Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee. (b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 4 contracts
Samples: Building Lease (Fortune Diversified Industries Inc), Building Lease (Fortune Diversified Industries Inc), Building Lease (Fortune Diversified Industries Inc)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises (i.e., less than fifty percent (50%) of its Rentable Area) during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualtycasualty (or the proceeds that would have been received by Lessor had Lessor maintained the insurance required of Lessor in Subsection 7.01 above, in the event Lessor fails to maintain such insurance) and the deductible from Lessee which Lessee shall pay Lessee’s Share to Lessor within thirty (30) business days after demand, shall forthwith repair the same, including without limitation all Tenant Improvements and Alterations, whether or not originally paid for or constructed by Lessor or Lessee, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b8.01(b) or 8.01(c) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance proceeds received by LessorLessor (or the proceeds that would have been received by Lessor had Lessor maintained the insurance required of Lessor in subsection 7.01 above, in the event Lessor fails to maintain such insurance) and provided further that Lessee shall repair all damage and destruction to those items as to which Lessee is required to maintain fire and casualty insurance under Section 7.02 above. Lessor and Lessee each shall use diligence in making such repairs within a reasonable time period, acts subject to the Force Majeure provisions of God, strikes and delays beyond Lessor's control exceptedSection 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided above in this Section. If the Premises are damaged by any peril within twelve six (126) months prior to the last day of the Lease Term (or, if Lessee has delivered its Option Notice pursuant to Section 3.03(a) above, within six (6) months prior to the last day of the Extended Term) and, in the reasonable opinion of the Lessor's ’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety thirty (9030) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor or Lessee may terminate this Lease on sixty thirty (6030) days written notice to Lesseethe other party.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises their total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty thirty (6030) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if same. If Lessor states that it will not repair within said twelve (12) months (subject to force majeure) not, or cannot, repair, this Lease shall terminate ten thirty (1030) business days after Lessor gives its notice.
(c) Lessee shall have the option to terminate this Lease if the Premises are affected by a casualty not caused by Lessee and the time estimated to substantially complete the restoration exceeds thirteen (13) months from the date Lessor’s architect’s opinion of the repair time is delivered to Lessee. In the event Such termination right shall be (i) exercised by written notice to Lessor elects delivered within thirty (30) days after delivery to repair, Lessor shall commence repairs within a reasonable time Lessee of Lessor’s architect’s opinion and diligently proceed to complete such repairs, in each instance subject to force majeure delays. (ii) irrevocable and automatically waived if not so timely exercised.
(d) In the event of terminationa termination of the Lease pursuant to this Section 8.01, Lessor shall pay be entitled to Lessee all any insurance proceeds, if any, proceeds received by Lessor as a result of under the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.policy of
Appears in 4 contracts
Samples: Triple Net Space Lease (PDL Biopharma, Inc.), Triple Net Space Lease (PDL Biopharma, Inc.), Triple Net Space Lease (Biotech Spinco, Inc.)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance Rental Income Insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's ’s control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's ’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by from any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Termcause, Lessor shall notify promptly furnish Lessee with the written opinion of Lessor’s architect of when the restoration work to repair the damage may be complete. Lessee shall have the option to terminate this Lease if the time estimated to substantially complete the restoration exceeds fifteen (15) months from the date Lessor’s architect’s opinion is delivered to Lessee, which shall be (i) exercised by written notice to Lessor delivered within sixty thirty (6030) days after such damage delivery to Lessee of Lessor’s architect’s opinion or destruction whether it will repair the same within twelve (12ii) months (subject to force majeure) from the date of such notice irrevocably and automatically waived if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delaysso timely exercised. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction except to the extent allocable to the unamortized (over the Lease Term) cost of (i) Tenant Improvements paid for by Lessee over and above the Tenant Improvement Allowance and (ii) or other Alterations installed in the Premises therein at Lessee's ’s sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 2 contracts
Samples: Sublease (PDL Biopharma, Inc.), Sublease (Biotech Spinco, Inc.)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance Rental Income Insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts subject to the Force Majeure provisions of God, strikes and delays beyond Lessor's control exceptedSection 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by from any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Termcause, Lessor shall notify promptly furnish Lessee with the written opinion of Lessor's architect of when the restoration work to repair the damage may be complete. Lessee shall have the option to terminate this Lease if the time estimated to substantially complete the restoration exceeds fifteen (15) months from the date Lessor's architect's opinion is delivered to Lessee, which shall be (i) exercised by written notice to Lessor delivered within sixty thirty (6030) days after such damage delivery to Lessee of Lessor's architect's opinion or destruction whether it will repair the same within twelve (12ii) months (subject to force majeure) from the date of such notice irrevocably and automatically waived if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delaysso timely exercised. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.the
Appears in 2 contracts
Samples: Triple Net Building Lease (Informatica Corp), Triple Net Building Lease (Informatica Corp)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor; provided that if Lessor failed to carry such insurance as required by Article VII hereof, Lessee shall nonetheless be entitled to an abatement of rent to the same extent as if Lessor had carried such insurance. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term (taking into account any previously exercised Option to Extend) and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises its total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve nine months (129) months (subject to force majeureForce Majeure Delays) from the date of such notice and if Lessor states that it will not repair within said twelve nine months (129) months (subject to force majeureForce Majeure Delays) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction except to the extent allocable to the unamortized (over the Lease Term) cost of (i) Tenant Improvements or paid for by Lessee over and above the Tenant Improvement Allowance and (ii) other Alterations installed in the Premises therein at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 2 contracts
Samples: Triple Net Building Lease (Broadvision Inc), Triple Net Building Lease (Broadvision Inc)
Destruction of the Premises. (a) In the event of a partial destruction all or any part of the Premises or the Common Area serving or providing access to the Premises are damaged during the Lease Term from any causefire or other casualty, Lessorthen Landlord shall promptly conduct the repair and diligently pursue the same to completion, upon receipt ofsubject to reasonable delays for insurance adjustment and other matters beyond Landlord’s reasonable control (in which event the provisions of Section 17.20 below shall apply), and subject to all other terms and conditions of this Article VIII; provided, however, Tenant (and not Landlord) shall promptly repair all damage to those items as to which Tenant is required to maintain property insurance under Section 7.02 above. Except as otherwise provided in Section 8.01(b) below, no such damage shall terminate this Lease. If such fire or other casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, then Landlord shall allow Tenant a proportionate abatement of Rent to the extent Landlord actually receives proceeds of rental interruption insurance purchased by Landlord as part of Insurance Expenses (or such rental interruption insurance proceeds as Landlord would have received had Landlord actually purchased the insurance described in Section 7.01(a)(iii)), during the time and to the extent ofthe Premises are unfit for occupancy for the purposes permitted under this Lease, insurance proceeds paid and not occupied by Tenant as a result thereof; provided that, in connection with such casualtyany event, Tenant’s right to xxxxx Rent shall forthwith repair terminate as of the later to occur of (i) the date on which Landlord completes its repairs under this Section 8.01(a), or (ii) the date (as reasonably determined by Landlord) on which Tenant should have completed its repairs under this Section 8.01(a) assuming Tenant used reasonable diligence in pursuing the same, provided and provided, further, that nothing in the repairs can foregoing abatement provisions are intended to give, nor shall be made within interpreted to give, any insurance company a reasonable time right to forego paying under statea rental interruption or business loss policy because of the conditionality of Tenant’s abatement. Unless this Lease is terminated pursuant to Section 8.01(b), federalTenant shall pay Tenant’s Share of any insurance deductible to Landlord as a pass-through in Operating Expenses.
(b) Notwithstanding the terms of Section 8.01(a) above, county Landlord may elect not to repair or restore the Premises, the Building and/or the Project, and municipal applicable law, but such partial destruction shall in no way annul or void instead to terminate this Lease, by notifying Tenant in writing of such termination within sixty (except as provided in Section 8.01.(b60) belowdays after the date of discovery of the damage, such notice to include a termination date giving Tenant not less than thirty (30) provided that Lessee days to vacate the Premises, but Landlord may so elect only if the Building or the Project shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received damaged by Lessor. Lessor shall use diligence in making such repairs within a reasonable time periodfire or other casualty, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If whether or not the Premises are damaged by any peril within twelve (12) months prior to the last day affected, and one or more of the Lease Term andfollowing conditions is present: (i) in Landlord’s reasonable judgment, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises repairs cannot reasonably be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) discovery of the Premisesdamage (when such repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Building or the Project or ground Landlord with respect to the Building or the Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt, Lessor or shall terminate the ground lease, as the case may terminate be; (iii) the damage is not fully covered by Landlord’s insurance policies or would have been covered by policies that Landlord was required to maintain under this Lease on sixty if such policies were not in fact maintained by Landlord (60) days written notice other than deductible amounts to Lessee.
(b) If the Premises are damaged or destroyed be paid by any cause to the extent of more than fifty percent (50%) tenants of the Premises Building or the Project); (iv) Landlord decides to rebuild the Building or the Project so that they will be substantially different structurally or architecturally; or (v) the damage occurs during the last six (6) months of the Lease TermTerm and, Lessor shall notify Lessee in Landlord’s reasonable judgment, repairs cannot reasonably be completed within sixty (60) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result discovery of the damage or destruction to (when such repairs are made without the extent allocable to unamortized Tenant Improvements payment of overtime or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthspremiums).
Appears in 2 contracts
Samples: Triple Net Space Lease, Triple Net Space Lease (Imprivata Inc)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises (i.e., less than fifty percent (50%) of its Rentable Area) during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance proceeds received by Lessor, provided that if Lessor failed to carry such insurance as required by Article VII hereof, Lessee shall nonetheless be entitled to an abatement of rent to the same extent as if Lessor had carried such insurance from such insurance as is required under Section 7.01. Lessor shall use diligence in making such repairs within a reasonable time period, acts subject to the Force Majeure provisions of God, strikes and delays beyond Lessor's control exceptedSection 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises its total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve nine months (129) months (subject to force majeurethe Force Majeure provision of Section 17.21) from the date of such notice and if Lessor states that it will not repair within said twelve nine months (129) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction to the extent allocable to the Building for unamortized Tenant Improvements or other Alterations installed in the Premises therein at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 2 contracts
Samples: Triple Net Building Lease (At Home Corp), Triple Net Building Lease (At Home Corp)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the total Rentable Area of all office/research and development Buildings which are then part of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises damaged Buildings at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsmonths following the delivery of each damaged Building, but only to the extent such payment will not violate the terms and conditions of any trust deed recorded against the Project or Premises or constitute a default thereunder.
Appears in 2 contracts
Samples: Triple Net Multiple Building Lease (Ariba Inc), Sublease (Netscreen Technologies Inc)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises (i.e., less than fifty percent (50%) of its Rentable Area) during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualtycasualty (or within a reasonable time of the event if Lessor does not receive such proceeds due to Lessor's failure to carry same in contravention of its duty to do so under Section 7.06 above) and the deductible from Lessee which Lessee shall pay to Lessor within ten (10) business days after demand, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b8.01(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance proceeds received by Lessor (or equal to the amount of such proceeds which would have been paid but for Lessor's failure to carry same in contravention of its duty to do so under Section 7.06 above) and provided further that Lessee shall repair all damage and destruction to those items as to which Lessee is required to maintain fire and casualty insurance under Section 7.02 above. Lessor and Lessee each shall use diligence in making such repairs within a reasonable time period, acts subject to the Force Majeure provisions of God, strikes and delays beyond Lessor's control exceptedSection 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided above in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises their total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve nine (129) months (subject to force majeurethe Force Majeure provision of Section 17.21) from the date of such notice and if notice. If Lessor states that it will not repair within said twelve nine (129) months (subject to force majeureForce Majeure) this Lease shall terminate ten thirty (1030) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete of such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or (other than the laboratory facilities portion thereof which Lessee would have been entitled to remove hereunder) and Alterations installed therein by Lessee with or without the prior written consent of Lessor. If Lessor states that it will repair within said nine (9) months (subject to Force Majeure), Lessor shall, upon receipt of and to the extent of insurance proceeds paid (or which would have been paid but for Lessor's failure to carry same in contravention of its duty to do so under Section 7.06 above) in connection with such casualty and the Premises at deductible amount from Lessee's sole cost , forthwith conduct the repair and expensediligently pursue the same to completion, using an amortization schedule of but such destruction shall in no way annul or void this Lease, provided that Lessee shall be entitled to a proportionate credit for rent equal monthly installments over the first sixty (60) monthsto rental income insurance proceeds received by Lessor.
