DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 16 contracts
Samples: Lease Agreement (Power REIT), Lease Agreement (Millennium Investment & Acquisition Co Inc.), Lease Agreement (Power REIT)
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises or the Building are at any time totally destroyed (or so substantially damaged or destroyed in whole or in part as to be untenantable) by storm, fire, casualty earthquake or other causescasualty, Landlord shall have the option to:
(i) Terminate this Lease as of the date of the occurrence of the storm, earthquake, fire or other casualty by giving notice to Tenant within sixty (60) days from the date of such damage or destruction to determine and inform Tenant whether Landlord will restore destruction; or
(ii) Commence the process of restoration of the Premises to substantially a tenantable condition within sixty (60) days from the condition that existed immediately prior to the occurrence date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, and proceed with due diligence to complete said restoration of the Premises. If Landlord elects chooses to rebuildrestore the Premises, Rent shall xxxxx with respect to the untenantable portion of the Premises from the date of such casualty until the date of substantial restoration thereof. If Landlord shall fails to complete such repairs to the extent of insurance proceeds restoration within one hundred eighty (180) days from the end of the sixty date of the casualty, this Lease may be terminated as of the date of the casualty upon notice from either party to the other, given not more than ten (6010) days following the expiration of said one hundred eighty (180) day period. If such repairs have notice is not been completed within that 180-day periodgiven, this Lease shall remain in force and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion effect and Rent shall commence upon delivery of the repairs of Tenant’s intention Premises to terminate this LeaseTenant in a tenantable condition (evidenced by notice to Tenant that the Premises are substantially completed).
(b) If the Premises are damaged but not rendered wholly untenantable by any event set forth in Paragraph 9(a) above, Rent shall xxxxx in the proportion the Premises have been made untenantable. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to restore the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligentlyPremises expeditiously, and at its sole cost and expenseupon the date of restoration, repair and restore any improvements to full Rent shall commence.
(c) Rent shall not xxxxx if the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage destruction of the Premises, unless is the damaging event was caused by result of the negligence or willful misconduct of Tenant, its employeescontractors, officerssubcontractors, agents, licenseesemployees, guests or invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 2 contracts
Samples: Lease Agreement (Carter William Co /Ga/), Lease Agreement (Carters Imagination Inc)
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises are at any time shall be damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord Tenant shall have sixty (60) days from immediately notify Landlord, To the extent such damage or destruction is covered by the insurance required to determine and inform Tenant whether be carried by Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuildhereunder, Landlord shall complete such repairs promptly and diligently restore the Premises, to the extent required of insurance proceeds Landlord as provided herein, provided that, in Landlord’s reasonable estimation, such repairs can be made within one hundred eighty twenty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10120) days after Landlord’s receipt of written notice the insurance proceeds. Landlord’s obligation to restore the Premises under the preceding sentence shall be discharged upon restoration of the Base Building improvements, as defined in the Work Letter, and restoration of the Tenant Improvements, excluding any Tenant’s election Work, as defined in the Work Letter (but in no event shall Landlord be required to terminate to complete such repairs (as evidenced by expend a certificate sum in excess of completion). If Landlord does complete such repairs prior the amount of the Tenant Improvement Allowance, which shall be prorated in proportion to the expiration number of such ten-day cure period, Tenant shall have no such right to terminate this Leasesquare feet of net rentable area of the Premises damaged). Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any and all other improvements to the Premises made by Tenant to the condition which existed immediately thereof prior to the occurrence of the casualty. If, in Landlord’s architect’s such destruction or general contractor’s reasonable estimation, damage.
(b) If either (i) the Premises cannot be restored restored, to the extent of the Base Building Improvements and the Tenant Improvements therein, but excluding any Tenant’s Work, within two one hundred forty twenty (240120) days after Landlord’s receipt of the insurance proceeds (as determined by an agreement of Landlord and Tenant or if no such damage agreement can be reached, by an independent general contractor commissioned by and paid for by Landlord and Tenant), or destruction(ii) the Premises shall be damaged or destroyed in the last twelve (12) months of the Term of this Lease (as the same may be extended), then in either Landlord or Tenant event, either party may terminate this Lease as of a date specified in a written notice to the other given within sixty (60) days after the date of such noticedamage or destruction, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. In addition, in the event the insurance proceeds received by Landlord are not sufficient to restore the Premises to a complete architectural unit, in Landlord’s and Tenant’s reasonable opinion, or if Landlord’s mortgagee requires the insurance proceeds to be used to pay its debt, and in either event Landlord elects not to fund the deficiency, then either party can terminate this Lease with prior written notice given to the other party not less than ninety (90) days prior to the date of cancellation designated in the notice. If Landlord and Tenant cannot agree as to whether the proceeds are sufficient to restore the Premises, then such determination shall be made by an independent general contractor commissioned by and paid for by Landlord and Tenant. Each party agrees to be responsible for payment of any deductible under its respective insurance policy, which amount each party agrees will not be offset against the amount of the proceeds received under such insurance policy.
(c) Until the restoration required of the Premises Landlord as provided in this Article is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter abatement unless and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualtyextent such abatement of Rent is covered by any insurance required to be carried by Landlord hereunder. In no event shall Landlord be required to repair or replace the Tenant’s merchandise, and (ii) Landlord desires to extend the Term trade fixtures, furnishings, equipment or other items of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord personal property of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 2 contracts
Samples: Standard Industrial Lease Agreement, Standard Industrial Lease (Wells Real Estate Investment Trust Ii Inc)
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) 60 days from the date of such damage or destruction to determine and inform Tenant in writing whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) 180 days from the end of the sixty (60) -day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) 10 days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a temporary certificate of completionoccupancy or other appropriate certificate from the applicable governmental authority). If Landlord does complete such repairs prior to the expiration of such ten10-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which that existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) 240 days of such damage or destruction, then Landlord shall notify Tenant in writing of such fact, and either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) 30 nor more than sixty (60) 60 days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent and Operating Expenses in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatementabatement unless Landlord is being covered by Tenant’s or Landlord’s business interruption/extra expense coverage during the restoration. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) % of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to either party may terminate this Lease as by providing written notice of such intention to terminate within 30 days of the date of the damaging event, such damage or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided hereindestruction.
