Destruction or Damage of Premises. In the event the Demised Premises is destroyed or damaged by fire, earthquake or other casualty covered by the insurance required to be carried by Lessee pursuant to Paragraph 14 above, then Lessor shall proceed with reasonable diligence to rebuild and restore the Demised Premises or such part thereof as may be damaged. In the event the Demised Premises are destroyed or injured by casualty not covered by insurance and Lessee has not agreed to finance or locate financing for the amount not covered by insurance, or in the event the Demised Premises is damaged in excess of 50% of the full replacement value thereof, Lessor may, within sixty (60) days after such destruction or damage, notify Lessee in writing of its election to terminate this Lease, in which event this Lease shall terminate as of the date of such damage (to the extent Lessee shall have already paid rent for any time after the date of such termination, Lessor shall promptly refund such amount to Lessee). Notwithstanding any other provision to the contrary, in the event the Demised Premises are damaged to such an extent so as to require in excess of 270 days to rebuild or restore or are damaged during the last year of the term of this Lease, Lessee may, by notice to Lessor within sixty (60) days after determination of the extent of the damage, terminate this Lease as of the date of damage (to the extent Lessee shall have already paid rent for any time after the date of such termination, Lessor shall promptly refund such amount to Lessee). In the event this Lease is not terminated pursuant to the provisions of this Section 15, Lessor shall diligently pursue reconstruction and during the period of such rebuilding and restoration, rent hereunder shall be abated in the same ratio as the portion of the Demised Premises rendered for the time being unfit for occupancy shall bear to the entire Demised Premises, provided that in the event more than fifty percent (50%) of the Demised Premises is rendered untenantable, all rent hereunder shall be abated in full.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Esterline Technologies Corp)
Destruction or Damage of Premises. In the event of a fire or casualty Tenant will immediately notify agent or landlord. Should the Demised Premises is destroyed suffer a casualty or damaged should a condition arise, through forces or events outside the reasonable control of Landlord (such as, solely by way of example, fire, earthquake storm, wind, rain, water damage, extraordinary repairs, lightening, acts of terrorism, vandalism, crime, mayhem, riot, war, or other casualty covered by sinkholes) either (I) rendering the insurance required to be carried by Lessee pursuant to Paragraph 14 abovePremises (or any portion thereof) in the reasonable opinion of the Landlord, then Lessor shall proceed with reasonable diligence to rebuild and restore the Demised Premises unusable, uninhabitable, or such part thereof as may be damaged. In the event the Demised Premises are destroyed otherwise dangerous or injured by casualty not covered by insurance and Lessee has not agreed to finance or locate financing unfit for the amount not covered by continued safe habitation, or (II) requiring repair or replacement of the Premises (or any portion thereof), the cost of which is estimated to exceed $5,000, regardless of whether reimbursable through insurance, the Landlord or in the event the Demised Premises is damaged in excess of 50% of the full replacement value thereof, Lessor may, within sixty (60) days after such destruction or damage, notify Lessee in writing of Tenant may at its election to terminate this Lease, in which event this Lease shall terminate as of the date of such damage (to the extent Lessee shall have already paid rent for any time after the date of such termination, Lessor shall promptly refund such amount to Lessee). Notwithstanding any other provision to the contrary, in the event the Demised Premises are damaged to such an extent so as to require in excess of 270 days to rebuild or restore or are damaged during the last year of the term of this Lease, Lessee may, by notice to Lessor within sixty (60) days after determination of the extent of the damageoption, terminate this Lease as of the date of damage Agreement on no less than Thirty (to the extent Lessee shall have already paid rent for any time after the date of such termination30) days notice. Alternatively, Lessor shall promptly refund such amount to Lessee). In the event this Lease is not terminated pursuant to the provisions of this Section 15, Lessor shall diligently pursue reconstruction and during the period of such rebuilding and restoration, rent hereunder shall be abated in the same ratio as Tenants may vacate the portion of the Demised Premises Premise rendered unusable, in which case Tenants’ liability for rent shall be reduced by the fair rental value of the portion of the Premise that is unusable. Notwithstanding the immediately foregoing, nothing contained in this Section or any act taken by the Landlord pursuant to this Section shall be interpreted or construed to relieve any Tenant from any liability (including any rent due and owing hereunder) occasioned by the breach by such Tenant or any other Tenant, of any duty, obligation or performance required of any Tenant under this Lease, or the acts or omissions (including without limitation, negligence or intentional malfeasance) of any Tenant or any other Authorized Person causing or contributing to any casualty or condition sustained by the Premises. If whole or and part of the leased premises shall be taken by any condemnation proceeding, this lease agreement shall terminate at the time being unfit the condemning authority takes possession of the part so taken. All damages awarded for occupancy such taking shall bear belong to the entire Demised Premises, provided that in the event more than fifty percent (50%) of the Demised Premises is rendered untenantable, all rent hereunder shall be abated in fullLandlord.
