Common use of DESTRUCTION OF OR DAMAGE TO PREMISES Clause in Contracts

DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises are damaged or destroyed by fire or other casualty, this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property.

Appears in 2 contracts

Samples: Lease Agreement (Embecta Corp.), Lease Agreement (Embecta Corp.)

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DESTRUCTION OF OR DAMAGE TO PREMISES. (a) If any Improvements and/or Equipment – Landlord is damaged by Casualty during the Premises are damaged or destroyed by fire or other casualtyTerm of this Lease, this Lease and all of its terms, covenants and conditions Tenant shall, subject to the provisions hereinafter set forthterms of this Lease (including paragraph 14 below), continue (a) repair such damage and restore such Improvements and/or Equipment – Landlord to substantially the same or better condition as existed before the occurrence of such Casualty using materials of the same or better grade than that of the materials being replaced (herein, a “Casualty Repair”) and (b) this Lease shall remain in full force and effect; provided. Such repair and replacement by Tenant shall be done in accordance with paragraph 23 and the standards of paragraph 9 and Tenant shall, if more than fifty percent (50%) of the Premises is rendered unusable at its expense, obtain all permits required for such work. An architect or engineer selected by Landlord shall review, at Tenant’s intended use andexpense, in Landlord’s reasonable opinionall plans and specifications for Casualty Repairs and (if applicable as provided below) all draw requests hereunder. In no event shall Fixed Rent or Additional Rent xxxxx, the Premises cannot be restored within one hundred eighty (180) days after the date nor shall this Lease terminate by reason of such damage or destruction, except as expressly provided in paragraph 14 below. Provided that no Event of Default by Tenant shall then exist under this Lease, all insurance proceeds (and other amounts) payable for the performance of Casualty Repairs shall be paid to Tenant (or if to the Proceeds Trustee, as applicable), and Landlord shall make available to Tenant all insurance proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either actually received by Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date Mortgagee on account of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as Casualty for application to the number costs of days needed to restore such Casualty Repair. All Casualty Repairs shall be performed in compliance with the Premises so that Tenant may resume normal business operations thereinterms of this Lease, including paragraph 23 below. Notwithstanding anything to the contrary in this Leasecontained herein, in the event that Tenant shall have no obligation to perform any Casualty Repairs with respect to any damage to the Premises is damaged, but not so destroyed resulting from any Casualty which occurs during the last eighteen (as set forth above18) to terminate months of the Lease, or Landlord elects to rebuildTerm, and provided to the extent that the Term of this Lease shall have at least fifteen (15) months remainingTenant elects not to make any such Casualty Repairs during such period, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the all insurance proceeds payable as a result of a casualty be applied with respect to the payment of the mortgage debt Improvements and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Equipment – Landlord shall notify be payable to or at the direction of Landlord (but Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up entitled to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject receive all insurance proceeds payable with respect to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property).

Appears in 2 contracts

Samples: Lease Agreement (Solo Cup Owings Mills Holdings), Lease Agreement (Solo Cup CO)

DESTRUCTION OF OR DAMAGE TO PREMISES. If the whole or any part of the Premises are shall be damaged or destroyed by fire or other any casualty, this Lease and all then the base rental payable by Tenant to Landlord hereunder shall be equitably abated or adjusted, as the case may be, in light of its terms, covenants and conditions shall, subject the impairment to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) that portion of the Premises of which Tenant is rendered unusable deprived on account of such damage or destruction or the work of repair, restoration, replacement or rebuilding. In the event of any damage to any portion of the Premises, except with respect to those structural components of the roof, foundation and exterior walls of the Improvements for Tenant’s intended use andwhich Landlord is responsible pursuant to Paragraph 9 of Exhibit B attached hereto, in Landlord’s reasonable opinionTenant shall immediately repair, restore, replace or rebuild the Premises cannot be restored within one hundred eighty (180) days after to substantially the date of condition in which the Premises were immediately before such damage or destruction, in accordance with the specifications reasonably approved by Landlord. Tenant shall diligently execute such repair, restoration, replacement or if rebuilding without delay or interruption. Without limiting that obligation of Tenant, Landlord shall make available to Tenant any proceeds that Landlord actually has received from the proceeds from Landlord’s property insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair policy described in Paragraph 21 below in connection with such damage or destruction; provided, then however, Landlord shall not be obligated to pay to Tenant more than the total cost of such repairs and restoration (as evidenced by paid invoices delivered to Landlord). All such repairs and restoration shall be performed by contractors reasonably approved by Landlord and shall be performed in a good, workmanlike and lien-free manner in accordance with plans and specifications approved by Landlord. Landlord shall be entitled to require performance bonds or other similar protections to protect Landlord’s interest in the Premises from becoming subject to any mechanics or materialmen liens. Notwithstanding anything to the contrary contained herein, if that damage or destruction occurs during the last three (3) years of the Term and the estimated cost to repair exceeds twenty-five percent (25 per cent) of the full replacement cost of the Premises, or damage to the Premises renders the Premises unusable for Tenant’s purposes, either Landlord or Tenant shall have the right, at the option of either party, may elect to terminate this Lease by giving written notice served on the other written notice party within sixty (60) days after the occurrence of such damage or destruction. Within thirty On such termination, base rental, Taxes (30as hereinafter defined) days after and any other sums payable by Tenant to Landlord hereunder shall be prorated as of the termination date. If all or substantially all of the Premises are destroyed by storm, fire, lightning, earthquake or other casualty, this Lease shall terminate as of the date of such damage or destruction, and rental shall be accounted for as between Landlord shall give notice to and Tenant as of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminatedate. In the event of any termination under this Section 13such termination, Rent rental shall be apportioned prorated and paid up to the date of such casualty. If the Premises are damaged, but In no event shall Tenant have any right to terminate this Lease is not terminatedif the casualty in question was caused or contributed to by Tenant, Rent shall xxxxx in such proportion as use of the Premises has been destroyedits agents, and Landlord shallemployees, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring contractors or insuring Tenant’s Propertyinvitees.