Appears in 2 contracts
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred and eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than or destruction of the Premises in excess of fifty percent (50%) of the Premises or destruction value of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and hereinafter, the obligation of Landlord notifies Tenant that to restore the Premises shall not arise unless (i) Landlord will Landlord, at its sole option, elects to restore the Premises to their condition prior to the casualty, and such work; (ii) Landlord desires Landlord, at its sole option, elects to extend provide Tenant with the Term opportunity of the Lease with Tenant, then Landlord and Tenant shall extend extending the Term for an additional period so as to expire five (5) years from the date of the completion by Landlord of the repairs and restoration to the Premises, provided ; and (iii) Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen thirty (1530) days after receipt of Landlord’s noticerequest that Tenant agrees to such extension. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 2 contracts
Samples: Lease Agreement (Website Pros Inc), Lease Agreement (Website Pros Inc)
DESTRUCTION OR DAMAGE TO PREMISES. If during the continuance of this Lease the Building or the Leased Premises are totally destroyed by fire or the elements or are partially destroyed so as to render it wholly unfit for occupancy or if it shall be so badly damaged that it cannot be repaired with reasonable diligence within 180 days of the happening of such damage then this Lease shall, at any the option of either the Tenant or the Landlord, terminate from the date of such damage or destruction and the Tenant shall surrender the Leased Premises and all interest therein to the Landlord and the Tenant shall pay Rent until the time damaged of such damages or destroyed in whole destruction and the Landlord may re-enter or in part by firerepossess the Leased Premises discharged of this Lease and may remove all person therefrom. The Landlord or the Tenant as the case may be, casualty or other causes, Landlord shall have sixty (60) ten business days from the date of such damage or destruction to determine give written notice to the other party that it is terminating the Lease and inform the Tenant whether shall have 14 business days from receipt of such written notice to vacate and surrender the Leased Premises. If the Building or the Leased Premises is partially destroyed by fire or the elements, and can be repaired with reasonable diligence within 180 days from the happening of the said damage, but, if unfit for carrying on therein of the Tenant’s business, then the Landlord will restore shall repair the Building and/or Leased Premises with all reasonable speed and Rent shall not accrue while the repairs are being made, and if the Landlord shall not have completed the repairs so as to make the Building and/or Leased Premises available for resumption of the Tenant’s business within 180 days from the date when the Building and/or Leased Premises was made available by the Tenant to the Landlord to proceed with such repairs, the Tenant may if it chooses surrender the Leased Premises to substantially the condition that existed immediately prior to Landlord and this Lease shall terminate from the occurrence date of the casualtysuch surrender. If Landlord elects to rebuildthe Building and/or the Leased Premises can be repaired within 180 days as aforesaid, Landlord shall complete and if the damage is such that the Building and/or Leased Premises is capable of being partially used, then until such repairs shall have been made to the extent of insurance proceeds within one hundred eighty (180) days from enabling the end use of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion damaged portion of the repairs of Tenant’s intention to terminate this Lease. Landlord Building and/or Leased Premises the Rent and Additional Rent shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent xxxxx in the same proportion that the square footage part of the Building and/or Leased Premises so damaged or destroyed and under restoration rendered unfit for occupancy bears to the total square footage whole of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Building and/or Leased Premises and the Lease shall continue for the remainder amount of the then unexpired Termabatement shall, or until in the Lease is otherwise terminated as provided hereinevent of the parties not being able to agree thereon, be determined by arbitration pursuant to the Ontario Arbitration Act.
Appears in 1 contract
Samples: Lease Agreement
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that which existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred and eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-180 day period or if Landlord notifies Tenant that such repairs will not be completed within that 180 day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s 's completion of the repairs of Tenant’s 's intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s 's receipt of written notice of Tenant’s 's election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-ten day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements approved alterations to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s 's reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then Landlord shall have sixty (60) days from such damage or destruction to inform Tenant of such estimation and either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than or destruction of the Premises in excess of fifty percent (50%) of the Premises or destruction value of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and hereinafter, the obligation of Landlord notifies Tenant that to restore the Premises shall not arise unless (i) Landlord will Landlord, at its sole option, elects to restore the Premises to their condition prior to the casualty, and such work; (ii) Landlord desires Landlord, at its sole option, elects to extend provide Tenant with the Term opportunity of the Lease with Tenant, then Landlord and Tenant shall extend extending the Term for an additional period so as to expire five (5) years from the date of the completion by Landlord of the repairs and restoration to the Premises, provided ; and (iii) Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen thirty (1530) days after receipt of Landlord’s notice's request that Tenant agrees to such extension. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s 's notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. (a) If less than twenty-five percent (25%) of the rental area of the Premises are at is destroyed or rendered untenantable by any time damaged or destroyed in whole or in part by fire, casualty or other causescasualty, Landlord shall have sixty (60) days from such damage rebuild and repair the Premises and the Base Rental only shall xxxxx by the same proportion as the floor area of the Premises destroyed or destruction rendered untenantable bears to determine the entire floor area of the Premises. Landlord's obligation to rebuild and inform Tenant whether Landlord will restore repair the Premises is limited to restoring the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition in which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition existed prior to the casualty, and any obligation of Landlord's to rebuild and repair is hereby expressly conditioned upon the receipt by Landlord of insurance proceeds for such purposes. Full rent shall recommence when the Premises is rebuilt and repaired.
(iib) Landlord desires to extend the Term If at least twenty-five percent (25%) of the Lease with Tenantrental area of the Premises is destroyed or rendered untenantable by any casualty, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right may either elect to terminate this Lease (rent being prorated as of the date of the damaging event, such termination) or to restore rebuild and repair the Premises. Landlord shall give written notice to Tenant of such election within ninety (90) days after the occurrence of such casualty. Should Landlord elect to rebuild and repair the Premises, rental shall xxxxx by the same proportion as the floor area of the Premises and destroyed or rendered untenantable bears to the Lease shall continue for the remainder entire floor area of the then unexpired TermPremises. Landlord's obligation to rebuild and repair the Premises is limited to restoring the Premises to substantially the condition in which the same existed prior to the casualty, and any obligation of Landlord's to rebuild and repair is hereby expressly conditioned upon the receipt by Landlord of insurance proceeds for such purposes. Full rent shall recommence when the Premises is rebuilt and repaired.