Appears in 2 contracts
Samples: Residential Lease Agreement, Residential Lease Agreement
Destruction or Damage of Premises. In Provided always and it is hereby agreed that, if during the event currency of this Lease:
i) the Demised Premises is are totally destroyed by fire or damaged by fireany such other perils as may from time to time be included in the standard fire insurance additional perils supplementary contract generally available in the Province of Ontario, earthquake or other casualty covered by the insurance required to so that it cannot be carried by Lessee pursuant to Paragraph 14 above, then Lessor shall proceed repaired with reasonable diligence to rebuild within 120 days of the happening of such injury, then the Lease shall cease and restore become null and void from the date of such damage or destruction, and the Tenant shall immediately surrender the Demised Premises and all interest therein to the Landlord, and the Tenant shall pay rent only to the time of such surrender and any prepaid rent shall be returned to the Tenant and in case of destruction or such part thereof partial destruction as above mentioned, the Landlord may be damaged. In re-enter or repossess the event Demised Premises discharged of this Lease and may remove all parties therefrom;
ii) if the Demised Premises are destroyed or injured damaged or partially destroyed or damaged by casualty not covered by insurance and Lessee has not agreed fire or any such other perils as may from time to finance or locate financing for the amount not covered by insurance, or time be included in the event standard fire insurance additional perils supplementary contract generally available in the Province of Ontario, and can be repaired with reasonable diligence within 120 days from the happening of said injury, and if the damage is such as to render the Demised Premises is damaged in excess of 50% of wholly unfit for occupancy, then the full replacement value thereof, Lessor may, within sixty (60) days after such destruction rent shall not run or damage, notify Lessee in writing of its election to terminate this Lease, in which event this Lease shall terminate as of the date of such damage (to the extent Lessee shall have already paid rent for any time accrue after the date said injury, or while the process of such terminationrepairs is going on, Lessor and the Landlord shall promptly refund such amount to Lessee). Notwithstanding any other provision to repair the contrary, in same with all reasonable speed and then the event rent shall recommence immediately after the said repairs have been completed;
iii) if the Demised Premises are partially destroyed or damaged by fire or any such other perils as may from time to time be included in the standard fire insurance additional perils supplementary contract generally available in the Province of Ontario, and can be repaired with reasonable diligence within 120 days from the happening of said injury, and if the damage is such an extent so as to require in excess of 270 days to rebuild or restore or are damaged during that the last year of the term of this LeaseDemised Premises can be partially used, Lessee may, by notice to Lessor within sixty (60) days after determination of the extent of the damage, terminate this Lease as of the date of then until such damage (to the extent Lessee shall have already paid been repaired, the rent for any time after shall axxxx in proportion that the date of such termination, Lessor shall promptly refund such amount to Lessee). In the event this Lease is not terminated pursuant to the provisions of this Section 15, Lessor shall diligently pursue reconstruction and during the period of such rebuilding and restoration, rent hereunder shall be abated in the same ratio as the portion part of the Demised Premises rendered for the time being unfit for occupancy shall bear bears to the entire Demised Premises, provided that in the event more than fifty percent (50%) whole of the Demised Premises is rendered untenantable, and the Landlord shall repair with all rent hereunder shall be abated in fullreasonable speed.
Appears in 1 contract
Samples: Lease Agreement (MORTGAGEBROKERS.COM Holdings, Inc.)
Destruction or Damage of Premises. In (a) If, any time during the event term hereof, the Demised Premises is Improvements or any part thereof, shall be damaged or destroyed or damaged by fire, earthquake fire or other casualty covered by (including any casualty for which insurance coverage was not obtained or obtainable) of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, Lessee, at Lessee's sole cost and expense, and whether or not the insurance required to proceeds hereinafter referred to, if any, shall be carried by Lessee pursuant to Paragraph 14 abovesufficient for the purpose, then Lessor shall proceed with reasonable diligence (subject to unavoidable delays and a reasonable time for the purpose of adjusting such loss) to repair, alter, restore, replace or rebuild the same as nearly as possible to its value, condition and restore character immediately prior to such damage or destruction, subject to such changes or alterations as Lessee may elect to make, if such changes or alterations be approved by Lessor, such approval not to be unreasonably withheld. Such repairs, alterations, restoration, replacement or rebuilding, including such changes and alterations as aforementioned and including temporary repairs or the Demised Premises protection of other property pending the completion of any thereof, are sometimes referred to in this Paragraph as the "Work".