Appears in 2 contracts
Samples: Triple Net Space Lease (Arqule Inc), Sublease (Threshold Pharmaceuticals Inc)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged damaged, in whole or in part, by any peril within twelve fire or other casualty, but the Building is not substantially destroyed as provided above, then the parties hereto shall have the following options:
(12i) months prior to If, in Landlord's reasonable judgment, the last day shell and core elements of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of Building within the Premises (the "Premises shell and core") cannot be reconstructed or restored within one hundred eighty (180) days of such casualty to substantially completed the same condition as they were in prior to such casualty, Landlord may terminate this Lease by written notice given to Tenant within ninety thirty (9030) days of the casualty. If, in Landlord's reasonable judgment, the Premises shell and core cannot be reconstructed or restored within one hundred eighty (180) days of such casualty to substantially the same condition as they were in prior to such casualty, but nonetheless Landlord does not so elect to terminate this Lease, then Landlord shall notify Tenant, within thirty (30) days after the casualty, of the amount of time necessary, as reasonably estimated by Landlord, to reconstruct or restore the Premises shell and core. After receipt of such notice from Landlord, Tenant may elect to terminate this Lease. This election shall be made by Tenant by giving written notice to Landlord within fifteen (15) days after the date of Landlord's notice. If neither party terminates this Lease pursuant to the foregoing, Landlord shall proceed to reconstruct and restore the Premises shell and core to substantially the same condition as they were in prior to the casualty. In such damage event this Lease shall continue in full force and such damage renders unusable more than thirty percent effect to the balance of the term, upon the same terms, conditions and covenants as are contained herein; provided, however, that Rent shall be abated in the proportion which the approximate area of the untenantable (30%as hereinafter defined) portion of the Premises bears to the total area in the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If from the Premises are damaged or destroyed by any cause to date of the extent casualty until substantial completion of more than fifty percent (50%) the reconstruction of the Premises shell and core. Notwithstanding the above, if the casualty occurs during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within last twelve (12) months (subject of the term of this Lease, either party hereto shall have the right to force majeure) from terminate this Lease as of the date of such the casualty, which right shall be exercised by written notice to be given by either party to the other party within thirty (30) days therefrom. If this right is exercised, Rent shall be apportioned to and if Lessor states that it will not repair within said shall cease as of the date of the casualty. After a casualty occurs during the last twelve (12) months (subject of the term of the Lease, Tenant may not exercise any renewal options without first obtaining Landlord's written consent. Additionally, notwithstanding anything contained herein to force majeure) this Lease the contrary, Landlord shall terminate ten (10) business days after Lessor gives have no duty to repair or restore if the damage is due to an uninsurable casualty, or if insurance proceeds are insufficient to pay for such repair or restoration, or if the holder of any mortgage, deed of trust or similar instrument applies proceeds of insurance to reduce its notice. In loan balance and the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance remaining proceeds, if any, received by Lessor available to Landlord are not sufficient to pay for such repair or restoration.
(ii) If, in Landlord's reasonable judgment, the Premises shell and core are able to be restored within one hundred eighty (180) days of such casualty to substantially the same condition as they were prior to such casualty, Landlord shall so notify Tenant within thirty (30) days of the casualty, and Landlord shall then proceed to reconstruct and restore the damaged portion of the Premises shell and core, at Landlord's expense, to substantially the same condition as it was prior to the casualty, Rent shall be abated in the proportion which the approximate area of the untenantable portion bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs, and this Lease shall continue in full force and effect for the balance of the term, upon the same terms, conditions and covenants as are contained herein.
(iii) If Landlord undertakes reconstruction or restoration of the Premises shell and core pursuant to subparagraph (i) or (ii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but if Landlord fails to substantially complete the same within two hundred and forty (240) days from the date of the casualty (except however, if under subparagraph (i) above Landlord notified Tenant that it would take longer than one hundred eighty (180) days to reconstruct or restore the Premises shell and core, but Tenant nonetheless elected not to terminate the Lease but require Landlord to reconstruct or restore the Premises shell and core, then the foregoing two hundred and forty (240) day period shall be extended to the time period set forth in Landlord's notice plus sixty (60) days), except as a result of any of the damage or destruction occurrences set forth in Section 24.J. below, Tenant may, at its option, terminate this Lease upon giving Landlord written notice to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost that effect, whereupon both parties shall be released from all further obligations and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsliability hereunder.
Appears in 1 contract
Destruction of the Premises. (a) In If the event Premises are at any time destroyed or damaged (including, without limitation, smoke and water damage) as a result of fire, the elements, accident or other casualty required to be insured against by the Landlord pursuant to Section 9.05 hereof or otherwise insured against by the Landlord and not caused by the Tenant, and if as a partial destruction result of such occurrence:
(i) the Premises are rendered untenantable only in part, this Lease shall continue in full force and effect and the Landlord shall, subject to Section 11.02 hereof, commence diligently to reconstruct, rebuild or repair the Premises to the extent only of the Landlord's Work and exclusive of the Tenant's Work and only Minimum Rent (but not Additional Rent) shall abate proportionately to the portion of the Premises during rendered untenantable from the Lease Term from any cause, Lessor, upon receipt of, date of the destruction or damage and until the Premises have been restored and rendered tenantable by the Landlord to the extent ofof the Landlord's Work;
(ii) the Premises are rendered wholly untenantable, insurance proceeds paid in connection with such casualtythe Landlord shall, shall forthwith subject to Section 11.02, hereof, commence diligently to reconstruct, rebuild or repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal Premises to the payment extent of rental income insurance received the Landlord's Work and only Minimum Rent (but not Additional Rent) shall abate entirely from the date of the destruction or damage and until the Prexxxxx have been restored and rendered tenantable in whole or in part by Lessor. Lessor shall use diligence the Landlord to the extent of the Landlord's Work;
(iii) the Premises are not rendered untenantable in making such repairs within a reasonable time periodwhole or in part, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain continue in full force and effect, with the rent Rent and other amounts payable by the Tenant shall not terminate, be reduced or abate and the Landlord shall, subject to be proportionately reduced as provided in this Section. If Section 11.02 hereof, commence dilxxxxxly to reconstruct, rebuild or repair the Premises are damaged by any peril within twelve (12) months prior to the last day extent of the Lease Term and, in the reasonable opinion of the LessorLandlord's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to LesseeWork.
(b) If Upon the Tenant being notified in writing by the Landlord that the Landlord's Work has been completed to such an extent that the Tenant's Work can be commenced, the Tenant shall forthwith complete all the Tenant.s Work and all work required to fully restore the Premises are damaged for business fully fixtured, stocked and staffed (in any case, without the benefit of any capital allowance inducement to lease, or destroyed by any cause to other payments made at the extent time of more than fifty percent (50%) or in conjunction with, the original construction of the Premises during by the Lease TermLandlord to the Tenant in connection with the Tenant's Work). The Tenant shall diligently complete the Tenant's Work and, Lessor shall notify Lessee if the Premises have been closed for business, reopen for business within sixty ninety-five (6095) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) notice from the date of Landlord that the Landlord's Work has been completed to such notice and if Lessor states an extent that it will not the Tenant's Work can be commenced.
(c) Nothing in this Section 11.01 requires the Landlord to (i) repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repairor replace any improvements, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairsequipment, in each instance subject to force majeure delays. In the event of terminationfurniture, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage chattels or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed trade fixtures in the Premises at Lessee's sole cost and expensewhich do not belong to the Landlord, or, (ii) repair, reconstruct or rebuild the Building or any part thereof, or the Premises or any part thereof, using an amortization schedule the plans and specifications and working drawings used in the original construction of the Building or any part thereof or in the Premises or any part thereof, provided that such plans and specifications and working drawings so used by the Landlord in repairing, reconstructing or rebuilding call for a quality equal monthly installments over to or better than that called for in the first sixty (60) monthsplans and specifications and working drawings used in the original construction.
Appears in 1 contract
Samples: Office Lease (Ace Hardware Corp)
Destruction of the Premises. (a) In the event of a partial destruction of If the Premises during should be rendered untenantable for the Lease Term from any causepurpose for which they were leased, Lessorby fire or other casualty, upon receipt ofbut the Building is not substantially destroyed as provided above, and then the parties hereto shall have the following options:
i. If, in Landlord's reasonable judgment, the Premises cannot be reconstructed or restored within one hundred eighty (180) days of such casualty to substantially the extent of, insurance proceeds paid in connection with same condition as they were prior to such casualty, Landlord shall forthwith repair so notify Tenant within thirty (30) days of the samecasualty and either Landlord or Tenant may elect, provided within fifteen (15) days thereafter, to terminate this Lease. If Tenant makes no election within such fifteen (15) day period, Landlord shall then have the repairs can right, to be made exercised within a reasonable time under statefifteen (15) days following the expiration of Tenant's election period, federalby giving written notice to Tenant, county to reconstruct and municipal applicable lawrestore the Premises to substantially the same condition as they were prior to the casualty. In such event this Lease shall continue in full force and effect to the balance of the term, but upon the same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction of the Premises. If Landlord fails to exercise such partial destruction right, this Lease shall in no way annul or void be terminated as of the date of the casualty, to which date Rent shall be apportioned and shall thereafter cease. Notwithstanding the above, if the casualty occurs during the last twelve (12) months of the Term of this Lease, and the relevant restoration cannot be completed in thirty (except 30) days, either party hereto shall have the right to terminate this Lease as provided in Section 8.01.(b) below) provided that Lessee of the date of the casualty, which right shall be entitled exercised by written notice to a proportionate credit for rent equal be given by either party to the payment other party within thirty (30) days therefrom. If this right is exercised, Rent shall be apportioned to and shall cease as of rental income insurance received by Lessorthe date of the casualty. Lessor shall use diligence in making such repairs within If a reasonable time periodcasualty occurs during the last twelve (12) months of the term of the Lease, acts of God, strikes and delays beyond LessorTenant may not exercise any extension options without first obtaining Landlord's control exceptedwritten consent.
ii. If, in which instance Landlord's reasonable judgment, the time period Premises are able to be restored within one hundred eighty (180) days to substantially the same condition as they were prior to such casualty, Landlord shall so notify Tenant within fifteen (15) days of the casualty, and Landlord shall then proceed to reconstruct and restore the damaged portion of the Premises, at Landlord's expense, to substantially the same condition as it was prior to the casualty; Rent shall be extended accordinglyabated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs, and this Lease shall remain continue in full force and effect, with effect for the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day balance of the Lease Term and, in Term.
iii. In the reasonable opinion of the Lessor's architect event Landlord undertakes reconstruction or construction consultant, the restoration of the Premises cannot be pursuant to subparagraph (i) or (ii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but in the event Landlord fails to substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair complete the same within twelve two hundred forty (12240) months (subject to force majeure) days from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repaircasualty, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor except as a result of any of the damage or destruction occurrences set forth in subparagraph 25 (j) below, Tenant may, at its option, terminate this Lease upon giving Landlord written notice to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost that effect, whereupon both parties shall be released from all further obligations and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsliability hereunder.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term anddamaged, in whole or in part, by fire or other casualty, but the Building is not substantially destroyed or materially damaged as provided above, then the parties hereto shall have the following options:
(i) If, in Landlord’s reasonable opinion of the Lessor's architect or construction consultantjudgment, the restoration of the Premises cannot be substantially completed reconstructed or restored within ninety two hundred seventy (90270) days after the date of such damage and casualty to substantially the same condition as they were in prior to such damage renders unusable more than thirty percent (30%) of the Premisescasualty, Lessor Landlord may terminate this Lease on sixty by written notice given to Tenant within thirty (6030) days written notice to Lessee.