(c) If at least twenty-five percent (25%) of the gross rental area of the Building in which the Premises is located is destroyed or until substantially damaged by any casualty, notwithstanding that the Premises may be unaffected by such casualty, Landlord may terminate this Lease is otherwise terminated by giving to Tenant thirty (30) days prior written notice of Landlord's election so to do, which notice shall be given, if at all, within ninety (90) days following the date of said occurrence. Rent shall be prorated as provided hereinof the date of such termination.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time or Building shall be damaged or destroyed in whole or in part by fire, casualty or other causescauses covered by Landlord's insurance, Landlord shall have promptly and diligently restore the Premises or Building to their condition immediately prior to such destruction or damage, provided that, in Landlord's reasonable estimation, such repairs can be made within sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Leasedestruction or damage. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately thereof prior to the occurrence of the casualtysuch destruction or damage. If, in Landlord’s architect’s or general contractor’s 's reasonable estimation, the Premises cannot be restored within two hundred forty sixty (24060) days of such damage or destruction, then Landlord at its option shall, by written notice to Tenant given within sixty (60) days after the date of such fire or other casualty, either Landlord (i) elect to repair or Tenant may restore such damage, this Lease continuing in full force and effect, or (ii) terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises Landlord's Work is complete, there shall be an abatement or reduction of Base Rent Rental in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. In the event that, in Landlord's estimation, such rebuilding or repairs can be completed within ninety (90) days following the event resulting in such damage or destruction, and Landlord undertakes such rebuilding or repairs, but fails to complete same within one hundred twenty (120) days following such event, unless such failure is due to force majeure, in which case such period of time shall be extended for the period during which such force majeure exists, then Tenant shall have the option of terminating this Lease by providing Landlord with written notice of such termination no later than ten (10) days following the expiration of such one hundred twenty (120) period, as the same may be extended due to force majeure; in the event that Tenant elects to terminate this Lease pursuant to this paragraph, then such termination shall be effective ten (10) days following Landlord's receipt of such notice, and the Lease Term shall be terminated as if it had expired on that date. Notwithstanding the foregoing provisions of this paragraph, if damage to more than or destruction of the Premises, in excess of fifty percent (50%) of the Premises or destruction value of the Premises Premises, shall occur within the last year of the TermTerm of this Lease, as the same may be extended as provided hereinafter and hereinafter, the obligation of Landlord notifies Tenant that to restore the Premises shall not arise unless (i) Landlord will Landlord, at its sole option, elects to restore the Premises to their condition prior to the casualty, and Premises; (ii) Landlord desires Landlord, at its sole option, elects to extend provide Tenant with the opportunity of extending the Term of the this Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion by Landlord of the repairs and restoration to the Premises; and, provided (iii) Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen thirty (1530) days after receipt of Landlord’s notice's request that it agrees to such extension. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s 's notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to promptly repair and restore the Premises within a reasonable timePremises. If Tenant refuses or fails Failing such notice to timely extend the Term as provided hereinextend, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore Landlord's Work in the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein. If damage to or destruction of the Premises, in excess of fifty percent (50%) of the value of the Premises shall occur during the last year of the Term of this Lease, then Tenant shall also have the option of terminating this Lease by providing Landlord with written notice of such termination no later than thirty (30) days following the event resulting in such damage or destruction.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises Premises, the Building or the Complex or any building in the Complex or the parking in the Complex are at any time totally destroyed (or so substantially damaged as to be wholly untenantable or destroyed in whole not usable or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds not repairable within one hundred eighty (180) days from in the end determination of the sixty (60Landlord's architect or engineer) day period. If such repairs have not been completed within that 180-day periodby storm, and Tenant desires to terminate the Lease as a result thereoffire, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. earthquake or other casualty, Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that option to:
(i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate Terminate this Lease as of the date of the damaging eventoccurrence of the storm, earthquake, fire or other casualty by giving written notice to Tenant within ninety (90) days from the date of such damage or destruction; or
(ii) Commence the process of restoration of the Premises to a tenantable condition within thirty (30) days from the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, and proceed with due diligence to complete said restoration of the Premises. Provided, however, that Landlord shall not be obligated to expend for such repair an amount in excess of the net insurance proceeds actually received as a result of such damage and in no event shall Landlord be required to repair or replace any alteration or improvement made by or for Tenant, including but not limited to Tenant's Work (as defined in the Work Agreement), nor any trade fixtures, furniture, equipment or other property belonging to the Tenant. If Landlord chooses to restore the Premises and Premises, Rent shall abatx xxxh respect to the Lease shall continue for the remainder untenantable portion of the then unexpired Term, or Premises from the date of such casualty until the Lease is otherwise terminated date of substantial restoration thereof. If Landlord shall not elect to terminate this Lease, the Landlord shall complete such restoration with reasonable diligence within one hundred eighty (180) days of the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, as provided herein.described above subject Tenant Delays. During such period of repair, if any portion of the Premises shall be
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises or the Building are at any time totally destroyed (or so substantially damaged or destroyed as to be untenantable in whole or in part the reasonable determination of the Architect of the Building) by storm, fire, casualty earthquake or other causescasualty, Landlord shall have the option to:
(i) Terminate this Lease as of the date of the occurrence of the storm, earthquake, fire or other casualty by giving notice to Tenant within sixty (60) days from the date of such damage or destruction to determine and inform Tenant whether Landlord will restore destruction; or
(ii) Commence the process of restoration of the Premises to substantially a tenantable condition within sixty (60) days from the condition that existed immediately prior to the occurrence date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, and proceed with due diligence to complete said restoration of the Premises. If Landlord elects chooses to rebuildrestore the Premises, Rent shall xxxxx with respect to the untenantable portion of the Premises from the date of such casualty until the date of substantial restoration thereof. If Landlord shall fails to complete such repairs to the extent of insurance proceeds restoration within one hundred eighty (180) days from the end of the sixty date of the casualty, this Lease may be terminated as of the date of the casualty upon notice from either party to the other, given not more than ten (6010) days following the expiration of said one hundred eighty (180) day period. If such repairs have notice is not been completed within that 180-day periodgiven, this Lease shall remain in force and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion effect and Rent shall commence upon delivery of the repairs Premises to Tenant in a tenantable condition (evidenced by notice to Tenant that the Premises are substantially completed). If damage or destruction of Tenant’s intention a material nature occurs to terminate this Lease. the Premises within twelve (12) months of the expiration of the Term, Tenant may, at its option upon written notice to Landlord shall then have ten within thirty (1030) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging eventdamage or destruction.