Appears in 2 contracts

Samples: Lease Agreement (FreightCar America, Inc.), Lease Agreement (FCA Acquisition Corp.)

DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises are damaged or totally destroyed by fire storm, fire, lightning, earthquake or other casualty, this Lease and all shall at the option of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) Landlord terminate as of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent all rent shall be apportioned accounted for as between Landlord and paid up to the date of Tenant through such casualtydate. If the Premises are damageddamaged but not wholly destroyed by any of such casualties, but this Lease is and the damages shall not terminatedhave been due to the negligence, Rent act, or omission to act of Tenant, or its agents, employees, invitees, contractors, subcontractors, subtenants, licensees, or concessionaires rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly shall restore the Premises to substantially the same condition as before damagedamage as speedily as practicable following receipt of insurance proceeds, whereupon full rental rent shall recommence; provided, however, that in the event of such partial destruction, Landlord shall have the option (in lieu of any restoration obligation) to terminate this Lease, by notice to Tenant given within sixty (60) calendar days following such damage, if either such damage occurs during the last half of the term of this Lease or the cost of such restoration exceeds the proceeds of casualty insurance for the damage to the Premises; or any mortgagee of Landlord requires that the insurance proceeds payable as a result of any such casualty be applied to the payment of the mortgage debt. If the Premises or any portion of the Center be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant’s agents, employees, or invitees, then notwithstanding anything contained in this paragraph, the fixed Minimum Rent hereunder shall not be diminished or abated during the repair of such damage, and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Premises or Center caused thereby to the extent such cost and expense are not covered by insurance proceeds. Any such termination shall be effective as of the date specified in such notice, which date shall be no more than thirty (30) days after giving such notice, and all rent shall be accounted for as between Landlord and Tenant as of the date of the termination of this Lease by Landlord. Tenant shall place personal property and install fixtures in the Premises at Tenant’s sole risk and expense. No insurance carried by Landlord will provide coverage of any kind for such personal property and fixtures. If the Center shall be damaged by storm, fire, lightning, earthquake or other casualty, and such damage reduces by more than twenty-five percent (25%) the gross rentable floor area of the Center or if any mortgagee of Landlord requires that the insurance proceeds payable as a result of any such casualty to the Center be applied to the payment of the mortgage debt, Landlord shall have the option to terminate this Lease regardless of whether or not such casualty damages the Premises and whether or not the restoration of such damage would be compensated by insurance. Landlord shall not be responsible for restoring or insuring Tenant’s Property.notify Tenant in writing within sixty (60) days after the occurrence of any such casualty if Landlord intends to so terminate this

Appears in 1 contract

Samples: Center Lease (Franklin Financial Network Inc.)

DESTRUCTION OF OR DAMAGE TO PREMISES. 15. If at any time during the Lease Term the Premises are damaged or destroyed by a fire or other casualty, Tenant shall immediately notify Landlord in writing of such event. Thereafter, Landlord shall notify Tenant within thirty (30) days after the date Landlord receives notice of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed one hundred eighty (180) days, either Landlord or Tenant may elect to terminate this Lease and all of its termsupon notice to the other party given no later than ten (10) days after the Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take one hundred eighty (180) days or less, covenants and conditions shallthen, subject to receipt of sufficient insurance proceeds, Landlord shall promptly restore the provisions hereinafter set forthPremises excluding the improvements installed by Tenant or by Landlord and paid by Tenant, continue subject to delays arising from the collection of insurance proceeds or from force majeure events. Tenant, at Tenant's expense, shall promptly perform all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in full force accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease .if the Premises are damaged during the last year of the Lease Term and effect; provided, if Landlord reasonably estimates that it will take more than fifty percent one (50%1) month to repair such damage. In the event the damage was caused by willful misconduct of Tenant or its agents, employees, invitees or those for whom Tenant is responsible. Tenant shall pay to Landlord, with respect to any damage to the Premises, the amount of commercially reasonable deductible under Landlord's insurance policy (not to exceed $20,000) within ten (10) days after presentment or Landlord's invoice. If the Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed by act or negligence of Tenant, its agents, employees, invitees or those for whom Tenant is rendered unusable responsible, the rent payable under this Lease during the period for which the premises arc untenantable shall be adjusted to such an extent as may be fair and reasonable under the circumstances. Such abatement shall be the sole remedy of Tenant’s intended use , and, in Landlord’s reasonable opinionexcept as provided herein, Tenant waives any right to terminate the Premises cannot be restored Lease by reason of damage or casualty loss. In the event that Landlord fails to complete the necessary repairs or rebuilding within one hundred eighty (180) days after from the date of such damage or written notification by Tenant to Landlord of the destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, may at the its option of either party, to terminate this Lease by giving the other delivering written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice termination to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property.

