixty (60) days after the date following the casualty according to the part of the Leased Premises which is usabledamage or destruction.
C. If Upon a termination under this Article 13, Lessee's obligation to pay rent and other charges under this Lease shall terminate as of the Leased date of the damage or destruction or as of the date Lessee ceases to do business at the Premises, whichever occurs later; provided, however, that in the event of a termination under this Article 13 Lessee shall pay to Lessor an amount equal to (a) the balance outstanding on the Dover Note as of the termination date, proof of which shall be demonstrated in a manner acceptable to Lessee; less (b) the sum of (i) the fair market value of the Premises are totally destroyed or rendered substantially unusable, as determined pursuant to the procedure set forth in Article 1, Section C hereof and (ii) any proceeds received by Bank Lessor in its sole discretionrespect of the damage or destruction pursuant to which the Lease was terminated.
D. Except as expressly provided in this Lease, by fire, earthquake damage to or other casualty, then Bank, at its option, may either destruction of the Premises or the Building shall not terminate this Lease or elect result in any abatement of rent. Lessee waives any right of offset against Lessee's rental obligations that may be provided by any statute or rule of law.
E. Without limiting the Rent generality of the foregoing provisions of this Article 13, Lessor shall not in any event be paid up responsible for insuring against any loss, damage, or destruction to Lessee's leasehold improvements or to fixtures, inventory or other Lessee-owned improvements or property.
F. Lessee shall give prompt written notice to Lessor in the event of any casualty damage to the time of the casualty and thence forth shall cease until the date which, in Bank's sole judgment, the Leased Premises may be used by the Bank for the purpose set forth in this LeasePremises.
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DESTRUCTION-FIRE OR OTHER CAUSE. A. 8.01. If the Store demised premises or any part thereof shall be totally destroyed damaged by fire, wind, fire or other casualty, or the casualty exceeds fifty percent (50%) of the replacement cost of the Store as determined by a mutually acceptable insurance adjuster, then in either event, either Bank or Supermarket may terminate Tenant shall give immediate notice thereof to Landlord and this Lease by giving the other written notice of its election to terminate this Lease, not more than thirty (30) days following the date of such damage or destruction. In the event of partial destruction (less than 50% of the replacement Store cost), or if destruction is greater but neither Supermarket or Bank elects to terminate this Lease, said Store shall be restored continue in full force and repaired by Supermarket. The Rent for the Leased Premises shall be abated during the period of restoration and repairs if the Leased premises is unusable by Bank for the purpose effect except as hereinafter set forth in this Leaseforth.
B. 8.02. If the Leased Premises demised premises are partially damaged or rendered partially unusable by fire, earthquake fire or other casualty, the damages hereto thereto shall be promptly repaired by and at the expense of Supermarket Landlord and the Rentrent, until such repair shall be substantially completed, shall be apportioned from the date day following the casualty according to the part of the Leased Premises demised premises which is usable.
C. 8.03. If the Leased Premises demised premises are totally destroyed damaged or rendered substantially unusable, as determined wholly unusable by Bank in its sole discretion, by fire, earthquake fire or other casualty, then Bank, at its option, may either terminate this Lease or elect that the Rent rent shall be proportionately paid up to the time of the casualty and thence forth thenceforth shall cease until the date whichwhen the demised premises shall have been repaired and restored by Landlord, subject to Landlord's right to elect not to restore the same as hereinafter provided.
8.04. If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or part) if the Building shall be so damaged that Landlord shall decide to demolish it or not to rebuild it, then, in Bankany of such events Landlord may elect to terminate this Lease by written notice to Tenant, given within 90 days after such fire or casualty, specifying a date for the expiration of this Lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this Lease 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 demised premises without prejudice however, to Landlord's sole judgmentrights 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 and any rent paid for periods subsequent to such date shall be returned to Tenant. Unless Landlord shall serve a termination notice as provided for herein, Landlord shall make the Leased Premises repairs and restorations under the conditions of 8.02 and 8.03 hereof, with all reasonable diligence, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Landlord's control. After any such casualty, Tenant shall cooperate with Landlord's restoration by removing from the demised premises as promptly as reasonably possible, all of the Tenant's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Landlord that the demised premises are substantially ready for Tenant's occupancy. o1
8.05. No damages, compensation or claim shall be payable by Landlord to Tenant for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the demised premises or of the Building.
8.06. Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party f or 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, Landlord and Tenant hereby releases and waives all right of recovery against the other or anyone claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be used in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, and to the extent, that such waiver can be obtained only by the Bank for payment of additional premiums, then the purpose set forth party benefitting from the waiver shall pay such premium within ten (10) days after written demand or shall be deemed to have agreed that the party obtaining insurance coverage shall be free of any further obligation under the provisions hereof with respect to waiver of subrogation. Tenant acknowledges that Landlord will not carry insurance on 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 same.
8.07. Tenant hereby waives the provisions of Section 227 of the Real Property Law of the State of New York and agrees that the provisions of this Article shall govern and control in this Leaselieu thereof.
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