(b) If the Premises are damaged but not rendered wholly untenantable by any event set forth in Paragraph 9(a) above, or to Rent shall xxxxx in the proportion the Premises have been made untenantable. Landlord shall restore the Premises expeditiously, and upon the Lease date of restoration, full Rent shall continue for commence.
(c) Rent shall not xxxxx if the remainder damage or destruction of the then unexpired TermPremises, whether total or until partial, is the Lease is otherwise terminated as provided hereinresult of the negligence of Tenant, its contractors, subcontractors, agents, employees, guests or invitees.
Appears in 1 contract
Samples: Lease Agreement (Delphi Information Systems Inc /De/)
DESTRUCTION OR DAMAGE TO PREMISES. A. If the Premises are at any time totally destroyed (or are so substantially damaged as to be untenantable) or destroyed a material part is so damaged that it prevents Tenant from using the Leased Premises as intended by and set forth in whole or in part this Lease by storm, fire, casualty earthquake, or other causescasualty, Rent shall not be abated or be prorated from the date of such casualty; however, Landlord shall have sixty within forty-five (6045) days from of such damage or destruction to determine and inform Tenant make a good-faith determination of whether the Leased Premises can be restored within one hundred eighty ( 180) days from the date of such casualty using only the insurance proceeds. In the event the Landlord will restore determines in its sole discretion that the Leased Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds cannot be restored within one hundred eighty (180) days from the end date of such casualty using only the sixty (60) day period. If such repairs have insurance proceeds, this Lease may be terminated upon written notice from either party given to the other party given not been completed within more that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt following the date that Landlord gives Tenant notice that the Leased Premises cannot be restored within the one hundred eighty (180) day period. Landlord thereafter shall receive all of written the insurance proceeds. If Landlord terminates this Lease under this paragraph, Tenant shall surrender possession of the Leased Premises on the date of termination and Landlord shall refund to Tenant all advance Rent and other payments or credits made by Tenant to or on behalf of Landlord for the period following the termination date. In the event such notice of Tenant’s election to terminate termination is not given, then this Lease shall remain in full force and effect; however, if Landlord fails to complete such repairs restoration within one hundred eighty (180) days from the date of the casualty, this Lease may be terminated effective as evidenced of the date of such casualty upon written notice from either party to the other given not more that ten (10) days following expiration of the one hundred eighty (180) day period, except, however, Landlord shall not be responsible for delays which may be caused by reason of adjustment of fire insurance on the part of Landlord or Tenant or for delays contemplated by Paragraph 40 herein provided such delays do not last longer than sixty ( 60) days. In the event such notice is not given, then this Lease shall remain in full force and effect and Rent shall commence upon delivery of the Leased Premises to Tenant in a certificate of completion)tenantable condition. If Landlord does complete In the event such repairs prior to damage or destruction occurs within one year from the expiration of this Lease, Tenant may, at its option on written notice to Landlord within thirty (30) days of such ten-day cure periodcasualty, terminate this Lease as of the date of such destruction or damage. If the Premises are damaged due to a casualty, Tenant shall have no such right remove, at its sole cost and expense, its furniture and other belongings from the Leased Premises as Landlord shall require in order for Landlord to terminate repair and restore the Premises.
B. Except as provided in paragraph 12(c) above, if the improvements on the Leased Premises are damaged but not rendered wholly untenantable or unusable for the purposes described in this LeaseLease by any of the events set forth in subparagraph A above, Rent shall not abate or be prorated; however, Landlord shall restore the improvemxxxx on the Leased Premises as quickly as practicable.
C. Landlord shall not be required to make any repair or replacement of any improvements installed in the Leased Premises by or for Tenant, other than the Building and the parking facilities, nor shall Landlord be responsible for the replacement of Tenant's furniture and furnishings. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its Tenant's sole cost and expense, repair and restore any its portion of such improvements to their original condition.
D. In no event shall Rent abate if the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration destruction of the Premises or any improxxxxxts located thereon whether total or partial, is complete, there shall be an abatement or reduction the result of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatementemployees. Notwithstanding the foregoing provisions of this paragraphforegoing, if each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage to more than fifty percent (50%) of the Premises resulting from fire or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the other casualty, and (ii) Landlord desires to extend the Term of extent that such insurance is in force and collectible and to the Lease with Tenantextent permitted by law, then Landlord and Tenant shall extend each hereby releases and waives any right of recovery against the Term for an additional period so as to expire five (5) years from the date other or anyone claiming through or under each of the completion them by way of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s noticesubrogation or otherwise. Such extension The foregoing release and waiver shall be on in force only if both releasers' insurance policies contain a clause providing that such a release or waiver shall not invalidate the terms insurance and conditions also provided hereinthat such a policy can be obtained, if an option to extend this Lease remains to be exercised by without additional premiums. Tenant hereunderacknowledges that Landlord shall not carry insurance covering Tenant's furniture, or under the terms prescribed in Landlord’s noticefixtures, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided hereinequipment and/or improvements.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty, such restoration to be completed in accordance with all Applicable Laws, including but not limited to, the Marijuana Code. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after LandlordLxxxxxxx’s receipt of written notice of TenantTxxxxx’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this the foregoing paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualtycasualty in compliance with all Applicable Laws, including but not limited to, the Marijuana Code, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant Txxxxx gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord Lxxxxxxx agrees to repair and restore the Premises within a reasonable timetime in compliance with all Applicable Laws, including but not limited to, the Marijuana Code. If Tenant Txxxxx refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 1 contract
Samples: Lease Agreement (Power REIT)
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises or the Building are at any time totally destroyed (or so substantially damaged or destroyed as to be untenantable in whole or in part the determination of the Architect) by storm, fire, casualty earthquake or other causescasualty, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that option to:
(i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate Terminate this Lease as of the date of the damaging eventoccurrence of the storm, earthquake, fire or other casualty by giving notice to Tenant within sixty (60) days from the date of such damage or destruction; or
(ii) Commence the process of restoration of the Premises to a tenantable condition within sixty (60) days from the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, and proceed with due diligence to complete said restoration of the Premises. If Landlord chooses to restore the Premises, Rent shall xxxxx with respect to the untenantable portion of the Premises and from the date of such casualty until the date of Substantial Completion thereof. If Landlord fails to complete such restoration within one hundred fifty (150) days of the date of the casualty, this Lease may be terminated as of the date of the casualty upon notice from either party to the other, given not more than ten (10) days following the expiration of said one hundred eighty (180) day period. If such notice is not given, this Lease shall continue for the remainder remain in force and effect and Rent shall commence upon delivery of the then unexpired TermPremises to Tenant in a state of Substantial Completion.