(b) If of the casualty. If, in Landlord’s reasonable judgment, the Premises are damaged cannot be reconstructed or destroyed by any cause restored within two hundred seventy (270) days of such casualty to substantially the extent of more than fifty percent (50%) of the Premises during the Lease Termsame condition as they were in prior to such casualty, Lessor but nonetheless Landlord does not so elect to terminate this Lease, then Landlord shall notify Lessee Tenant, within sixty (60) days of the casualty, of the amount of time necessary, as reasonably estimated by Landlord, to reconstruct or restore the Premises. After receipt of such notice from Landlord, Tenant may elect to terminate this Lease. This election shall be made by Tenant by giving written notice to Landlord within thirty (30) days after such damage or destruction whether it will repair the date that Tenant receives Landlord’s notice. If neither party terminates this Lease pursuant to the foregoing, Landlord shall proceed to reconstruct and restore the Premises to substantially the same within condition as they were in prior to the casualty. In such event this Lease shall continue in full force and effect to the balance of the term, upon the same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises, from the date of the casualty until substantial completion of the reconstruction of the Premises. Notwithstanding the above, if the casualty occurs during the last twelve (12) months (subject of the term of this Lease, either party hereto shall have the right to force majeure) from terminate this Lease as of the date of such the casualty, which right shall be exercised by written notice to be given by either party to the other party within thirty (30) days therefrom. If this right is exercised, Rent shall be apportioned to and if Lessor states that it will not repair within said shall cease as of the date of the casualty. After a casualty occurs during the last twelve (12) months (subject of the term of the Lease, Tenant may not exercise any renewal options without first obtaining Landlord’s written consent. Additionally, notwithstanding anything contained herein to force majeure) this Lease the contrary, Landlord shall terminate ten (10) business days after Lessor gives have no duty to repair or restore the Premises or Building if the damage is due to an uninsurable casualty, or if insurance proceeds are insufficient to pay for such repair or restoration, or if the holder of any mortgage, deed of trust or similar instrument applies proceeds of insurance to reduce its notice. In loan balance and the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance remaining proceeds, if any, received by Lessor as a result of the damage available to Landlord are not sufficient to pay for such repair or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed restoration.
(ii) If, in Landlord’s reasonable judgment, the Premises at Lessee's sole cost and expenseare able to be restored within two hundred seventy (270) days of such casualty to substantially the same condition as they were prior to such casualty, using an amortization schedule of equal monthly installments over the first Landlord shall so notify Tenant within sixty (60) monthsdays of the casualty, and Landlord shall then proceed to reconstruct and restore the damaged portion of the Premises, at Landlord’s expense, to substantially the same condition as it was prior to the casualty, Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs, and this Lease shall continue in full force and effect for the balance of the term, upon the same terms, conditions and covenants as are contained herein.
(iii) In the event Landlord undertakes reconstruction or restoration of the Premises pursuant to subparagraph (i) or (ii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but in the event Landlord fails to Substantially Complete the same within two hundred seventy (270) days from the date of the casualty (except however, if under subparagraph (i) above Landlord notified Tenant that it would take longer than two hundred seventy (270) days to reconstruct or restore the Premises, but Tenant nonetheless elected not to terminate the Lease but require Landlord to reconstruct or restore the Premises, then the foregoing two hundred seventy (270) day period shall be extended to the time period set forth in Landlord’s notice plus sixty (60) days), Tenant may, at its option, terminate this Lease upon giving Landlord written notice to that effect, whereupon both parties shall be released from all further obligations and liability hereunder.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises (i.e., affecting less than fifty percent (50%) of its Rentable Area) during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualtycasualty and deductibles paid by Lessee, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance proceeds received by Lessor, provided further, that if Lessor failed to carry such insurance as required by Article VII hereof, Lessee shall nonetheless be entitled to an abatement of rent to the same extent as if Lessor had carried such insurance from such insurance as is required under Section 7.01. Lessor shall use diligence in making such repairs within a reasonable time period, acts subject to the Force Majeure provisions of God, strikes and delays beyond Lessor's control exceptedSection 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's ’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises its total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve months (12) months (subject to force majeurethe Force Majeure provisions of Section 17.21) from the date of such notice and if Lessor states that it will not repair within said twelve months (12) months (subject to force majeureForce Majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction destruction, except to the extent allocable to unamortized (sixty (60) equally monthly amounts over the five (5) year period following installation of same) Tenant Improvements or other Alterations installed in the Premises therein at Lessee's ’s sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 1 contract
Samples: Sublease (Supportsoft Inc)
Destruction of the Premises. (a) In the event of a partial destruction of If the Premises during should be rendered untenantable for the Lease Term from any causepurpose for which they were leased, Lessorby fire or other casualty, upon receipt ofbut the Building is not substantially destroyed as provided above, and then the parties hereto shall have the following options:
i) If, in Landlord's reasonable judgment, the Premises cannot be reconstructed or restored within one hundred eighty (180) days of such casualty to substantially the extent of, insurance proceeds paid in connection with same condition as they were prior to such casualty, Landlord shall forthwith repair so notify Tenant within thirty (30) days of the samecasualty and either Landlord or Tenant may elect, provided the repairs can be made within a reasonable time under statefifteen (15) days thereafter, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void to terminate this Lease. If Tenant makes no election within such fifteen (15) day period, Landlord shall then have the right, to be exercised within fifteen (except 15) days following the expiration of Tenant's election period, by giving written notice to Tenant, to reconstruct and restore the Premises to substantially the same condition as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal they were prior to the payment of rental income insurance received by Lessorcasualty. Lessor shall use diligence in making In such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and event this Lease shall remain continue in full force and effecteffect to the balance of the term, with upon the rent same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the damaged portion bears to be proportionately reduced as provided the total area in this Sectionthe Premises from the date of the casualty until substantial completion of the reconstruction of the Premises. If Landlord fails to exercise such right, this Lease shall be terminated as of the Premises are damaged by any peril within date of the casualty, to which date Rent shall be apportioned and shall thereafter cease. Notwithstanding the above, if the casualty occurs during the last twelve (12) months prior to the last day of the Term of this Lease, either party hereto shall have the right to terminate this Lease Term and, in the reasonable opinion as of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premisescasualty, Lessor may terminate this Lease on sixty (60) days which right shall be exercised by written notice to Lessee.
(b) If the Premises are damaged or destroyed be given by any cause either party to the extent of more than fifty percent other party within thirty (50%30) days therefrom. If this right is exercised, Rent shall be apportioned to and shall cease as of the Premises date of the casualty. If a casualty occurs during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within last twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage or destruction to term of the extent allocable to unamortized Lease, Tenant Improvements or other Alterations installed in the Premises at Lesseemay not exercise any extension options without first obtaining Landlord's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthswritten consent.
Appears in 1 contract
Destruction of the Premises. (a) In If the event Premises are at any time destroyed or damaged (including, without limitation, smoke and water damage) as a result of fire, the elements, accident or other casualty required to be insured against by the Landlord pursuant to Section 9.06 hereof or otherwise insured against by the Landlord and not caused by the Tenant, and if as a partial destruction result of such occurrence:
(i) the Premises are rendered untenantable only in part, this Lease shall continue in full force and effect and the Landlord shall, subject to Section 11.02 hereof, commence diligently to reconstruct, rebuild or repair the Premises to the extent only of the Landlord's Work and exclusive of the Tenant's Work and Minimum Rent and Additional Rent shall xxxxx proportionately to the portion of the Premises during rendered untenantable from the Lease Term from any cause, Lessor, upon receipt of, date of the destruction or damage and until the Premises have been restored and rendered tenantable by the Landlord to the extent ofof the Landlord's Work;
(ii) the Premises are rendered wholly untenantable, insurance proceeds paid this Lease shall continue in connection with such casualtyfull force and effect and the Landlord shall, shall forthwith subject to Section 11.02 hereof, commence diligently to reconstruct, rebuild or repair the samePremises to the extent of the Landlord's Work and Minimum Rent and Additional Rent shall xxxxx entirely from the date of the destruction or damage and until the Premises have been restored and rendered tenantable in whole or in part by the Landlord to the extent of the Landlord's Work;
(iii) the Premises are not rendered untenantable in whole or in part, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b11.01(a)(i) belowor (ii) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time periodabove, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain continue in full force and effect, with the rent Rent and other amounts payable by the Tenant shall not terminate, be reduced or xxxxx and the Landlord shall, subject to be proportionately reduced as provided in this Section. If Section 11.02 hereof, commence diligently to reconstruct, rebuild or repair the Premises are damaged by any peril within twelve (12) months prior to the last day extent of the Lease Term and, in the reasonable opinion of the LessorLandlord's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to LesseeWork.
(b) If Upon the Tenant being notified in writing by the Landlord that the Landlord's Work has been completed to such an extent that the Tenant's Work can be commenced, the Tenant shall forthwith complete all the Tenant's Work and all work required to fully restore the Premises are damaged for business fully fixtured, stocked and staffed (in any case, without the benefit of any capital allowance inducement to lease, or destroyed by any cause to other payments made at the extent time of more than fifty percent (50%) or in conjunction with, the original construction of the Premises during by the Lease TermLandlord to the Tenant in connection with the Tenant's Work). The Tenant shall diligently complete the Tenant's Work and, Lessor shall notify Lessee if the Premises have been closed for business, reopen for business within sixty ninety-five (6095) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) notice from the date of Landlord that the Landlord's Work has been completed to such notice and if Lessor states an extent that it will not the Tenant's Work can be commenced.
(c) Nothing in this Section 11.01 requires the Landlord to (i) repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repairor replace any improvements, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairsequipment, in each instance subject to force majeure delays. In the event of terminationfurniture, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage chattels or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed trade fixtures in the Premises at Lessee's sole cost and expensewhich do not belong to the Landlord, or, (ii) repair, reconstruct or rebuild the Building or any part thereof, or the Premises or any part thereof, using an amortization schedule the plans and specifications and working drawings used in the original construction of the Building or any part thereof or in the Premises or any part thereof, provided that such plans and specifications and working drawings so used by the Landlord in repairing, reconstructing or rebuilding call for a quality equal monthly installments over to or better than that called for in the first sixty (60) monthsplans and specifications and working drawings used in the original construction.