Appears in 1 contract

Samples: Commercial Lease Agreement (Southern Heritage Bancorp Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. 13. If the Premises are partially or totally damaged or destroyed by fire storm, fire, lightning, earthquake or other casualty, this Lease and all such that the Premises are rendered totally or partially inaccessible, or unusable by Tenant in the ordinary course of its termsbusiness, covenants and conditions shall, subject the Rent will axxxx proportionately to the provisions hereinafter set forthdiminution in Tenant’s use, continue in full force and effect; provided, if more than fifty percent (50%) of Landlord shall restore the Premises is rendered unusable for Tenant’s intended use andto substantially the same condition as existed before such casualty as speedily as practicable, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either whereupon full rental shall recommence. Regardless whether Landlord or Tenant has obtained the insurance policy on the Premises in accordance with Paragraph 30 below, each of Landlord and Tenant shall have take all steps necessary to assist the rightother in processing the insurance claim. However, at if the option damage shall be so extensive that it cannot reasonably be repaired and restored within nine (9) months from date of either partythe casualty, to then Tenant may terminate this Lease by giving the other written notice to Landlord within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligencecasualty. Notwithstanding the foregoing: (i) (A) in , if the event there Premises are damaged and the cost of repair is less greater than two (2) years thirty-five percent of the Lease Term remainingreplacement cost of the Premises, or (B) in and if the event Landlord’s mortgagee should require that damage is of a type not covered by the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (Cdescribed in Paragraph 30(b) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord fundsherein, then Tenant Landlord may terminate this Lease by notifying Landlord in writing of such termination giving written notice to Tenant within ninety thirty (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (12030) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if in the event that there is a total destruction of the Premises is not restored within two hundred seventy (270) days after during the last year of the Initial Term or the last year of the then current Renewal Term, then, notwithstanding anything in this Lease to the contrary, this Lease shall terminate as of the date of such casualty, then casualty and Landlord shall have no duty to restore or rebuild unless Tenant mayagrees, at its optionthat time, send a 30 day notice to terminate this Lease and exercise the next available renewal term, if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminateany. In the event of any termination under this Section 13such termination, Rent rental shall be apportioned and paid up to abated as of the date of such casualty. If neither party elects to terminate the Premises are damagedLease as provided above, but and if Landlord has not commenced to repair within ninety (90) days following the casualty, Tenant may then terminate the Lease as of the date of the casualty by giving written notice to Landlord. If Landlord has commenced to repair or rebuild and has not completed such work to the point of Substantial Completion within one (1) year from the date of such casualty (as may be extended by Force Majeure occurring after the date such repair or rebuilding work has been commenced by Landlord), then Tenant shall have the continuing right to terminate this Lease is not terminated, Rent shall xxxxx in such proportion effective as use of the Premises has been destroyed, and Landlord shall, subject to date that is thirty days after the Landlord’s receipt of sufficient insurance proceedssuch notice, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental unless Landlord completes such work within such thirty days. In no event shall recommence. Landlord shall not be responsible for repairing or restoring any personal property of Tenant or insuring any alterations or improvements made by Tenant’s Property.

Appears in 1 contract

Samples: Standard Industrial Lease Agreement (Williams Sonoma Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. 10. If the Premises are damaged or totally destroyed by fire storm, fire, lightning, earthquake or other casualty, this Lease and all shall terminate as of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant destruction and rental shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date be abated as of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore date. If the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is are damaged, but not so wholly destroyed (by any of such casualties, rental shall xxxxx in such proportion as set forth above) to terminate the Lease, or Landlord elects to rebuilduse of Premises has been destroyed, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: restore (i) the Building as modified by the Landlord's Work and as expanded (Aif at all) in onto the event there is less than two Adjacent Land and (2ii) years any portion of the Lease Term remainingTenant's Work for which Landlord pays Tenant pursuant to the terms of paragraph 3 of Exhibit "C" to substantially the same condition as existed before such casualty as speedily as practicable; provided, or (B) in however, that if the event Landlord’s mortgagee should require damage shall be so extensive that the insurance proceeds payable as a result of a casualty same cannot be applied to reasonably repaired and restored within nine (9) months from the payment date of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord fundscasualty, then Tenant may terminate this Lease by notifying giving written notice to Landlord in writing within thirty (30) days from the date that either party notifies the other that such party has determined that the repair and restoration work cannot reasonably be completed within such nine (9) month period. In the event of such termination within ninety (90) days after the date termination, rental shall be abated as of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty In no event shall Landlord be responsible for repairing or restoring the Tenant's Work, any personal property of Tenant or any alterations or improvements made by Tenant (60other than portions of Tenant's Work for which Landlord has paid Tenant pursuant to the terms of Exhibit "C"). Tenant's right of rental abatement provided above shall expire on the earlier to occur of (i) days the date on which Tenant reopens for business in the damaged portion of such casualtythe Premises; or (ii) the date on which the work required to be performed by Landlord pursuant to this paragraph 10 is substantially complete. Subject to all of the terms and conditions of this Lease (but subject to the rent abatement provided for in this paragraph 10), so long as Tenant, its agents, representatives, employees, contractors and invitees do not interfere with Landlord's performance of the work required to be performed by Landlord pursuant to the terms of this paragraph. Tenant shall notify Tenant whether have the right to enter the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of substantial completion of such casualty. If work to be performed by Landlord for the Premises are damaged, but this Lease purpose of performing any work which is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject Tenant's responsibility pursuant to the receipt terms of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Propertythis paragraph.