(b) If the Premises are damaged but not rendered untenantable for Tenant’s business use by any event set forth in Paragraph 9(a) above, Rent shall xxxxx in the proportion the Premises have been made untenantable. Landlord shall restore the Premises expeditiously, and upon the date of restoration, full Rent shall commence.
(c) Rent shall not xxxxx if the damage or until destruction of the Lease Premises, whether total or partial, is otherwise terminated as provided hereinthe result of the negligence of Tenant, its contractors, subcontractors, agents, employees, guests or invitees.
Appears in 1 contract
Samples: Lease Agreement (First Horizon Pharmaceutical Corp)
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenantthe Tenant Parties, its or their employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 1 contract
Samples: Lease Agreement (Power REIT)
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall will have sixty (60) 30 days from such damage or destruction to reasonably determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that which existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall will use diligent, good faith efforts to complete such repairs to the extent of insurance proceeds within one hundred eighty (180) 120 days from the end of the sixty 30 day period and, if reasonably practical and if not contrary to any agreements to which Landlord is bound (60) day periodincluding any agreements with Landlord's insurance carriers, but not including any agreements with other tenants of Landlord), Landlord will diligently attempt to cause such repairs to be a priority if other of Landlord's properties require repairs contemporaneously with the repairs to the Premises. If such repairs have not been completed within that 180-120 day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall will then have ten (10) 30 days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completioncompletion from Landlord's architect). If Landlord does complete such repairs prior to the expiration of such ten-30 day cure period, Tenant shall will have no such right to terminate this Lease. Tenant shallwill, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any Tenant Alterations or other improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualtycasualty to the extent of insurance proceeds. For purposes of this Section 7.1, "substantial completion" will be deemed to have occurred when Landlord's repair and restoration of the Building has reached a stage of completion that allows full and reasonable use of the Premises for the Permitted Use, with only minor, non-structural "punch list" type items, if any, remaining to be completed. If, in Landlord’s architect’s or general contractor’s reasonable estimationthe mutual opinion of Landlord and Tenant, the Premises cannot be restored within two hundred forty (240) 150 days of such damage or destructiondestruction (the "Probable Restoration Period"), then either Landlord or Tenant may terminate this Lease as of a date specified in such noticea written notice to the other, which date shall will not be less than thirty (30) 30 nor more than sixty (60) 60 days after the date such written notice is given. If Landlord and Tenant disagree as to the Probable Restoration Period, then such period will be determined by a qualified independent general contractor reasonably acceptable to both parties, and, upon receipt of notice of the Probable Restoration Period, as determined by such general contractor, Landlord and Tenant will have 10 days within which to exercise their option to terminate this Lease, if applicable. Until the restoration of the Premises is complete, there shall will be an abatement or reduction of Base Rent in the same proportion that the square footage of rentable area in the Premises so damaged or destroyed and under restoration bears to the total square footage of rentable area in the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall will be no such abatementabatement or reduction. Notwithstanding the foregoing or the following, either Landlord or Tenant may, at their option, terminate this Lease by notifying the other party in writing of such termination within 30 days of the date of damage if such damage to the Premises is in excess of 50% of the value of the Premises, as determined by a qualified independent general contractor reasonably acceptable to both parties. Notwithstanding the foregoing provisions of this paragraphSection 7.1, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur in excess of 50% of the value of the Premises occurs within the last year of the Term, as the same may be extended as provided hereinafter and herein, the obligation of Landlord notifies Tenant that to restore the Premises will not arise unless (i) Landlord will Landlord, at its sole option, elects to restore the Premises to their condition prior to the casualty, and such work; (ii) Landlord desires Landlord, at its sole option, elects to extend provide Tenant with the Term opportunity of the Lease with Tenant, then Landlord and Tenant shall extend extending the Term for an additional period so as to expire five (5) 5 years from the date of the completion by Landlord of the repairs to and restoration of the Premises, provided ; and (iii) Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) 30 days after receipt of Landlord’s noticerequest that Tenant agrees to such extension. Such extension shall will be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall will have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall will continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred and eighty (180) days from the end of the sixty (60) day period. If such repairs have not been substantially completed within that 180-day period, and Tenant desires to terminate the Lease Sublease as a result thereof, then Tenant must notify Landlord prior to Landlord’s 's substantial completion of the repairs of Tenant’s 's intention to terminate this LeaseSublease. Landlord shall then have ten (10) days after Landlord’s 's receipt of written notice of Tenant’s 's election to terminate to substantially complete such repairs (as evidenced by a certificate of completion). If Landlord does substantially complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this LeaseSublease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s 's reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease Sublease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the substantial completion of Landlord's restoration of the Premises is completeobligation, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the gross negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 1 contract
Samples: Sublease Agreement (A21 Inc)