Appears in 1 contract
Samples: Lease (Acc Corp)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term anddamaged, in whole or in part, by fire or other casualty, but the Building is not substantially destroyed as provided above or if neither Landlord nor Tenant terminates this Lease in accordance with Section 12.A, then the parties hereto shall have the following options:
(i) If, in Landlord's reasonable opinion of the Lessor's architect or construction consultantjudgment, the restoration of the Premises cannot be reconstructed or restored within one hundred twenty (120) days after such casualty to substantially completed the same condition as they were in prior to such casualty, Landlord may terminate this Lease by written notice given to Tenant within ninety thirty (9030) days after the casualty. If, in Landlord's reasonable judgement, the Premises cannot be reconstructed or restored within one hundred twenty (120) days after such casualty to substantially the same condition as they were in prior to such casualty, but nonetheless Landlord does not so elect to terminate this Lease, then Landlord shall notify Tenant, within thirty (30) days after the casualty, of the amount of time necessary, as reasonably estimated by Landlord, to reconstruct or restore the Premises. After receipt of such notice from Landlord, Tenant may elect to terminate this Lease. This election shall be made by Tenant by giving written notice to Landlord within fifteen (15) business days after the date of Landlord's notice. If neither party terminates this Lease pursuant to the foregoing, Landlord shall proceed to reconstruct and restore the Premises to substantially the same condition as they were in prior to the casualty. In such damage event this Lease shall continue in full force and effect to the balance of the Term, upon the same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the portion of the Premises that is untenantable (as a result of such damage renders unusable more than thirty percent (30%casualty) bears to the total area in the Premises, from the date of the casualty until substantial completion of the reconstruction of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(bii) If Notwithstanding the Premises are damaged or destroyed by any cause to above, if the extent of more than fifty percent (50%) of the Premises casualty occurs during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within last twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term anddamaged, in whole or in part, by fire or other casualty, but the Building is not substantially destroyed as provided above, then the parties hereto shall have the following options:
(i) If, in Landlord's reasonable opinion of the Lessor's architect or construction consultantjudgment, the restoration of the Premises cannot be reconstructed or restored within one hundred twenty (120) days after such casualty to substantially completed the same condition as they were in prior to such casualty, Landlord may terminate this Lease by written notice given to Tenant within ninety thirty (9030) days after the casualty. If, in Landlord's reasonable judgement, the Premises cannot be reconstructed or restored within one hundred twenty (120) days after such casualty to substantially the same condition as they were in prior to such casualty, but nonetheless Landlord does not so elect to terminate this Lease, then Landlord shall notify Tenant, within thirty (30) days after the casualty, of the amount of time necessary, as reasonably estimated by Landlord, to reconstruct or restore the Premises. After receipt of such notice from Landlord, Tenant may elect to terminate this Lease. This election shall be made by Tenant by giving written notice to Landlord within fifteen (15) days after the date of Landlord's notice. If neither party terminates this Lease pursuant to the foregoing, Landlord shall proceed to reconstruct and restore the Premises to substantially the same condition as they were in on the date that Landlord delivered possession of the Premises to Tenant with Landlord's work on Exhibit B complete ("Substantial Reconstruction"). In such damage event this Lease shall continue in full force and such damage renders unusable more than thirty percent (30%) effect to the balance of the term, upon the same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the Square Footage of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If from the date of the casualty until the earlier of the date that Tenant occupies the Premises are damaged for business or destroyed by any cause to the extent of more than fifty percent forty five (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (6045) days after such damage or destruction whether it will repair Substantial Reconstruction. Notwithstanding the same within above, if the casualty occurs during the last twelve (12) months (subject of the term of this Lease, either party hereto shall have the right to force majeure) from terminate this Lease as of the date of such the casualty, which right shall be exercised by written notice to be given by either party to the other party within thirty (30)days therefrom. If this right is exercised, Rent shall be apportioned to and if Lessor states that it will not repair within said shall cease as of the date of the casualty. After a casualty occurs during the last twelve (12) months (subject of the term of the Lease, Tenant may not exercise any renewal options without first obtaining Landlord's written consent. Additionally, notwithstanding anything contained herein to force majeure) this Lease the contrary, Landlord shall terminate ten (10) business days after Lessor gives have no duty to repair or restore the Premises or Building if the damage is due to an uninsurable casualty, or if insurance proceeds are insufficient to pay for such repair or restoration, or if the holder of any mortgage, deed of trust or similar instrument applies proceeds of insurance to reduce its notice. In loan balance and the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance remaining proceeds, if any, received by Lessor available to Landlord are not sufficient to pay for such repair or restoration.
(ii) If, in Landlord's reasonable judgment, the Premises are able to be restored within one hundred twenty (120)days after such casualty to substantially the same condition as they were prior to such casualty, Landlord shall so notify Tenant within thirty (30)days after the casualty, and Landlord shall then proceed to reconstruct and restore the damaged portion of the Premises, at Landlord's expense, to a state of Substantial Reconstruction, Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the Square Footage of the Premises from the date of the casualty until the earlier of the date that Tenant occupies the Premises for business or forty five (45) days after Substantial Reconstruction, and this Lease shall continue in full force and effect for the balance of the term, upon the same terms, conditions and covenants as are contained herein.
(iii) In the event Landlord undertakes reconstruction or restoration of the Premises pursuant to subparagraph (i) or (ii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but in the event Landlord fails to substantially complete the same within one hundred eighty (180) days after the date of the casualty (except however, if under subparagraph (i) above Landlord notified Tenant that it would take longer than one hundred twenty (120) days to reconstruct or restore the Premises, but Tenant nonetheless elected not to terminate the Lease but required Landlord to reconstruct or restore the Premises, then the foregoing one hundred and eighty (180) day period shall be extended to the time period set forth in Landlord's notice plus sixty (60) days), except as a result of any of the damage or destruction occurrences set forth in Section 27.J. below, Tenant may, at its option, terminate this Lease upon giving Landlord written notice to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost that effect, whereupon both parties shall be released from all further obligations and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsliability hereunder.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance Rental Income Insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by from any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Termcause, Lessor shall notify promptly furnish Lessee with the written opinion of Lessor's architect of when the restoration work to repair the damage may be complete. Lessee shall have the option to terminate this Lease if the time estimated to substantially complete the restoration exceeds fifteen (15) months from the date Lessor's architect's opinion is delivered to Lessee, which shall be (i) exercised by written notice to Lessor delivered within sixty thirty (6030) days after such damage delivery to Lessee of Lessor's architect's opinion or destruction whether it will repair the same within twelve (12ii) months (subject to force majeure) from the date of such notice irrevocably and automatically waived if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delaysso timely exercised. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction except to the extent allocable to the unamortized (over the Lease Term) cost of (i) Tenant Improvements paid for by Lessee over and above the Tenant Improvement Allowance and (ii) or other Alterations installed in the Premises therein at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor; provided that if Lessor failed to carry such insurance as required by Article VII hereof, Lessee shall nonetheless be entitled to an abatement of rent to the same extent as if Lessor had carried such insurance. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's ’s control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's ’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises its total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve nine months (129) months (subject to force majeureForce Majeure Delays) from the date of such notice and if Lessor states that it will not repair within said twelve nine months (129) months (subject to force majeureForce Majeure Delays) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction except to the extent allocable to the unamortized Tenant Improvements or other (over the Lease Term) cost of Alterations installed in the Premises therein at Lessee's ’s sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction all or any part of the Premises or the Common Area serving or providing access to the Premises are damaged during the Lease Term from any causefire or other casualty, Lessorthen Landlord shall promptly conduct the repair and diligently pursue the same to completion, upon receipt ofsubject to reasonable delays for insurance adjustment and other matters beyond Landlord’s reasonable control (in which event the provisions of Section 17.20 below shall apply), and subject to all other terms and conditions of this Article VIII; provided, however, Tenant (and not Landlord) shall promptly repair all damage to those items as to which Tenant is required to maintain property insurance under Section 7.02 above. Except as otherwise provided in Section 8.01(b) below, no such damage shall terminate this Lease. If such fire or other casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, then Landlord shall allow Tenant a proportionate abatement of Rent to the extent Landlord actually receives proceeds of rental interruption insurance purchased by Landlord as part of Insurance Expenses (or would have received such proceeds had Landlord maintained the insurance required of Landlord pursuant to Section 7.01(iii) above), during the time and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided Premises are unfit for occupancy for the repairs can be made within a reasonable time purposes permitted under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, and not occupied by Tenant as a result thereof; provided that, in any event, Tenant’s right to xxxxx Rent shall terminate as of the later to occur of (except i) the date on which Landlord completes its repairs under this Section 8.01(a), or (ii) the date (as provided reasonably determined by Landlord) on which Tenant should have completed its repairs under this Section 8.01(a) assuming Tenant used reasonable diligence in pursuing the same. Unless this Lease is terminated pursuant to Section 8.01.(b8.01(b), Tenant shall pay Tenant’s Share of any insurance deductible to Landlord within ten (10) belowdays after written demand.
(b) provided that Lessee Notwithstanding the terms of Section 8.01(a) above, Landlord may elect not to repair or restore the Premises, the Building and/or the Project, and instead to terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant not less than thirty (30) days to vacate the Premises, but Landlord may so elect only if the Building or the Project shall be entitled to a proportionate credit for rent equal to damaged by fire or other casualty, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of rental income overtime or other premiums); (ii) the holder of any mortgage on the Building or the Project or ground lessor with respect to the Building or the Project shall require that the insurance received proceeds or any portion thereof be used to retire the mortgage debt, or shall terminate the ground lease, as the case may be; (iii) the damage is not fully covered by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts Landlord’s insurance policies (other than deductible amounts actually paid by Tenant and other tenants of God, strikes the Building or the Project) and delays beyond Lessor's control excepted, in which instance Landlord terminates the time period shall leases of all of the other tenants of the Building; (iv) Landlord decides to rebuild the Building or the Project so that they will be extended accordingly, and this Lease shall remain in full force and effect, with substantially different structurally or architecturally; or (v) the rent to be proportionately reduced as provided in this Section. If damage occurs during the Premises are damaged by any peril within twelve last six (126) months prior to the last day of the Lease Term and, in the Landlord’s reasonable opinion of the Lessor's architect or construction consultantjudgment, the restoration of the Premises repairs cannot reasonably be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums).
(c) Notwithstanding the terms of Section 8.01(a) above, Tenant may elect to terminate this Lease, by notifying Landlord in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant not less than thirty (30) days nor more than ninety (90 ) days to vacate the Premises, but Tenant may so elect only if the Building shall be damaged by fire or other casualty, whether or not the Premises are affected, and one or more of the following conditions is present: (i) in Landlord’s reasonable judgment, repairs cannot reasonably be completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of overtime or destruction whether it will repair other premiums) (ii) the same within damage was not caused by the actions or omissions of Tenant or any Tenant Parties, and (iii) more than thirty-five percent (35%) of the Building was affected by the casualty and Tenant is not, in fact, using the portion of the Building affected by the Premises. In addition, Tenant may terminate this Lease if the Building is damaged by a casualty, and the damage occurs during the last twelve (12) months (subject to force majeure) from of the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairsTerm and, in each instance subject to force majeure delays. In the event of terminationLandlord’s reasonable judgment, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first repairs cannot reasonably be completed within sixty (60) monthsdays after the date of discovery of the damage (when such repairs are made without the payment of overtime or other premiums).
Appears in 1 contract
Samples: Triple Net Space Lease (Lionbridge Technologies Inc /De/)
Destruction of the Premises. Some leases will limit landlord’s responsibility to commence based upon receipt of insurance proceeds. You will want to delete or negotiate a reasonable time period after which landlord must commence regardless of receipt of proceeds. Waiver of subrogation and interplay of insurance issue.