Appears in 1 contract

Samples: Standard Industrial Lease Agreement (Guess Inc Et Al/Ca/)

DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises (are damaged or destroyed so that the Premises becomes totally or partially untenantable, Landlord shall be required, to the extent of available insurance proceeds, to repair or restore the Premises to the state of its existence as of the date of this Lease as expeditiously as is practical under the circumstances, unless Tenant elects to terminate this Lease as hereinafter described in this Section. Any insurance proceeds received by Landlord with respect to Tenant’s trade fixtures, property owned by Tenant, or property which Tenant may remove from the Building pursuant to this Lease, and not used for repair or rebuilding such items, shall be held in trust for Tenant and delivered to Tenant upon request. Tenant may terminate this Lease by giving written notice to the Landlord within thirty (30) days after the occurrence of any damage or destruction to the Premises which will, in the opinion of an independent third party architect or engineer, reasonably renders more than Fifty (50%) Percent of the Premises untenantable for a period longer than Ninety (90) days. In the event that this Lease is terminated, neither party shall be further obligated to the other except that Tenant shall be responsible to pay Landlord all rent and other charges due hereunder to the date of such termination. Tenant may remove any non-structural improvements made by Tenant or other property owned by Tenant. In the event that the Premises are damaged or destroyed by fire fire, storm, or other casualtycasualty so that the Premises shall be rendered totally or partially untenantable, this Lease and all the until the Premises are rebuilt or restored to their former condition by Landlord, the payment of its terms, covenants and conditions shall, subject to rent shall be reduced in the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) same proportion as the number of square feet of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, occupied by the Premises cannot be restored within one hundred eighty (180) days after Tenant prior to the date of such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage loss or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease Rental shall automatically terminate. In the event be reinstated as portions of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease returned to use by Tenant (provided it is not terminated, Rent commercially reasonable for Tenant to conduct at least a portion of its business thereon) and shall xxxxx in such proportion as use be fully reinstated upon completion of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring repairs or insuring Tenant’s Propertyrestoration by Landlord.

Appears in 1 contract

Samples: weblink.cityoftybee.org

DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises are any Site is damaged or destroyed by fire or other casualtyCasualty during the Term of this Lease, Tenant shall (a) repair such damage and restore such Site to substantially the same or better condition as existed before the occurrence of such fire or other Casualty, using materials of the same or better grade than that of the materials being replaced (herein, a "CASUALTY REPAIR"), and this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue shall remain in full force and effect; provided. Such repair and replacement by Tenant shall be done in accordance with paragraph 23 of this Lease and the standards of paragraph 9 of this Lease and Tenant shall, if more at its expense, obtain all permits required for such work. An architect or engineer selected by Landlord shall review (except with respect to the existing damage at the Oakzanita Site), at Tenant's expense, all plans and specifications for any Casualty Repair with a cost equal to or greater than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and$50,000 and all draw requests related thereto. In no event shall Fixed Rent or Additional Rent xxxxx, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date nor shall this Lease terminate by reason of such damage or destruction. Provided that no Event of Default by Tenant shall then exist under this Lease (and no event has occurred which, with the passage of time, the giving of notice, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgageeboth, lender or lessor would constitute an Event of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuildDefault), and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoingTenant has: (i) delivered to Landlord plans and specifications and a budget for such Casualty Repair (A) in the event there is less than two (2) years all of the Lease Term remainingwhich Landlord shall have approved), or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if deposited with Landlord or the written estimate states that Proceeds Trustee cash in the Premises cannot be restored to substantially the condition that existed prior sum equal to the casualty within one hundred eighty (180) days excess, if any, of the casualtytotal cost set forth in such approved budget over the amount of insurance proceeds received on account of such Casualty, then Tenant may, at its option, terminate this Lease by notifying to the extent such proceeds are made available to Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualtyfrom Mortgagee, Landlord shall notify make available to Tenant whether the Premises cannot be restored all insurance proceeds actually received by Landlord on account of such Casualty, for application to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date costs of such casualtyapproved repair and restoration, then Tenant mayas set forth below. For all Casualty Repairs, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease following shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property.apply:

Appears in 1 contract

Samples: Lease Agreement (Equity Lifestyle Properties Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. 11. If the Premises are damaged totally or substantially destroyed by fire storm, fire, lightning, earthquake, or other casualty, this Lease and all shall terminate as of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or and rental shall be accounted for between Lessor and Lessee as of that date. If over 50% of the Premises are damaged but not wholly destroyed by any of such casualties (“Partially Damaged”), rental shall xxxxx in such proportion as use of the Premises has been affected, and Lessor shall restore Premises to substantially the same condition as before damage as speedily as practicable, whereupon full rental shall recommence, provided further, however, that if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises be so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event extensive that the Premises is damaged, but same cannot so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, be reasonably repaired and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination restored within ninety (90) days after from the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate either Lessor or Lessee may cancel this Lease by notifying giving written notice to the Landlord in writing of such termination other party within one hundred twenty (120) thirty days after from the date of such casualty. Within sixty Lessor is responsible for determining whether or not the Premises can be reasonably repaired or restored within ninety (6090) days within thirty (30) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days date of the casualty. In additionsuch event repairs or restoration cannot be reasonably performed within the time period and either party elects to cancel this Lease, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent rental shall be apportioned and paid up to the date of such casualty. If Lessor shall have no liability to Lessee with respect to any loss sustained by Lessee with respect to Lessee’s property or fixtures. In addition, if the Premises are damagedPartially Damaged during the last twelve months of the term of this Lease, but either party may cancel and terminate this Lease is not terminated, Rent shall xxxxx in such proportion as use of the date the Premises are Partially Damaged by giving written notice to the other party of said election to so cancel and terminate this Lease within 30 days of date the damage occurred and rental shall be accounted for between Lessor and Lessee as of the date of casualty. However, in the event that Lessee has been destroyedan option to extend or renew this Lease, and Landlord shallthe time within which said option may be exercised has not yet expired, subject Lessee may exercise such option, if it is to be exercised at all or, in the receipt of sufficient insurance proceedsevent Lessee has already exercised such option, shall reconfirm such exercise in writing, within twenty (20) days after the Premises are Partially Damaged. If Lessee duly exercises such option, or reconfirms such option, within the twenty (20) day period, Lessor shall promptly proceed to restore the Premises in accordance with the provisions of this paragraph set forth above and diligently pursue said restoration to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Propertycompletion.

Appears in 1 contract

Samples: Lease Agreement (SCP Pool Corp)

DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises are any Site is damaged or destroyed by fire or other casualtyCasualty during the Term of this Lease, Tenant shall (a) repair such damage and restore such Site to substantially the same or better condition as existed before the occurrence of such fire or other Casualty using materials of the same or better grade than that of the materials being replaced (herein, a "CASUALTY REPAIR") and this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue shall remain in full force and effect; provided. Such repair and replacement by Tenant shall be done in accordance with paragraph 23 of this Lease and the standards of paragraph 9 of this Lease and Tenant shall, if more at its expense, obtain all permits required for such work. An architect or engineer selected by Landlord shall review (except with respect to the existing damage at the Oakzanita Site), at Tenant's expense, all plans and specifications for any Casualty Repair with a cost equal to or greater than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and$750,000 and all draw requests related thereto. In no event shall Fixed Rent or Additional Rent xxxxx, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date nor shall this Lease terminate by reason of such damage or destruction. Provided that no Event of Default by Tenant shall then exist under this Lease (and no event has occurred which, with the passage of time, the giving of notice, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgageeboth, lender or lessor would constitute an Event of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuildDefault), and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoingTenant has: (i) delivered to Landlord plans and specifications and a budget for such Casualty Repair (A) in the event there is less than two (2) years all of the Lease Term remainingwhich Landlord shall have approved), or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if deposited with Landlord or the written estimate states that Proceeds Trustee cash in the Premises cannot be restored to substantially the condition that existed prior sum equal to the casualty within one hundred eighty (180) days excess, if any, of the casualtytotal cost set forth in such approved budget over the amount of insurance proceeds received on account of such Casualty, then Tenant may, at its option, terminate this Lease by notifying to the extent such proceeds are made available to Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualtyfrom Mortgagee, Landlord shall notify make available to Tenant whether the Premises cannot be restored all insurance proceeds actually received by Landlord on account of such Casualty, for application to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date costs of such casualtyapproved repair and restoration, then Tenant mayas set forth below. For all Casualty Repairs, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease following shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property.apply:

Appears in 1 contract

Samples: Lease Agreement (Manufactured Home Communities Inc)