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises Premises, the Building or any building at thy Property or the parking for the Building are at any time totally destroyed (or so substantially damaged as to be wholly untenantable or destroyed in whole not usable or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds not repairable within one hundred eighty (180) days from in the end determination of Landlord's architect or engineer) by storm, fire, earthquake or other casualty, Landlord shall have the option to:
(i) Terminate this Lease as of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion date of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. Ifstorm, in Landlord’s architect’s earthquake, fire or general contractor’s reasonable estimation, the Premises cannot be restored other casualty by giving written notice to Tenant within two hundred forty ninety (24090) days from the date of such damage or destruction; or
(ii) Commence the process of restoration of the Premises to a tenantable condition within thirty (60) days from the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, then either and proceed with due diligence to complete said restoration of the Premises. Provided, however, that Landlord shall not be obligated to expend for such repair an amount in excess of the net insurance proceeds actually received as a result of such damage and in no event shall Landlord be required to repair or replace any alteration or improvement made by or for the Tenant, including but not limited to Tenant's Work (as defined in the Work Agreement), nor any trade fixtures, furniture, equipment or other property belonging to the Tenant. If Landlord chooses to restore the Premises, Rent shall xxxxx with respect to the untenantable portion of the Premises from the date of such casualty until the date of substantial restoration thereof. If Landlord shall not elect to terminate this Lease, the Landlord shall complete such restoration with reasonable diligence within one hundred eighty (180) days of the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, as described above subject to Tenant may terminate Delays. During such period of repair, if any portion of the Premises shall be untenantable as a result of casualty and Tenant has elected to no longer use the Premises, Base Rental and Additional Rent shall xxxxx beginning with the date of such casualty and ending on the date the Premises are rendered tenantable by an amount bearing the same ratio to the total amount of Base Rental and Additional Rent due under this Lease as the untenantable portion of a date specified in the Premises bears to the entire Premises. Notwithstanding such noticeabatement. Tenant shall remain obligated to perform and discharge all of its remaining covenants under this Lease during the period of abatement.
(b) If such damage or destruction occurs within, which date shall not be less than one (1) year of the expiration of the Term, either party may, at its option on written notice to the other party within thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenantdestruction or damage, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging eventsuch destruction or damage. Notwithstanding, or Tenant may elect to restore Terminate this lease if, based on Landlords determination, that the Premises and or Building are not repairable within 180 days from the Lease date in which Landlord notifies Tenant, which date of notification shall continue for be not more than 90 days from the remainder date of the then unexpired Termdamage/destruction,
(c) Rent shall not xxxxx if the damage or destruction of the Premises, whether total or until partial, is the Lease is otherwise terminated as provided hereinresult of the negligence of Tenant, its contractors, subcontractors, agents, employees, guests or invitees.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises or the Building are at any time totally destroyed (or so substantially damaged or destroyed as to be untenantable in whole or in part the reasonable determination of the Architect of the Building) by storm, fire, casualty earthquake or other causescasualty, Landlord shall have the option to:
(i) Terminate this Lease as of the date of the occurrence of the storm, earthquake, fire or other casualty by giving notice to Tenant within sixty (60) days from the date of such damage or destruction to determine and inform Tenant whether Landlord will restore destruction; or
(ii) Commence the process of restoration of the Premises to substantially a tenantable condition within sixty (60) days from the condition that existed immediately prior date of such casualty, and proceed with due diligence to the occurrence complete said restoration of the casualtyPremises. If Landlord elects chooses to rebuildrestore the Premises, Rent shall abatx xxxh respect to the untenantable portion of the Premises from the date of such casualty until the date of substantial restoration thereof. If, for any reason other than Tenant Delay (relating to the restoration of the Premises), Landlord shall fails to substantially complete such repairs to the extent of insurance proceeds any restoration following any full or partial casualty within one hundred eighty (180) days from the end of the sixty date of the casualty, this Lease may be terminated as of the date of the casualty upon notice from either party to the other, given not more than ten (6010) business days following the expiration of said one hundred eighty (180) day period. If such repairs have notice is not been completed within that 180-day periodgiven, this Lease shall remain in force and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion effect and Rent shall commence upon delivery of the repairs Premises to Tenant in a tenantable condition (evidenced by notice to Tenant that the Premises are substantially completed).
(b) If the Premises are damaged but not rendered wholly untenantable by any event set forth in Paragraph 9(a) above such that critical functions within the Premises of Tenant’s intention Tenant are working sufficiently as to terminate this Leaseallow Tenant to conduct normal business activity in at least a portion of the Premises, Rent shall abatx xx the proportion the Premises have been made untenantable. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to restore the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligentlyPremises expeditiously, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after upon the date such notice of restoration, full Rent shall commence. Notwithstanding the foregoing, if Landlord is given. Until the unable to substantially complete restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent within one hundred eighty (50%180) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to days following the casualty, and (ii) Landlord desires this Lease may be terminated by either party upon written notice to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire other given no more than five (5) years from days following the date expiration of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen said one hundred eighty (15180) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided hereinday period.