(a) In the event of a partial destruction of If the Premises during are at any time destroyed or damaged (including, without limitation, smoke and water damage) as a result of fire, the Lease Term from any causeelements, Lessor, upon receipt ofaccident or other casualty required to be insured against by Landlord pursuant to Paragraph 14.3 hereof or otherwise insured against by Landlord and not caused by Tenant, and to the extent ofif as a result of such occurrence:
(i) The Premises are rendered untenantable only in part, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain continue in full force and effecteffect and Landlord shall, with the rent subject to be proportionately reduced as provided in this Section. If Paragraph 23.3 hereof, commence diligently to reconstruct, rebuild or repair the Premises are damaged by any peril within twelve (12) months prior to the last day extent only of Landlord’s Work set out in Exhibit B, and exclusive of Tenant’s Work as therein set out (we need to discuss who insures those components covered by the TI Allowance), and only a portion of the Lease Term andMinimum Rent, in Adjustments and other amounts that Tenant otherwise would be obligated to pay (but not Tenant’s obligation to pay Percentage Rent, Adjustments or other amounts pursuant hereto), equal to the reasonable opinion ratio from time to time of the Lessor's architect or construction consultant, area of the restoration portion of the Premises canso rendered and remaining untenantable to the area of the entire Premises until the Premises have been restored and rendered tenantable by Landlord to the extent of Landlord’s Work as set out in Exhibit B, plus the period described in 23.1(b) below, shall be abated. Provided however, if the portion of Premises left tenantable is not sufficient in size or nature for Tenant to economically operate its business, then the entire Premises shall be substantially completed within ninety considered untenantable and subsection (90ii) days after below shall apply.
(ii) The Premises are rendered wholly untenantable, Landlord shall, subject to Paragraph 23.3 hereof, commence diligently to reconstruct, rebuild or repair the Premises to the extent of Landlord’s Work as set out in Exhibit B (we need to discuss who insures those components covered by the TI Allowance), and only Minimum Rent, Adjustments and other amounts that Tenant would otherwise be obligated to pay (but not Tenant’s obligation to pay Percentage Rent, Adjustments or other amounts pursuant hereto) shall xxxxx entirely from the date of such the destruction or damage until the Premises have been restored and such damage renders unusable more than thirty percent (30%rendered tenantable by Landlord to the extent of Landlord’s Work as set out in Exhibit B, plus the period described in 23.1(b) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lesseebelow.
(b) If the Premises are damaged Upon Tenant being notified in writing by Landlord, its architect or destroyed by any cause other representative that reconstruction of Landlord’s Work as set out in Exhibit B has been completed to the extent of more than fifty percent (50%) of necessary for Tenant to commence Tenant’s Work, Tenant shall promptly commence and thereafter diligently and continuously reconstruct Tenant’s Work, and if the Premises during have been closed for business, Tenant shall reopen forthwith (but in no event later than on the Lease Term, Lessor shall notify Lessee within sixty (60) date that is a number of days after such damage or destruction whether it will repair notice is given to Tenant equal to the same within twelve (12) months (subject number of days set forth in Paragraph 1.9 and Section 4 with respect to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result initial determination of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost Commencement Date), fully stocked, fixturized and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsstaffed.
Appears in 1 contract
Samples: Lease Agreement
Destruction of the Premises. (a) In the event of a partial destruction all or any part of the Premises or the Common Area serving or providing access to the Premises are damaged during the Lease Term from any causefire or other casualty, LessorLandlord shall promptly conduct the repair and diligently pursue the same to completion, upon receipt ofsubject to reasonable delays for insurance adjustment and other matters beyond Landlord’s reasonable control (in which event the provisions of Section 17.20 below shall apply), and subject to all other terms and conditions of this Article VIII; provided, however, Tenant (and not Landlord) shall promptly repair all damage to those items as to which Tenant is required to maintain property insurance under Section 7.02 above. Except as set forth above and as otherwise provided in Sections 8.01(b) and 8.01(c) below, no such damage shall terminate this Lease. If such fire or other casualty shall have damaged the Premises or Common Areas necessary to Tenant’s occupancy, then Landlord shall allow Tenant a proportionate abatement of Rent to the extent Landlord actually receives proceeds of rental interruption insurance purchased by Landlord as part of Insurance Expenses(or would have received such proceeds if: (i) Landlord had maintained insurance coverage for loss of rents, or (ii) Landlord or a Landlord Party had not performed a wrongful act that results in such insurance being unavailable), during the time and to the extent ofthe Premises are unfit for occupancy for the purposes permitted under this Lease, insurance proceeds paid and not occupied by Tenant as a result thereof; provided that, in connection with such casualtyany event, Tenant’s right to xxxxx Rent shall forthwith repair terminate as of the earlier to occur of (i) the date on which Landlord completes its repairs under this Section 8.01(a), (ii) the date (as reasonably determined by Landlord) on which Tenant should have completed its repairs under this Section 8.01(a) assuming Tenant used reasonable diligence in pursuing the same, provided or (iii) the repairs can be made date this Lease is terminated pursuant to any express termination right that either Landlord or Tenant may have under this Article VIII. Unless this Lease is terminated pursuant to Section 8.01(b), Tenant shall pay Tenant’s Share (i.e., either Tenant’s Premises Share, Tenant’s Lot 1 Share or Tenant’s Project Share, as applicable) of any insurance deductible to Landlord within a reasonable time under statethirty (30) days after written demand in accordance with and subject to Section 7.01.
(b) Notwithstanding the terms of Section 8.01(a) above, federalLandlord may elect not to repair or restore the Premises, county the Building and/or Lot 1 or the Project, and municipal applicable law, but such partial destruction shall in no way annul or void instead to terminate this Lease, by notifying Tenant in writing of such termination within sixty (60) days after the date of discovery of the damage, such notice to include a termination date giving Tenant not less than thirty (30) days to vacate the Premises, but Landlord may so elect only if the Building or Lot 1 or the Project shall be damaged by fire or other casualty, whether or not the Premises are affected, and one or more of the following conditions is present and, except as provided in Section 8.01.(bthe case of clause (v) below, the leases of all other tenants in the Building are likewise terminated: (i) provided that Lessee shall in Landlord’s reasonable judgment, repairs cannot reasonably be entitled to a proportionate credit for rent equal to completed within one hundred eighty (180) days after the date of discovery of the damage (when such repairs are made without the payment of rental income overtime or other premiums); (ii) the holder of any mortgage on the Building or Lot 1 or the Project or ground lessor with respect to the Building or the Project shall require that the insurance proceeds or any portion thereof be used to retire the mortgage debt and the resulting shortfall in insurance proceeds received by Lessor. Lessor Landlord (other than deductible amounts) is more than Two Hundred Fifty Thousand Dollars ($250,000.00), or shall use diligence terminate the ground lease, as the case may be; (iii) the damage is in making excess of twenty-five percent (25%) of the replacement cost of the Building or Project and more than Two Hundred Fifty Thousand Dollars ($250,000.00) of such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordinglydamage is not fully covered by Landlord’s insurance policies (other than deductible amounts) that Landlord actually carries or is required to carry under this Lease, and this Lease shall remain Tenant does not agree in full force writing to fund such excess within ten (10) business days after its receipt of written notice from Landlord; (iv) the damage is in excess of twenty-five percent (25%) of the replacement cost of the Building and effect, with Landlord decides to rebuild the rent to Building so that it will be proportionately reduced as provided in this Section. If substantially different structurally or architecturally or (v) the Premises are damaged by any peril within twelve damage occurs during the last six (126) months prior to the last day of the Lease Term and, in the Landlord’s reasonable opinion of the Lessor's architect or construction consultantjudgment, the restoration of the Premises repairs cannot reasonably be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result discovery of the damage or destruction to (when such repairs are made without the extent allocable to unamortized Tenant Improvements payment of overtime or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthspremiums).
Appears in 1 contract
Destruction of the Premises. If THE PREMISES should be destroyed by fire, earthquake, Act of God or the elements during the term hereof, or damage to such an extent that THE PREMISES cannot be repaired within one hundred twenty (a120) In working days, THIS AGREEMENT, at BIG HOLLOW’s option, shall terminate, and any remaining or uncredited amount of BIG HOLLOW’s prior contribution, as defined in Section 3.1 above shall be refunded and paid to BIG HOLLOW, in the event of full amount to have been credited to BIG HOLLOW under THIS AGREEMENT had BIG HOLLOW remained a partial destruction tenant through the entire lease-term. If after one hundred and twenty (120) working days, information is not available for the parties to determine the future viability of the Premises building, the parties agree to negotiate in good faith as to the future use of the building. If during the Lease Term from any causefirst one hundred and twenty (120) days after such damage or destruction BIG HOLLOW agrees to continue as a tenant, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease THIS AGREEMENT shall remain in full force and effect, and MAIN STREET shall, with all reasonable dispatch, proceed to replace THE PREMISES with a premises similar in character, and the lease payments shall and rent to be proportionately reduced as provided in this Sectioncredit shall xxxxx for such length of time during the period of replacement that BIG HOLLOW is deprived of the occupation or enjoyment of THE PREMISES. If the Premises If, however, THE PREMISES are damaged only partially destroyed by any peril of the above causes and the damage thereto can be repaired within twelve the one hundred twenty (12120) months working day period, MAIN STREET shall with all reasonable dispatch, proceed to repair THE PREMISES and place THE PREMISES in substantially the same condition as THE PREMISES were prior to the last day of damage, and BIG HOLLOW shall remit lease payments (with the Lease Term and, in applicable rent credit given) to MAIN STREET for the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot damaged PREMISES should they be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises fit for occupancy during the Lease Termtime of repair. If THE PREMISES are not fit for occupancy during the time of repair, Lessor then lease payments and rent credit shall notify Lessee within sixty (60) days after xxxxx during such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its noticetime period. In the event Lessor elects that MAIN STREET and BIG HOLLOW cannot agree as to repairwhether THE PREMISES or a portion thereof is fit for occupancy the parties in dispute shall first submit such dispute to mediation in Laramie, Lessor Wyoming, by a mediator mutually acceptable to such parties, the cost of such mediation to be paid equally by such parties. If such parties in dispute are unable to resolve the dispute through mediation within thirty days, such dispute shall commence repairs within then be submitted to final and binding arbitration in Laramie, Wyoming, by a reasonable time and diligently proceed to complete disinterested arbitrator, who shall be a retired Wyoming District Court or Circuit Court Judge; if the parties in dispute cannot agree upon the selection of such repairsarbitrator, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as then a result District Court Judge of the damage Second Judicial District for Albany County, Wyoming shall appoint a retired Judge or destruction other independent lawyer, licensed to practice law in Wyoming, to serve as arbitrator. The arbitrator shall have the power to award any and all equitable and legal relief, to assess as costs her or his fees and expenses, and to award to the extent allocable to unamortized Tenant Improvements prevailing party its, her, his, or other Alterations installed in the Premises at Lessee's sole cost their attorney’s fees and expense, using an amortization schedule costs of equal monthly installments over the first sixty (60) monthsarbitration and investigation.
Appears in 1 contract
Destruction of the Premises. (a) 16.1 In the event of a partial destruction of that the Premises during are completely destroyed or so damaged as to render them entirely untenantable, the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee Lessor shall be entitled to a proportionate credit for rent equal provide written notice in terms of clause 24 to the payment of rental income insurance received by Lessor. Lessee pursuant to which notice the Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and elect to either:
16.1.1 declare this Lease shall remain in full force cancelled and effect, terminated with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after effect from the date of such destruction or damage and such damage renders unusable more than thirty percent (30%) of in which event the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor Parties mutual obligations shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) cease with effect from the date of such notice and if Lessor states termination; or
16.1.2 on the basis that it will not repair within said twelve (12) months (subject the damage to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs Premises can be restored within a reasonable time and diligently period of time, to record that the Lessor intends to restore the Premises to the same condition they were in on the Commencement Date in which event the Lease shall not be terminated but the Lessor shall be obliged to proceed to complete such repairs, in each instance subject to force majeure delays. expeditiously with the work of rebuilding or restoring the Premises accordingly.