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DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises are any Site is damaged or destroyed by fire or other casualtyCasualty during the Term of this Lease, Tenant shall (a) repair such damage and restore such Site to substantially the same or better condition as existed before the occurrence of such fire or other Casualty, using materials of the same or better grade than that of the materials being replaced (herein, a “Casualty Repair”), and this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue shall remain in full force and effect; provided. Such repair and replacement by Tenant shall be done in accordance with paragraph 23 of this Lease and the standards of paragraph 9 of this Lease and Tenant shall, if more than fifty percent at its expense, obtain all permits required for such work. An architect or engineer selected by Landlord shall review (50%) of except with respect to the Premises is rendered unusable for existing damage at the Oakzanita Site), at Tenant’s intended use andexpense, in Landlord’s reasonable opinionall plans and specifications for any Casualty Repair with a cost equal to or greater than $50,000 and all draw requests related thereto. In no event shall Fixed Rent or Additional Rent axxxx, the Premises cannot be restored within one hundred eighty (180) days after the date nor shall this Lease terminate by reason of such damage or destruction. Provided that no Event of Default by Tenant shall then exist under this Lease (and no event has occurred which, with the passage of time, the giving of notice, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgageeboth, lender or lessor would constitute an Event of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuildDefault), and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoingTenant has: (i) delivered to Landlord plans and specifications and a budget for such Casualty Repair (A) in the event there is less than two (2) years all of the Lease Term remainingwhich Landlord shall have approved), or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if deposited with Landlord or the written estimate states that Proceeds Trustee cash in the Premises cannot be restored to substantially the condition that existed prior sum equal to the casualty within one hundred eighty (180) days excess, if any, of the casualtytotal cost set forth in such approved budget over the amount of insurance proceeds received on account of such Casualty, then Tenant may, at its option, terminate this Lease by notifying to the extent such proceeds are made available to Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualtyfrom Mortgagee, Landlord shall notify make available to Tenant whether the Premises cannot be restored all insurance proceeds actually received by Landlord on account of such Casualty, for application to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date costs of such casualtyapproved repair and restoration, then Tenant mayas set forth below. For all Casualty Repairs, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease following shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property.apply:

Appears in 1 contract

Samples: Lease Agreement (Equity Lifestyle Properties Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. 15. If at any time during the Lease Term the Premises are damaged or destroyed by a fire or other casualty, Tenant shall immediately notify Landlord in writing of such event. Thereafter, Landlord shall notify Tenant within thirty (30) days after the date Landlord receives notice of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed ninety (90) days, either Landlord or Tenant may elect to terminate this Lease upon notice to the other party given no later than ten (10) days after the Landlord's notice. If neither party elects to terminate this Lease or if Landlord estimates that restoration will take ninety (90) days or less, then Landlord shall promptly restore the Premises including the improvements installed by Tenant or by Landlord and all of its terms, covenants and conditions shallpaid by Tenant, subject to delays arising from force majeure events. Tenant, at Tenant's expense, shall promptly perform all repairs or restoration not required to be done by Landlord and shall promptly re-enter the provisions hereinafter set forthPremises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, continue in full force either party may terminate this Lease if the Premises are damaged during the last year of the Lease Term and effect; provided, if Landlord reasonably estimates that it will take more than fifty percent one (50%1) month to repair such damage. In the event the damage was caused by willful misconduct of Tenant or its agents, employees, invitees or those for whom Tenant is responsible, Tenant shall pay to Landlord, with respect to any damage to the Premises, the amount of commercially reasonable deductible under Landlord's insurance policy (not to exceed $20,000) within ten (10) days after presentment of Landlord's invoice. If the Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed by act or negligence of Tenant, its agents, employees, invitees or those for whom Tenant is rendered unusable responsible, the rent payable under this Lease during the period for which the premises are untentantable shall be adjusted to such an extent as may be fair and reasonable under the circumstances. Such abatement shall be the sole remedy of Tenant’s intended use , and, in Landlord’s reasonable opinionexcept as provided herein, Tenant waives any right to terminate the Premises cannot be restored Lease by reason of damage or casualty loss. In the event that Landlord fails to complete the necessary repairs or rebuilding within one hundred eighty (180) days after from the date of such damage or written notification by Tenant to Landlord of the destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, may at the its option of either party, to terminate this Lease by giving the other delivering written notice within sixty (60) days after such damage or destructionof termination to Landlord. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property.GOVERNMENTAL ORDERS

Appears in 1 contract

Samples: Lease Agreement (Wavesplitter Technologies Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. If The parties hereby covenant and agree that if the Premises premises are damaged or totally destroyed by fire fire, storm, lightning, earthquake, tornado, Act of God, accident, or other casualty, this Lease and all lease, at the election of its termseither party, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) shall termination as of the Premises is rendered unusable date of any such casualty and rental shall be accounted for Tenant’s intended use andas between the parties as of said date; except that if the Lessor, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty fifteen (18015) days after the date of said casualty, shall offer the Lessee in writing to restore the premises to their original condition and to the satisfaction of the Lessee and the Lessee shall accept such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destructionoffer, then either Landlord or Tenant and thereupon this lease shall have continue and remain in force between the right, at parties except that the option rental shall xxxxx as of either party, to terminate this Lease by giving the other written notice date of said casualty and not resume until the Lessee reoccupies the reconstructed premises. Said reconstruction shall be commenced within sixty (60) days after such damage or destruction. Within thirty (30) days after of Lessee's acceptance of said offer and shall be completed within four (4) months of commencement unless interrupted by construction delays beyond the date reasonable control of Lessor such as those heretofore enumerated in Paragraph 1, in which event the time of completion shall be extended by the period of such damage or destructioninterruption. Upon the completion of said reconstruction and restoration of the premises to Lessee's satisfaction, Landlord shall give notice Lessee agrees to Tenant reoccupy the same and to recommence the payment of its reasonable opinion rental thereon as to herein provided. The parties further covenant and agree that if the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is premises are damaged, but not so wholly destroyed (by any such casualty as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those eventsabove referred to, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent rental shall xxxxx in such proportion as use of the Premises premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly Lessor shall restore the Premises premises to substantially the same condition as before damagedamage as speedily as practicable, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring Tenant’s Property.