Appears in 1 contract
Samples: Lease Agreement (Simmons Co /Ga/)
DESTRUCTION OR DAMAGE TO PREMISES. 6.1.1 If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty casualty, or other causescauses and if this Lease is not terminated pursuant to Section 6.1.2, Landlord shall have sixty thirty (6030) days (the “Notice Period”) from such damage or destruction to cause the Base Building Architect to determine and inform Tenant of the estimated time for repair and restoration and notify Tenant whether Landlord will restore the Premises Base Building to substantially the condition that which existed immediately prior to the occurrence of the casualtycasualty to the extent of Landlord’s obligations under the Construction Addendum with respect to the Base Building. If Landlord elects the time estimated to rebuildrestore does not exceed one (1) year from the end of the Notice Period, Landlord shall complete such repairs to the extent of insurance proceeds (but recognizing that Landlord is obligated to maintain full replacement cost coverage as to the Base Building) within one hundred eighty (1801) days year from the end of the sixty Notice Period, subject to Excusable Delay (60) day periodthe “Repair Period”). If such repairs have not been completed within that 180-day periodthe Repair Period to the extent of Landlord’s obligations under the Construction Addendum with respect to the Base Building, and Tenant desires to terminate the this Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten thirty (1030) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completioncompletion and Landlord otherwise achieving Substantial Completion of the Base Building). If Landlord does complete such repairs prior to the expiration of such ten-thirty (30) day cure period, Tenant shall have no such right to terminate this Lease; provided, however this Lease shall be deemed terminated upon Landlord’s failure to complete such repairs prior to expiration of the thirty (30) day period, whereupon the parties shall have no further obligations under this Lease (except that Tenant shall, within sixty (60) days from the date of termination, remove its personal property). In the event this Lease is not terminated, Tenant shall, upon substantial completion Substantial Completion of the Base Building by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore the Leasehold Improvements, and any improvements to the Premises made by Tenant Tenant, to the condition which existed immediately prior to the occurrence of the casualtycasualty to the extent of insurance proceeds (but recognizing that Tenant is obligated to maintain full replacement cost coverage as to the Leasehold Improvements). If, in Landlord’s architect’s or general contractor’s the reasonable estimationestimation of Base Building Architect as provided above, the Premises Base Building cannot be restored within two hundred forty one (2401) days year of such damage or destructiondestruction and if this Lease is not terminated pursuant to Section 6.1.2, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty ninety (6090) days after the date such notice is given. Until the restoration of the Premises Base Building is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration not reasonably capable of being used and occupied for the Permitted Use, bears to the total square footage of the Premises, unless the damaging event was caused by the negligence (to the extent sufficient insurance proceeds are not received by Landlord in connection therewith) or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if abatement and Tenant shall restore such damage to more than fifty percent (50%) of at Tenant’s sole cost and expense.
6.1.2 If the Premises are destroyed or destruction of the Premises shall occur within damaged during the last year two (2) years of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior then in addition to the casualtydetermination to be made by the Base Building Architect pursuant to Section 6.1.1, Landlord shall also cause the Base Building Architect to determine and (ii) Landlord desires to extend inform Tenant within the Term Notice Period of the Lease with Tenant, then Landlord and Tenant shall extend estimated cost of repair. If the Term for an additional period so as to expire five (5) years from the date estimated cost of repair of the completion Base Building exceeds ten (10%) percent of the repairs annual Base Rent then remaining to be paid by Tenant for the Premisesbalance of the Term, provided Landlord or Tenant gives may at its option terminate this Lease by giving written notice to Landlord the other party of Tenant’s agreement its election to extend the Term do so within fifteen thirty (1530) days after receipt of Landlordthe Base Building Architect’s notice. Such extension determination, whereupon the parties shall be on the terms and conditions provided herein, if an option to extend have no further obligations under this Lease remains to be exercised by (except that Tenant hereundershall, or under within sixty (60) days from the terms prescribed in Landlord’s noticedate of termination, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable timeremove its personal property). If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option neither party shall have the right so elect to terminate this Lease as Lease, the repair of such damage shall be governed by other provisions of this Section. However, if Landlord shall exercise its right of termination pursuant to this Section 6.1.2 and at that time Tenant shall have a remaining Renewal Option pursuant to Rider Number 1 hereto, then Tenant may render Landlord’s notice of termination null, void, and of no further force or effect, provided that Tenant, within twenty (20) days of receipt of the date of the damaging eventnotice, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided hereinexercise such Renewal Option.
Appears in 1 contract
Samples: Lease Agreement (Office Depot Inc)
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises or the Building are at any time totally destroyed (or so substantially damaged or destroyed as to be untenantable in whole or in part the determination of Architect) by storm, fire, casualty earthquake or other causescasualty, Landlord shall have the option to:
(i) Terminate this Lease as of the date of the occurrence of the storm, earthquake, tire or other casualty by giving notice to Tenant within sixty (60) days from the date of such damage or destruction to determine and inform Tenant whether Landlord will restore destruction; or
(ii) Commence the process of restoration of the Premises to substantially a tenantable condition within sixty (60) days from the condition that existed immediately prior to the occurrence date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, and proceed with due diligence to complete said restoration of the Premises. If Landlord elects chooses to rebuildrestore the Premises, Rent shall xxxxx with respect to the untenantable portion of the Premises from the date of such casualty until the date of Substantial Completion thereof. If Landlord shall fails to complete such repairs to the extent of insurance proceeds restoration within one hundred eighty (180) days from the end of the sixty date of the casualty, this Lease may be terminated as of the date of the casualty upon notice from either party to the other, given not more than ten (6010) days following the expiration of said one hundred eighty (180) day period. If such repairs have notice is not been completed within that 180-day periodgiven, this Lease shall remain in force and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion effect and Rent shall commence upon delivery of the repairs Premises to Tenant in a state of Tenant’s intention to terminate this LeaseSubstantial Completion.
(b) If the Premises are damaged but not rendered wholly untenantable by any event set forth in Paragraph 9(a) above, Rent shall xxxxx in the proportion the Premises have been made untenantable. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to restore the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligentlyPremises expeditiously, and at its sole cost and expenseupon the date of restoration, repair and restore any improvements to full Rent shall commence.