16.2 In the event of terminationthis Lease being terminated by notice in terms of clause 15.1.1, the Lessee shall not be liable for the payment of any rental after the date of destruction or damage to the premises and shall not have any claim of whatsoever nature for damages or compensation against the Lessor (without prejudice to the Lessor's insurance cover).
16.3 In the event of this Lease not being terminated in terms of 15.1.2, the Lessee’s obligations to pay rental shall pay to Lessee not arise until such time as the Premises are fit for occupation and all insurance proceeds, if any, received by Lessor as a result such damage has been repaired. Rental payments shall resume immediately from the date of re-occupation of the damage Premises by the Lessee or destruction when the Premises ought to have been reasonably re-occupied by the Lessee.
16.4 In the event that the Premises are damaged in such a manner that they are nevertheless tenantable, this Lease shall not be cancelled, but the rental payable by the Lessee shall be abated pro-rata having regard to the extent allocable to unamortized Tenant Improvements which the Lessee is able to enjoy beneficial occupation of the Premises, until the damage has been repaired.
16.5 In the event of dispute arising between the Lessor and the Lessee in regard to the amount or other Alterations installed extent of the abatement of rental to which the Lessee may be entitled in terms of clause 15.2, the amount of the rent payable by the Lessee to the Lessor during the period for which the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsare rendered partially tenantable shall be determined as if such rental is Open Market Rental to be interpreted mutatis mutandis.
Appears in 1 contract
Samples: Lease Agreement
Destruction of the Premises. (a) In It is understood and agreed that if the event of a partial destruction of the Premises Building hereby leased is damaged or destroyed, in whole or in part, by fire or other casualty during the Lease Term from any causeterm hereof, Lessor, upon receipt ofthe Lessor will repair and restore the same to good tenantable condition with reasonable dispatch, and the rent herein provided for shall xxxxx entirely, in case the entire premises are untenantable, and pro rata for the portion untenantable, in case only a part is untenantable, until the same shall be restored to the extent ofa tenantable condition; provided, however, if Lessee shall fail to adjust Lessee's insurance proceeds paid in connection with such casualtyor to remove Lessee's damaged goods, shall forthwith repair the samewares, provided the repairs can be made equipment or property within a reasonable time under stateand, federalas a result thereof, county and municipal applicable lawthe repairing and/or restorimg is delayed, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee there shall be entitled to a proportionate credit for rent equal to the payment no abatement of rental income insurance received by Lessorfor such period of delay. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the PremisesAlternatively, Lessor may elect to terminate this Lease on sixty (60) days written upon giving notice of such election in writing to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve (12) months (subject happening of the event causing the damage. Lessee may also elect to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) teminate this Lease if (a) 50% or more of the leased premises are unusable by Lessee for conducting its business; and (b) the Premises are not restored to a tenantable and usable condition within ninety (90) days following the happening of the event causing the damage. Lessee shall provide written notice to Lessor of its intent to terminate within ten (10) business days after Lessor gives its noticefollowing the expiration of such ninety (90) day period. In the event Lessor elects to repairUpon termination of this Lease by Lessee as aforesaid, Lessor shall commence repairs within a reasonable time receive all insurance proceeds from the policies carried by Lessee insuring the Premises and diligently proceed to complete if such repairs, in each instance subject to force majeure delays. In proceeds are less than the event full replacement cost of termination, Lessor the Premises so damaged or destroyed Lessee shall pay an amount equal to Lessee all insurance proceeds, if any, received by such deficiency to Lessor as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsupon demand.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises (i.e., affecting less than fifty percent (50%) of its Rentable Area) during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualtycasualty and deductibles paid by Lessee, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance proceeds received by Lessor, provided further, that if Lessor failed to carry such insurance as required by Article VII hereof, Lessee shall nonetheless be entitled to an abatement of rent to the same extent as if Lessor had carried such insurance from such insurance as is required under Section 7.01. Lessor shall use diligence in making such repairs within a reasonable time period, acts subject to the Force Majeure provisions of God, strikes and delays beyond Lessor's control exceptedSection 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are Building is damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises its total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve months (12) months (subject to force majeurethe Force Majeure provisions of Section 17.21) from the date of such notice and if Lessor states that it will not repair within said twelve months (12) months (subject to force majeureForce Majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction destruction, except to the extent allocable to unamortized (sixty (60) equally monthly amounts over the five (5) year period following installation of same) Tenant Improvements or other Alterations installed in the Premises therein at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty (60) months.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term anddamaged, in whole or in part, by fire or other casualty, but the Building is not substantially destroyed as provided in 12(A) above, then the parties hereto shall have the following options:
(i) If, in Landlord’s reasonable opinion of the Lessor's architect or construction consultantjudgment, the restoration of the Premises cannot be reconstructed or restored within one hundred twenty (120) days of the date of such casualty to substantially completed the same condition as they were in prior to such casualty, Landlord may terminate this Lease by written notice given to Tenant within ninety thirty (9030) days of the date of the casualty. If, in Landlord’s reasonable judgment, the Premises cannot be reconstructed or restored within one hundred twenty (120) days of such casualty to substantially the same condition as they were in prior to such casualty, but nonetheless Landlord does not so elect to terminate this Lease, then Landlord shall notify Tenant, within thirty (30) days of the casualty, of the amount of time necessary, as reasonably estimated by Landlord, to reconstruct or restore the Premises. After receipt of such notice from Landlord, Tenant may elect to terminate this Lease. This election shall be made by Tenant by giving written notice to Landlord within fifteen (15) days after the date of Landlord’s notice. If neither party terminates this Lease pursuant to the foregoing, Landlord shall proceed to reconstruct and restore the Premises to substantially the same condition as they were in prior to the casualty. In such damage event this Lease shall continue in full force and such damage renders unusable more than thirty percent (30%) effect to the balance of the term, upon the same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises, from the date of the casualty until substantial completion of the reconstruction of the Premises. Notwithstanding the above, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If if the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises casualty occurs during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within last twelve (12) months (subject of the term of this Lease, either party hereto shall have the right to force majeure) from terminate this Lease as of the date of the casualty, which right shall be exercised by written notice to be given by either party to the other party within thirty (30) days therefrom. If this right is exercised, Rent shall be apportioned to and shall cease as of the date of the casualty. Additionally, notwithstanding anything contained herein to the contrary, Landlord shall have no duty to repair or restore the Premises or Building if the damage is due to an uninsurable casualty, or if insurance proceeds are insufficient to pay for such notice repair or restoration, or if the holder of any mortgage, deed of trust or similar instrument applies proceeds of insurance to reduce its loan balance and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance remaining proceeds, if any, received by Lessor available to Landlord are not sufficient to pay for such repair or restoration.
(ii) If, in Landlord’s reasonable judgment, the Premises are able to be restored within one hundred twenty (120) days of such casualty to substantially the same condition as they were prior to such casualty, Landlord shall so notify Tenant within thirty (30) days of the casualty, and Landlord shall then proceed, with reasonable diligence and speed, to reconstruct and restore the damaged portion of the Premises, to substantially the same condition as it was prior to the casualty. Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs, and this Lease shall continue in full force and effect for the balance of the Term, upon the same terms, conditions and covenants as are contained herein.
(iii) In the event Landlord undertakes reconstruction or restoration of the Premises pursuant to subparagraph (i) or (ii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but in the event Landlord fails to substantially complete the same within one hundred eighty (180) days from the date of the casualty (except however, if under subparagraph (i) above Landlord notified Tenant that it would take longer than one hundred twenty (120) days to reconstruct or restore the Premises, but Tenant nonetheless elected not to terminate the Lease but require Landlord to reconstruct or restore the Premises, then the foregoing one hundred and eighty (180) day period shall be extended to the time period set forth in Landlord’s notice plus sixty (60) days), except as a result of any of the damage or destruction force majeure occurrences set forth in Paragraph 25.H. below, Tenant may, at its option, terminate this Lease upon giving Landlord written notice to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost that effect, whereupon both parties shall be released from all further obligations and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsliability hereunder.
Appears in 1 contract
Samples: Lease Agreement (Graham Corp)
Destruction of the Premises. (a) In the event case of a partial any damage to or destruction of the Premises during the Lease Term from or any causepart thereof, LessorTenant, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives at its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule shall promptly commence and complete the restoration, replacement or rebuilding of equal monthly installments over the first sixty Premises as nearly as possible to its value, condition and character immediately prior to the damage or destruction. Provided, however, that if such damage or destruction occurs during the last year of the Term, or if seventy-five percent (6075%) monthsor more of the Premises is destroyed, Tenant shall have the option to terminate this Lease. Notwithstanding any provision to the contrary herein contained, as long as Tenant maintains insurance as required by Section 4 of this Lease, Tenant's obligation to repair or restore the Premises shall be limited to the amount of such insurance proceeds received for such repair and restoration. In the event the Tenant terminates this Lease as set forth above in Section 8.1., (a) the Tenant shall pay to the Landlord all Rent payable by the Tenant hereunder and accrued through the date of such termination, (b) the Landlord shall repay to the Tenant any and all prepaid Rent for periods beyond such termination subject to Landlord’s offset for any unpaid obligations arising from the Lease, (c) the Tenant shall, upon Landlord’s request but only to the extent that insurance proceeds are made available to the Tenant for such purpose, raze any damaged Improvements and restore the Land to a safe condition as requested by the Landlord, and (d) after such termination, the Landlord may enter upon and repossess the Property without further notice.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of the Premises (i.e., less than fifty percent (50%) of its Rentable Area) during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualtycasualty and the deductible from Lessee (to the extent Lessee is required to pay such deductible under Article VII) which Lessee shall pay to Lessor within thirty (30) days after demand, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b8.01(b) below) provided that Lessee shall be entitled entitled, as of the date Lessee’s use of the Premises is impaired due to such casualty, to a proportionate credit for rent equal to the payment of rental income insurance proceeds received by LessorLessor (or which would have been received by Lessor had Lessor maintained the rental income insurance specified in Subsection 7.01(iii) above) and provided further that Lessee shall repair all damage and destruction to those items as to which Lessee is required to maintain fire and casualty insurance under Section 7.02 above. Lessor and Lessee each shall use diligence in making such repairs within a reasonable time period, acts subject to the Force Majeure provisions of God, strikes and delays beyond Lessor's control exceptedSection 17.21, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided above in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's ’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises or any portion of the Project are damaged or destroyed by any cause to the extent of more than fifty thirty-five percent (5035%) of the Premises their total Rentable Area during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within twelve nine (129) months (subject to force majeurethe Force Majeure provision of Section 17.21) from the date of such notice and if notice. If Lessor states that it will not repair within said twelve nine (129) months (subject to force majeureForce Majeure) this Lease shall terminate ten thirty (1030) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete of such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor Lessee shall pay to Lessee Lessor all insurance proceeds, if any, received by Lessor Lessee as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other the Alterations installed therein by Lessee with or without the prior written consent of Lessor. If Lessor states that it will repair within said nine (9) months (subject to Force Majeure), Lessor shall, upon receipt of and to the extent of insurance proceeds paid in connection with such casualty and the deductible amount from Lessee (to the extent required to be paid pursuant to Article VII hereof), forthwith conduct the repair and diligently pursue the same to completion, but such destruction shall in no way annul or void this Lease, provided that Lessee shall be entitled, as of the date Lessee’s use of the Premises is impaired due to such casualty, to a proportionate credit for rent equal to rental income insurance proceeds received by Lessor (or which would have been received by Lessor had Lessor maintained the rental income insurance specified in Subsection 7.01(iii) above).