Appears in 1 contract

Samples: Agreement (Decatur First Bank Group Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. If a. If, after Substantial Completion of each component of the Premises Premises, such component or any part thereof are damaged or destroyed by fire or other casualty, this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that casualty during the Term of this Lease shall have at least fifteen (15) months remainingLease, and that applicable laws shall permit, then, and in those events, the Landlord Tenant shall repair such damage and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same or better condition as existed before damagethe occurrence of such fire or other casualty using materials of the same or better grade than that of the materials being replaced, whereupon full rental shall recommence. Landlord so that the value and utility of the Premises (considered as unencumbered by this Lease) shall not be responsible decreased, and this Lease shall remain in full force and effect. Such repair and replacement by Tenant shall be done in accordance with paragraph 22 and the standards of paragraph 8 and Tenant shall, at its expense, obtain all permits required for restoring such work. An architect or insuring engineer selected by Landlord shall review, at Tenant’s Property's expense, all plans and specifications and all draw requests hereunder. In no event shall Fixed Rent or Additional Rent abatx, xxr shall this Lease terminate by reason of such damage or destruction. Tenant may, at its sole cost and expense, participate with Landlord in the negotiation of the amount of the proceeds with the insurer, but Tenant shall have no right to prevent Landlord from agreeing to a settlement so long as the settlement will provide sufficient funds to pay the cost the restoration work required by this paragraph. Provided no Event of Default is continuing under this Lease, and provided Tenant has (i) delivered to Landlord plans and specifications and a budget for such repair and restoration (all of which Landlord shall have approved in its reasonable judgment), and (ii) deposited with Landlord or the Proceeds Trustee hereinafter mentioned cash in the sum equal to the excess, if any, of the total cost set forth in such approved budget over the amount of insurance proceeds received on account of such casualty, then Landlord shall make available to Tenant all insurance proceeds actually received by Landlord on account of such casualty, for application to the costs of such approved repair and restoration, as set forth below. In lieu of the cash required by the preceding sentence, Tenant may deposit a clean irrevocable evergreen letter of credit for an equivalent amount drawn on a bank acceptable to Landlord and Mortgagee.

Appears in 1 contract

Samples: Lease Agreement (Holmes Group Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. If the Premises are damaged or destroyed by fire or other casualty, this Lease and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or if the proceeds from Landlord’s insurance remaining (after required payment to any mortgagee, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, to terminate this Lease by giving the other written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that casualty during the Term of this Lease shall have at least fifteen (15) months remainingLease, and that applicable laws shall permit, then, and in those events, the Landlord Tenant shall repair such damage and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination within ninety (90) days after the date of such casualty, or (ii) if the written estimate states that the Premises cannot be restored to substantially the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after the date of such casualty. Within sixty (60) days of such casualty, Landlord shall notify Tenant whether the Premises cannot be restored to the condition that existed prior to the casualty within one hundred eighty (180) days of the casualty. In addition, if the Premises is not restored within two hundred seventy (270) days after the date of such casualty, then Tenant may, at its option, send a 30 day notice to terminate this Lease and if the Premises is not restored by the end of such 30 day period, this Lease shall automatically terminate. In the event of any termination under this Section 13, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same or better condition as existed before damagethe occurrence of such fire or other casualty using materials of the same or better grade than that of the materials being replaced, whereupon and this Lease shall remain in full rental force and effect. Such repair and replacement by Tenant shall recommencebe done in accordance with paragraph 23 and the standards of paragraph 9 and Tenant shall, at its expense, obtain all permits required for such work. An architect or engineer selected by Landlord shall review, at Tenant's expense, all plans and specifications and all draw requests hereunder. In no event shall Fixed Rent or Additional Rent abate, nor shall this Lease terminate by reason of such damage or dxxxxxction. Provided Tenant is not in default under this Lease (and no event has occurred which, with the passage of time, the giving of notice, or both, would constitute a default), and provided Tenant has (i) delivered to Landlord plans and specifications and a budget for such repair and restoration (all of which Landlord shall have approved), and (ii) deposited with Landlord or the Proceeds Trustee (defined below) cash in the sum equal to the excess, if any, of the total cost set forth in such approved budget over the amount of insurance proceeds received on account of such casualty, then to the extent such proceeds are available to Landlord from Mortgagee, Landlord shall make available to Tenant all insurance proceeds actually received by Landlord on account of such casualty, for application to the costs of such approved repair and restoration, as set forth below. If the estimated cost of reconstruction and the amount of insurance proceeds are less than $500,000, such proceeds shall be responsible paid to Tenant to apply to the cost of restoration. If the estimated cost of reconstruction is equal to or in excess of $500,000, all insurance proceeds shall be paid to or deposited with either a bank or trust company designated by Landlord, subject to the reasonable approval of Tenant (herein called the "PROCEEDS TRUSTEE") in the name of the Proceeds Trustee as trustee for restoring Landlord and Tenant and disbursed in the manner hereinafter provided. If Landlord mortgages the Premises with a First Mortgage, the Mortgagee thereunder may, at its option, be appointed Proceeds Trustee for so long as such First Mortgage remains outstanding and such Mortgagee does not control Landlord or insuring Tenant’s Property.is not controlled by or under common control with Landlord. Insurance proceeds shall be deposited in an interest bearing account and interest shall be distributed to Tenant upon completion of said installation, repair, replacement or rebuilding, provided no default has occurred and is continuing hereunder. All checks drawn on said account shall be signed by the Proceeds Trustee. Subject to the terms and conditions of any First Mortgage (if the Mortgagee is the Proceeds Trustee), insurance proceeds shall be disbursed to Tenant by the Proceeds Trustee under the following procedure:

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Egl Inc)

DESTRUCTION OF OR DAMAGE TO PREMISES. If In the event that all or any part of the buildings on the Premises are shall be damaged or destroyed by as a result of fire or other casualty, this Lease (a) and all of its terms, covenants and conditions shall, subject to the provisions hereinafter set forth, continue in full force and effect; provided, if more than fifty percent (50%) of the Premises is rendered unusable for Tenant’s intended use and, in Landlord’s reasonable opinion, the Premises cannot be restored within one hundred eighty (180) days after the date of such damage or destruction, or if in tenant’s reasonable judgment, materially adversely affects the proceeds from Landlordoperation of Tenant’s insurance remaining (after required payment to any mortgageebusiness in the Premises and occurs during the last year of the Term, lender or lessor of Landlord, if any) are insufficient to repair such damage or destruction, then either Landlord or Tenant shall have the right, at the option of either party, right to terminate this Lease by giving the other providing written notice within sixty (60) days after such damage or destruction. Within thirty (30) days after the date of such damage or destruction, Landlord shall give notice to Tenant of its reasonable opinion as to the number of days needed to restore the Premises so that Tenant may resume normal business operations therein. Notwithstanding anything to the contrary in this Lease, in the event that the Premises is damaged, but not so destroyed (as set forth above) to terminate the Lease, or Landlord elects to rebuild, and provided that the Term of this Lease shall have at least fifteen (15) months remaining, and that applicable laws shall permit, then, and in those events, the Landlord shall repair and rebuild the Premises with reasonable diligence. Notwithstanding the foregoing: (i) (A) in the event there is less than two (2) years of the Lease Term remaining, or (B) in the event Landlord’s mortgagee should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt and Landlord does not promptly commit to restore with Landlord’s funds, or (C) in the event of any material uninsured loss to the Building and Premises and Landlord does not promptly commit to restore with Landlord funds, then Tenant may terminate this Lease by notifying Landlord in writing of such termination to Landlord within ninety one-hundred (90100) days after the date of such casualty; and (b) in all events Tenant shall use commercially reasonable efforts to restore, rebuild and/or replace the Landlord’s Work to the same or (ii) if the written estimate states that the Premises cannot be restored to substantially the better condition that existed prior to the casualty within one hundred eighty (180) days of the casualty, then Tenant may, at its option, terminate this Lease by notifying the Landlord in writing of such termination within one hundred twenty (120) days after on the date of such casualty. Within sixty damage or destruction (60) days it being understood and agreed that Tenant shall have no obligation to restore, rebuild or replace any of such casualty, Landlord shall notify Tenant whether Tenant’s or other improvements on the Premises cannot be restored other than Landlord’s Work). Tenant shall have the right to the condition that existed prior use all insurance proceeds payable in connection with any such damage or destruction to the casualty within one hundred eighty (180) days of the casualty. In additionso restore, if rebuild and/or replace Landlord’s Work and any other improvements on the Premises is not restored within two hundred seventy (270) days after including without limitation the date of such casualty, then Premises and Tenant’s improvements and personal property therein). If Tenant may, at its option, send a 30 day notice elects to terminate this Lease and if pursuant to this Section 9 above, Tenant shall transfer to Landlord an amount of the Premises is insurance proceeds actually received by Tenant for damage or destruction attributable to Landlord’s Work to the extent Tenant has not restored by restored, rebuilt or replaced Landlord’s Work; the end remainder of such 30 day period, this Lease insurance proceeds shall automatically terminatebe transferred to and become the property of Tenant. In the event of any termination under Tenant is obligated to restore, rebuild and/or replace Landlord’s Work pursuant to this Section 139, Rent shall be apportioned and paid up to the date of such casualty. If the Premises are damaged, but this Lease is not terminated, Rent shall xxxxx in such proportion as use of the Premises has been destroyed, and Landlord shall, subject to the receipt of sufficient insurance proceeds, promptly restore the Premises to substantially the same condition as before damage, whereupon full rental shall recommence. Landlord shall not be responsible for restoring or insuring cooperate with Tenant in connection with such efforts by Tenant’s Property., including without limitation by executing permitting and other

Appears in 1 contract

Samples: Lease Agreement (Synageva Biopharma Corp)

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