(b) All insurance proceeds received by Lessor on account of any damage to or destruction of the Improvements or any part thereof (less the costs, fees, and expenses incurred by the Lessor in the collection thereof, including, without limitation, adjusters' fees and expenses and attorneys' fees and expenses) shall be applied as follows: Unless Lessee is in default hereunder or if any ground for termination specified in Paragraph 14 shall have occurred and be continuing (regardless of any right which Lessee may have, if any, to notice or an opportunity to cure same), such proceeds shall be paid to Lessee or as Lessee may direct, from time to time as the Work progresses, to pay (or reimburse Lessee for) the cost of the Work, upon written request of Lessee accompanied by evidence satisfactory to Lessor that the amount requested has been paid or is then due and payable and is properly a part of such cost, that there are no mechanics' or similar liens, whether inchoate or otherwise, for labor, services or materials theretofore supplied in connection with the Work and that all other bills have been paid and that the balance of said proceeds after making the payment requested will be sufficient to pay the balance of the cost of the Work. Notwithstanding the above, Lessor may disburse such proceeds directly to the persons entitled to same. Upon receipt by Lessor of evidence satisfactory to Lessor that the Work has been completed and the cost thereof paid in full, and that there are no mechanics' or other similar liens, whether inchoate or otherwise, for labor, services or materials supplied in connection therewith, then, unless Lessee is in default hereunder or if any ground for termination specified in Paragraph 14 shall have occurred and be continuing (regardless of any right which Lessee may have, if any, to notice or an opportunity to cure same), the balance, if any, of such proceeds shall be paid to Lessee or as Lessee may direct; otherwise, the net insurance proceeds may be first used to cure such default or such part thereof as may ground for termination if susceptible to being so used, and the balance applied to any future rentals in the order determined by Lessor with any balance thereafter remaining paid to Lessee. If the net insurance proceeds shall be damaged. In insufficient to pay the event entire cost of the Demised Premises are destroyed or injured by casualty not covered by insurance and Work, Lessee has not agreed to finance or locate financing for shall supply the amount not covered by insurance, or in of such deficiency and shall first apply the event same to the Demised Premises is damaged in excess of 50% payment of the full replacement value thereof, Lessor may, within sixty (60) days after such destruction or damage, notify Lessee in writing of its election to terminate this Lease, in which event this Lease shall terminate as cost of the date Work before calling upon Lessor for disbursement of the insurance proceeds as herein provided.
(c) Under no circumstances shall Lessor be obligated to make any payment, disbursement or contribution toward the cost of the Work other than making available such damage (to the extent proceeds. If Lessee shall have already paid rent for fail to comply with any time after of the date provisions of such terminationsubsections (a) or (b) above, Lessor shall promptly refund notify Lessee of such amount default and thereafter, in addition to Lessee). Notwithstanding any other provision remedies Lessor may have, may refuse to make any payment hereunder and may apply such proceeds in any order Lessor may in his sole discretion elect, toward the contrary, in the event the Demised Premises are damaged to such an extent so as to require in excess payment of 270 days to rebuild all or restore or are damaged during the last year any part of the term cost of the Work or the discharge of any obligation of Lessee under this Lease, Lessee may, by notice to Lessor within sixty (60) days after determination of the extent of the damage, terminate this Lease as of the date of damage (to the extent Lessee shall have already paid rent for any time after the date of such termination, Lessor shall promptly refund such amount to Lessee). In the event this Lease is not terminated pursuant to the provisions of this Section 15, Lessor shall diligently pursue reconstruction and during the period of such rebuilding and restoration, rent hereunder shall be abated in the same ratio as the portion of the Demised Premises rendered for the time being unfit for occupancy shall bear to the entire Demised Premises, provided that in the event more than fifty percent (50%) of the Demised Premises is rendered untenantable, all rent hereunder shall be abated in full.
Appears in 1 contract
Samples: Lease Agreement (LIVE VENTURES Inc)