(c) Notwithstanding anything contained to the contrary in this Section 8.01, Lessee shall have the right to terminate this Lease in the event any of the following occurs, which right may be exercised only by delivery to Lessor of a written notice of election to terminate within thirty (30) days after Lessee receives from Lessor the estimate of the time needed to complete such restoration:
(i) The Premises at Lessee's sole cost and expenseare damaged by any peril not caused by Lessee and, using an amortization schedule in the reasonable opinion of equal monthly installments over Lessor’s architect or construction consultant, the first sixty restoration of the Premises cannot be substantially completed within two hundred seventy (60270) monthsdays after the date of such damage; or
(ii) The Premises are damaged by any peril within twelve (12) months of the last day of the Lease Term and, in the reasonable opinion of Lessor’s architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage.
Appears in 1 contract
Destruction of the Premises. (a) In the event of a partial destruction of If the Premises during the Lease Term from any causeare damaged, Lessorin whole or in part, upon receipt of, and to the extent of, insurance proceeds paid in connection with such by fire or other casualty, shall forthwith repair but the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except Building is not substantially destroyed as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and above or if Landlord does not terminate this Lease in accordance with Section 12.A, then the parties hereto shall remain in full force and effect, with have the rent to be proportionately reduced as provided in this Section. following options:
(i) If the Premises are damaged by any peril within twelve (12) months prior as a result of fire or other casualty and the damage to the last day of the Lease Term andPremises is so extensive that, in the Landlord's reasonable opinion of the Lessor's architect or construction consultantjudgment, the restoration of the Premises cannot be reconstructed or restored within two hundred ten (210) days after such casualty to substantially completed the same condition as they were in prior to such casualty, Landlord may terminate this Lease by written notice given to Tenant within ninety thirty (9030) days after the casualty. If, in Landlord's reasonable judgement, the Premises cannot be reconstructed or restored within two hundred ten (210) days after such casualty to substantially the same condition as they were in prior to such casualty, but nonetheless Landlord does not so elect to terminate this Lease, then Landlord shall notify Tenant, within thirty (30) days after the casualty, of the amount of time necessary, as reasonably estimated by Landlord, to reconstruct or restore the Premises. After receipt of such notice from Landlord, Tenant may elect to terminate this Lease. This election shall be made by Tenant by giving written notice to Landlord within fifteen (15) days after the date of Landlord's notice. If neither party terminates this Lease pursuant to the foregoing, Landlord shall proceed to reconstruct and restore the Premises to substantially the same condition as they were in prior to the casualty. In such event this Lease shall continue in full force and effect to the balance of the Term, upon the same terms, conditions and covenants as are contained herein; provided, however, that if the damage is such so as to make the Premises or any substantial part thereof untenantable for five (5) consecutive business days after the casualty and Tenant ceases to use such damage renders unusable more than thirty percent (30%) untenantable area, then the Base Rent and Adjustment Rent shall be abated in the proportion which the approximate area of the untenantable portion bears to the total area in the Premises, Lessor may terminate this Lease on sixty (60) days written notice from the date of the casualty until the earlier of the date that Tenant again uses such space or the date that the reconstruction or restoration work which Landlord is obligated to Lesseeperform hereunder has been substantially completed. If such damage or destruction shall result from the fault of Tenant, its agents, servants or invitees, Tenant shall not be entitled to any such abatement of Base Rent. In addition, Tenant shall make all insurance proceeds which it receives as a result of such damage available to Landlord for use in reconstructing or restoring the Premises.
(bii) If Notwithstanding the Premises are damaged or destroyed by any cause to the extent of above, if more than fifty percent (50%) of the Premises are rendered untenantable as a result of a casualty occurring during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within last twelve (12) months (subject of the Term, either party hereto shall have the right to force majeure) from terminate this Lease as of the date of such the casualty, which right shall be exercised by written notice to be given by either party to the other party within thirty (30) days therefrom. If this right is exercised, Base Rent and if Lessor states that it will not repair within said Adjustment Rent shall be apportioned to and shall cease as of the date of the casualty. After a casualty occurs during the last twelve (12) months of the Term, Tenant shall have no right to exercise any renewal options without first obtaining Landlord's written consent.
(subject iii) If, in Landlord's reasonable judgment, the Premises are able to force majeurebe restored within two hundred ten (210) days after such casualty to substantially the same condition as they were prior to such casualty, Landlord shall so notify Tenant within thirty (30) days after the casualty, and Landlord shall then proceed to reconstruct and restore the damaged portion of the Premises, at Landlord's expense, to substantially the same condition as it was prior to the casualty. If such damage is such so as to make the Premises or any substantial part thereof untenantable for five (5) consecutive business days after the casualty and Tenant ceases to use such untenantable area, then Base Rent and Adjustment Rent shall be abated in the proportion which the approximate area of the untenantable portion bears to the total area in the Premises from the date of the casualty until the earlier of the date that Tenant again uses such space or the date that the reconstruction or restoration work which Landlord is obligated to perform hereunder has been substantially completed, and this Lease shall continue in full force and effect for the balance of the Term, upon the same terms, conditions and covenants as are contained herein. If such damage or destruction shall result from the fault of Tenant, its agents, servants or invitees, Tenant shall not be entitled to any such abatement of Base Rent.
(iv) In the event Landlord undertakes reconstruction or restoration of the Premises pursuant to Sections 12.B(i),12.B(ii) or12.B(iii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but in the event the damage is such so as to make the Premises or any substantial part thereof untenantable and Landlord fails to substantially complete the same within two hundred seventy (270) days after the date of the casualty (except however if under Section 12.B(i), above, Landlord notified Tenant that it would take longer than two hundred ten (210) days to reconstruct or restore the Premises, but Tenant nonetheless elected not to terminate this Lease but required Landlord to reconstruct or restore the Premises, then the foregoing two hundred seventy (270) day period shall be extended to the time period set forth in Landlord's notice plus sixty (60) days), except as a result of any of the occurrences set forth in Section 26.1, below, Tenant may, at its option, terminate this Lease (exercisable only by Tenant delivering to Landlord written notice thereof within five (5) days after such right to terminate first accrues), effective as of a date ten (10) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete receipt by Landlord of such repairs, in each instance subject to force majeure delays. In the event written notice of termination, Lessor whereupon both parties shall be released from all further obligations and liability hereunder, except if in such ten (10) day period Landlord substantially completes such reconstruction or restoration then such termination shall be deemed null and void.
(v) Notwithstanding anything contained herein to the contrary, Landlord shall have no duty to repair or restore the Premises or Building if the damage is due to an uninsurable casualty or if insurance proceeds are insufficient to pay for such repair or restoration or if the holder of any mortgage, deed of trust or similar instrument applies proceeds of insurance to Lessee all insurance reduce its loan balance and the remaining proceeds, if any, received by Lessor as a result available to Landlord are not sufficient to pay for such repair or restoration (not taking into consideration any deductible). If Landlord notifies Tenant that Landlord elects not to repair or restore the Premises or Building due to any of the damage or destruction foregoing circumstances, each of the parties shall have a right to terminate this Lease as of the date of the casualty, which right shall be exercised by written notice to be given by either party to the extent allocable other party within thirty (30) days of receipt by Tenant of Landlord's notice set forth in this Section 12.B(v). If this right is exercised, Base Rent shall be apportioned to unamortized Tenant Improvements or other Alterations installed in and shall cease as of the Premises at Lessee's sole cost and expense, using an amortization schedule date of equal monthly installments over the first sixty (60) monthscasualty.
Appears in 1 contract
Samples: Office Space Lease Agreement (Bridgeline Software, Inc.)
Destruction of the Premises. (a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged damaged, in whole or in part, by any peril within twelve (12) months prior to fire or other casualty, but the last day Building is not substantially destroyed as provided above, or if a portion of the Lease Term andBuilding is destroyed, in but the reasonable opinion of Building is not substantially destroyed as provided above, such that the Lessor's architect Premises are inaccessible or construction consultant, the restoration of otherwise the Premises cannot be used for the conduct of business, then the parties hereto shall have the following options:
(i) If, in Landlord's reasonable judgment, the Premises or such portion of the Building cannot be reconstructed or restored within one hundred twenty (120) days of such casualty to substantially completed the same condition as they were in prior to such casualty, Landlord may terminate this Lease by written notice given to Tenant within ninety thirty (9030) days of the casualty. If, in Landlord's reasonable judgment, the Premises or such portion of the Building cannot be reconstructed or restored within one hundred twenty (120) days of such casualty to substantially the same condition as they were in prior to such casualty, but nonetheless Landlord does not so elect to terminate this Lease, then Landlord shall notify Tenant, within thirty (30) days after the casualty, of the amount of time necessary, as reasonably estimated by Landlord, to reconstruct or restore the Premises. After receipt of such notice from Landlord, Tenant may elect to terminate this Lease. This election shall be made by Tenant by giving written notice to Landlord within thirty (30) days after the date of Landlord's notice. If neither party terminates this Lease pursuant to the foregoing, Landlord shall proceed with all due diligence to reconstruct and restore the Premises or portions of the Building sufficient to permit Tenant access to the Premises and use thereof, as applicable, to substantially the same condition as they were in prior to the casualty. In such damage event this Lease shall continue in full force and such damage renders unusable more than thirty percent (30%) effect to the balance of the term, upon the same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the damaged or unused portions of the Premises portion bears to the total area in the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If from the Premises are damaged or destroyed by any cause to date of the extent casualty until substantial completion of more than fifty percent (50%) the reconstruction of the Premises or applicable portions of the Building. Notwithstanding the above, if the casualty occurs during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair the same within last twelve (12) months (subject of the term of this Lease, either party hereto shall have the right to force majeure) from terminate this Lease as of the date of such the casualty, which right shall be exercised by written notice to be given by either party to the other party within thirty (30) days therefrom. If this right is exercised, Rent shall be apportioned to and if Lessor states that it will not repair within said shall cease as of the date of the casualty. After a casualty occurs during the last twelve (12) months (subject of the term of the Lease, Tenant may not exercise any renewal options without first obtaining Landlord's written consent. Additionally, notwithstanding anything contained herein to force majeure) this Lease the contrary, Landlord shall terminate ten (10) business days after Lessor gives have no duty to repair or restore the Premises or Building if the damage is due to an uninsurable casualty, or if insurance proceeds are insufficient to pay for such repair or restoration, or if the holder of any mortgage, deed of trust or similar instrument applies proceeds of insurance to reduce its notice. In loan balance and the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance remaining proceeds, if any, received by Lessor available to Landlord are not sufficient to pay for such repair or restoration. If Landlord elects not to repair or restore the Premises or the Building as provided above, Landlord shall provide written notice of such election to Tenant within thirty (30) days after the date of the casualty.
(ii) If, in Landlord's reasonable judgment, the Premises are able to be restored within one hundred twenty (120) days of such casualty to substantially the same condition as they were prior to such casualty, Landlord shall so notify Tenant within thirty (30) days of the casualty, and Landlord shall then proceed with all due diligence to reconstruct and restore the damaged portion of the Premises, at Landlord's expense, to substantially the same condition as it was prior to the casualty, Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises from the date of the casualty until substantial completion of the reconstruction repairs, and this Lease shall continue in full force and effect for the balance of the term, upon the same terms, conditions and covenants as are contained herein.
(iii) If Landlord undertakes reconstruction or restoration of the Premises pursuant to subparagraph (i) or (ii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but if Landlord fails to substantially complete the same within one hundred eighty (180) days from the date of the casualty (except however, if under subparagraph (i) above Landlord notified Tenant that it would take longer than one hundred twenty (120) days to reconstruct or restore the Premises, but Tenant nonetheless elected not to terminate the Lease but require Landlord to reconstruct or restore the Premises, then the foregoing one hundred and eighty (180) day period shall be extended to the time period set forth in Landlord's notice plus sixty (60) days), except as a result of any of the damage or destruction occurrences set forth in Section 24.J. below, Tenant may, at its option, terminate this Lease upon giving Landlord written notice to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost that effect, whereupon both parties shall be released from all further obligations and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsliability hereunder.
Appears in 1 contract
Samples: Office Space Lease (Mdsi Mobile Data Solutions Inc /Can/)
Destruction of the Premises. (1) Where the Premises or any part of the Premises are at any time damaged or destroyed by fire, flood, lightning, storm or tempest so as to make them unfit for the occupation and use of the Lessee, then from the date that the Lessee notifies the Lessor in writing of the damage or destruction (“Damage Notice”) the Rent or a proportionate part of the Rent, according to the nature and extent of the damage sustained, will xxxxx and all remedies for recovery of the Rent, or such proportionate part of the Rent, will be suspended until the Premises are restored and made fit for the occupation and use of the Lessee or otherwise until the Lease is terminated under this clause 6.3.
(2) On receipt of a Damage Notice, the Lessor:
(a) In the event of a partial destruction of the Premises during the Lease Term from any cause, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain in full force and effect, with the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration of the Premises cannot be substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty by one month’s notice in writing to the Lessee without right or claim for damage by reason of such termination of the Lease but without prejudice to the rights of the Lessor for any antecedent breach or non-observance of any provision of this Lease by the Lessee;
(60b) days is not obliged to rebuild or restore the Premises or to make the Premises fit for the use and occupation of the Lessee; and
(c) shall, within 2 months after receiving the Damage Notice, give written notice to the Lessee advising the Lessee:
(i) whether or not the Lessor intends to rebuild or restore the Premises or make the Premises fit for the use and occupation of the Lessee; and
(ii) if the Lessor intends to rebuild or restore the Premises, how long that work is likely to take, unless the Lessor has terminated this Lease under subclause 2(a).
(b3) If the Premises are damaged unfit for the use and occupation of the Lessee and:
(a) the Lessor has given the Lessee notice under subclause 2(c) that it does not intend to rebuild or destroyed restore the Premises;
(b) the Lessor has given the Lessee no notice under subclause (2) and the Premises remain unfit for the use and occupation of the Lessee; or
(c) the Premises remain unfit for the use and occupation of the Lessee, the Lessee may terminate this Lease by any cause one month’s notice in writing to the extent Lessor without right or claim for damage by reason of more than fifty percent (50%) such termination of the Premises during Lease but without prejudice to the rights of the Lessee for any antecedent breach or non-observance of any provision of this Lease Term, Lessor shall notify Lessee within sixty by the Lessor.
(604) days after such Subclauses (1) and (3) will not apply where:
(a) the damage or destruction whether it will repair was contributed to, or caused by or arises from any act or omission of the same within twelve Lessee or any Authorised Person or otherwise occasioned by any breach or default of the Lessee under this Lease; or
(12b) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) an insurer under any policy effected under this Lease shall terminate ten refuses indemnity or reduces the sum payable under the policy because of any act, omission or default of the Lessee or any Authorised Person.
(105) business days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee If this Lease is terminated under subclause (2) or (3):
(a) all insurance proceeds, if any, received by money paid to Lessor or to the Lessee (other than that in relation to the Lessee’s fixtures) as a result of the damage or destruction causing the Premises to be unfit for the use and occupation of the Lessee shall become the property of the Lessor; and
(b) so far as not already paid to the extent allocable Lessor, shall be paid by the Lessee to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule Lessor on demand.
(6) Subclause (5) shall survive termination of equal monthly installments over the first sixty (60) monthsthis Lease.
Appears in 1 contract
Samples: Lease Agreement
Destruction of the Premises. (a) In the event of a partial destruction of If the Premises during should be rendered --------------------------- untenantable for the Lease Term from any causepurpose for which they were leased, Lessorby fire or other casualty, upon receipt ofbut the Building is not substantially destroyed as provided above, and then the parties hereto shall have the following options:
i. If, in Landlord's reasonable judgment, the Premises cannot be reconstructed or restored within one hundred eighty (180) days of such casualty to substantially the extent of, insurance proceeds paid in connection with same condition as they were prior to such casualty, Landlord shall forthwith repair so notify Tenant within thirty (30) days of the samecasualty and either Landlord or Tenant may elect, provided within fifteen (15) days thereafter, to terminate this Lease. If Tenant makes no election within such fifteen (15) day period, Landlord shall then have the repairs can right, to be made exercised within a reasonable time under statefifteen (15) days following the expiration of Tenant's election period, federalby giving written notice to Tenant, county to reconstruct and municipal applicable lawrestore the Premises to substantially the same condition as they were prior to the casualty. In such event this Lease shall continue in full force and effect to the balance of the term, but upon the same terms, conditions and covenants as are contained herein; provided, however, that the Rent shall be abated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises from the date of the casualty until substantial completion (as defined in Exhibit B) of the --------- reconstruction of the Premises. If Landlord fails to exercise such partial destruction right, this Lease shall in no way annul or void be terminated as of the date of the casualty, to which date Rent shall be apportioned and shall thereafter cease. Notwithstanding the above, if the casualty occurs during the last twelve (12) months of the Term of this Lease, (except either party hereto shall have the right to terminate this Lease as provided in Section 8.01.(b) below) provided that Lessee of the date of the casualty, which right shall be entitled exercised by written notice to a proportionate credit for rent equal be given by either party to the payment other party within thirty (30) days therefrom. If this right is exercised, Rent shall be apportioned to and shall cease as of rental income insurance received by Lessorthe date of the casualty. Lessor shall use diligence in making such repairs within If a reasonable time periodcasualty occurs during the last twelve (12) months of the term of the Lease, acts of God, strikes and delays beyond LessorTenant may not exercise any extension options without first obtaining Landlord's control exceptedwritten consent.
ii. If, in which instance Landlord's reasonable judgment, the time period Premises are able to be restored within one hundred eighty (180) days to substantially the same condition as they were prior to such casualty, Landlord shall so notify Tenant within fifteen (15) days of the casualty, and Landlord shall then proceed to reconstruct and restore the damaged portion of the Premises, at Landlord's expense, to substantially the same condition as it was prior to the casualty; Rent shall be extended accordinglyabated in the proportion which the approximate area of the damaged portion bears to the total area in the Premises from the date of the casualty until substantial completion (as defined in Exhibit B) of the reconstruction --------- repairs, and this Lease shall remain continue in full force and effect, with effect for the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve (12) months prior to the last day balance of the Lease Term and, in Term.
iii. In the reasonable opinion of the Lessor's architect event Landlord undertakes reconstruction or construction consultant, the restoration of the Premises cannot be pursuant to subparagraph (i) or (ii) above, Landlord shall use reasonable diligence in completing such reconstruction repairs, but in the event Landlord fails to substantially completed within ninety (90) days after the date of such damage and such damage renders unusable more than thirty percent (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.
(b) If the Premises are damaged or destroyed by any cause to the extent of more than fifty percent (50%) of the Premises during the Lease Term, Lessor shall notify Lessee within sixty (60) days after such damage or destruction whether it will repair complete the same within twelve two hundred forty (12240) months (subject to force majeure) days from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) this Lease shall terminate ten (10) business days after Lessor gives its notice. In the event Lessor elects to repaircasualty, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor except as a result of any of the damage or destruction occurrences set forth in subparagraph 25 (j) below, Tenant may, at its option, terminate this Lease upon giving Landlord written notice to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost that effect, whereupon both parties shall be released from all further obligations and expense, using an amortization schedule of equal monthly installments over the first sixty (60) monthsliability hereunder.
Appears in 1 contract
Destruction of the Premises. Rent Payments - If the Premises are at any time destroyed or damaged (including, without limitation, by smoke and water damage) as a result of a peril insured against by Landlord pursuant to this Lease, and if as a result of such occurrence:
(a) In the event of a partial destruction of the The Premises during the Lease Term from any causeare rendered untenable only in part, Lessor, upon receipt of, and to the extent of, insurance proceeds paid in connection with such casualty, shall forthwith repair the same, provided the repairs can be made within a reasonable time under state, federal, county and municipal applicable law, but such partial destruction shall in no way annul or void this Lease, (except as provided in Section 8.01.(b) below) provided that Lessee shall be entitled to a proportionate credit for rent equal to the payment of rental income insurance received by Lessor. Lessor shall use diligence in making such repairs within a reasonable time period, acts of God, strikes and delays beyond Lessor's control excepted, in which instance the time period shall be extended accordingly, and this Lease shall remain continue in full force and effect, with and Landlord shall commence diligently to repair or reconstruct the rent to be proportionately reduced as provided in this Section. If the Premises are damaged by any peril within twelve Premises; and only Minimum Rent (12but not additional rent, taxes, insurance and other charges) months prior shall xxxxx equitably to the last day of the Lease Term and, in the reasonable opinion of the Lessor's architect or construction consultant, the restoration portion of the Premises cannot be substantially completed within ninety (90) days after rendered untenable from the date of such the destruction or damage and such damage renders unusable more than thirty percent until the date Landlord’s repair is substantially completed (30%) of the Premises, Lessor may terminate this Lease on sixty (60) days written notice to Lessee.“Repair Period”); or
(b) If The Premises are rendered wholly untenable, Landlord shall commence diligently to repair or reconstruct the Premises are damaged or destroyed by any cause (but to the extent only of more than fifty percent (50%proceeds received by Landlord from its insurers, and exclusive of Tenant’s Work) of the Premises and Minimum Rent, additional rent, taxes, insurance and other charges under this Lease shall xxxxx entirely during the Repair Period; or
(c) The Premises are not rendered untenable in whole or in part, this Lease Termshall continue in full force and effect, Lessor and the rent and other charges payable by Tenant hereunder shall notify Lessee not terminate, be reduced, or xxxxx.
(d) If Landlord fails within sixty one hundred eighty (60180) days after such damage occurs to substantially restore the Premises to tenable status wholly or destruction whether it will repair the same within twelve (12) months (subject to force majeure) from the date of such notice and if Lessor states that it will not repair within said twelve (12) months (subject to force majeure) in part, Tenant may terminate this Lease shall terminate ten as of the end of said one hundred eighty (10180) business days by providing written notice to Landlord no later than five (5) days after Lessor gives its notice. In the event Lessor elects to repair, Lessor shall commence repairs within a reasonable time and diligently proceed to complete such repairs, in each instance subject to force majeure delays. In the event expiration of termination, Lessor shall pay to Lessee all insurance proceeds, if any, received by Lessor as a result of the damage or destruction to the extent allocable to unamortized Tenant Improvements or other Alterations installed in the Premises at Lessee's sole cost and expense, using an amortization schedule of equal monthly installments over the first sixty said one hundred eighty (60180) monthsday period.
Appears in 1 contract
Samples: Lease Agreement (Rex Energy Corp)