(c) Rent shall not xxxxx if the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage destruction of the Premises, unless whether total or partial, is the damaging event was caused by result of the negligence or willful misconduct of Tenant, its employeescontractors, officerssubcontractors, agents, licenseesemployees, guests or invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time damaged or destroyed in whole or in part by fire, casualty or other causes, Landlord shall have sixty (60) 45 days from such damage or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) 135 days from the end of the sixty (60) 45-day period. If such repairs have not been completed within that 180135-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s 's completion of the repairs of Tenant’s 's intention to terminate this Lease. Landlord shall then have ten (10) 10 days after Landlord’s 's receipt of written notice of Tenant’s 's election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten10-day cure period, Tenant shall have no such right to terminate this Lease. If Landlord does not complete any such repairs prior to the expiration of such 10-day cure period, Tenant's termination of this Lease shall be effective without further notice to Landlord. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which that existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s 's reasonable estimation, the Premises cannot be restored within two hundred forty (240) 180 days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) 30 nor more than sixty (60) 60 days after the date such notice is given. Until the restoration of the Premises is completecomplete (as evidenced by a certificate of occupancy or a temporary certificate of occupancy), there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) % of the Premises or destruction of the Premises shall occur within the last year of the Term, as and a reasonable estimate for the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises time to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenantrepair such damage exceeds 90 days, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to either party may terminate this Lease as of upon notice to the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided hereinother.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. If the Leased Premises are at any time damaged or totally destroyed in whole or in part by fire, casualty fire or other causes, Landlord shall have sixty (60) days from such damage cause or destruction to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs are damaged by fire or other cause to the extent of insurance proceeds fifty per cent (50%) or more of their full insurable value, as determined by the insurer or insurers indemnifying the Landlord against such hazard, or if the Premises are damaged by fire or other cause to the extent of fifty per cent or more of its full insurable value determined as aforesaid whether the Leased Premises or any part of them are included in such damage or not, the Landlord may terminate this Lease upon written notice, such notice to be given within one hundred eighty thirty (18030) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days time of such damage or destruction, then either and the Tenant shall thereupon immediately surrender the Leased Premises to the Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date and Base Rent and Additional Rent shall not be less than thirty (30) nor more than sixty (60) days after apportioned to the date of such notice is givendamage or destruction. Until If the restoration Premises or the Leased Premises are destroyed or damaged by fire or other cause not the result of the Premises is completenegligence, there shall be an abatement fault or reduction of Base Rent in the same proportion that the square footage wilful act of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officersservants, agents, licenseesinvitees or licensees and notice to terminate this Lease shall not have been duly given, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there the Landlord shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as repair the same may be extended as provided hereinafter and Landlord notifies Tenant that with all reasonable speed and:
(i) Landlord will restore if the damage is such as to render the Leased Premises to their condition prior to wholly unfit for occupancy Base Rent and Additional Rent shall cease from the casualty, and (ii) Landlord desires to extend the Term time of occurrence of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of said damage until the completion of the repairs to by the Premises, provided Landlord or
(ii) if the damage is such that the Leased Premises can be partially used by the Tenant gives written notice to Landlord Base Rent and Additional Rent shall xxxxx in the proportion that the part of Tenant’s agreement to extend the Term within fifteen Leased Premises rendered unfit for occupancy is of the whole of the Leased Premises from the time of occurrence of the damage until the completion of the repairs by the Landlord; and
(15iii) days after receipt upon the completion of the Landlord’s notice. Such extension 's repairs all Base Rent and Additional Rent shall be on commence and the terms Tenant shall with all reasonable speed and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or own expense complete all works required fully to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided hereinLeased Premises.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. If (a) In the event that during the continuance of this Lease the Building on the Leased Premises is totally destroyed by fire or the elements or are partially destroyed so as to render it wholly unfit for occupancy or if it shall be so badly damaged that it cannot be repaired with reasonable diligence within 30 days of the happening of such damage then this Lease shall, at any the option of either the Tenant or the Landlord, terminate from the of such damage or destruction and the Tenant shall surrender the Leased Premises and all interest therein to the Landlord and the Tenant shall pay Rent until the time damaged of such damages or destroyed in whole destruction and the Landlord may re-enter or in part by fire, casualty repossess the Leased Premises discharged of this Lease and may remove all person therefrom. The Landlord or other causes, Landlord the Tenant as the case may be shall have sixty (60) ten business days from the date of such damage or destruction to determine give written notice to the other party that it is terminating the Lease and inform the Tenant whether shall have 14 business days from receipt of such written notice to vacate and surrender the Leased Premises.
(b) If the Building on the Leased Premises is partially destroyed by fire or the elements, and can be repaired with reasonable diligence within 30 days from the happening of the said damage, but, if unfit for carrying on therein of the Tenant’s business, then unless the damage was caused by the Tenant or those for whom the Tenant is responsible, the Landlord will restore shall repair the Building with all reasonably speed and Rent shall not accrue while the repairs are being made, unless insurance coverage is denied due to an act or omission by the Tenant. If the Landlord shall not have completed said repairs so as to make the Building available for resumption of the Tenant’s business within 30 days from the date when the Building was made available by the Tenant to the Landlord to proceed with such repairs, the Tenant may if it chooses surrender the Leased Premises to substantially the condition Landlord and this Lease shall terminate from the date of such surrender.
(c) If the Building on the Leased Premises can be repaired within 30 days as aforesaid, and if the damage is such that existed immediately prior to the occurrence said Building is capable of the casualty. If Landlord elects to rebuildbeing partially used, Landlord shall complete then until such repairs shall have been made to the extent of insurance proceeds within one hundred eighty (180) days from enabling the end use of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion damaged portion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimationBuilding, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date Rent and Additional Rent shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent xxxxx in the same proportion that the square footage part of the Premises so damaged or destroyed and under restoration Building rendered unfit for occupancy bears to the total square footage whole of the Premises, unless Building and the damaging event was caused by amount of the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractorsabatement shall, in which the event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Termparties not being able to agree thereon, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior determined by arbitration pursuant to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided hereinOntario Arbitration Act.
Appears in 1 contract
Samples: Lease Agreement
DESTRUCTION OR DAMAGE TO PREMISES. (a) If the Premises are at any time totally destroyed (or are so substantially damaged or destroyed in whole or in part as to be untenantable) by storm, fire, casualty earthquake, or other causescasualty, Rent shall not be abated or be prorated from the date of such damage or destruction; however, Landlord shall have sixty (60) days from such damage or destruction to promptly determine and inform Tenant whether Landlord will restore the Premises to substantially can be restored within a reasonable time period from the condition that existed immediately prior to the occurrence date of the such casualty. If In the event the Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at determines in its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, discretion that the Premises cannot be restored within two hundred forty a reasonable time period from the date of such casualty even if Tenant uses the insurance proceeds received pursuant to the provisions of this Lease, this Lease may be terminated upon written notice from Landlord to the Tenant given not more than forty-five (24045) days following the date of such damage the casualty and Landlord shall receive all of the insurance proceeds. If Landlord terminates this Lease under this Paragraph, Tenant shall surrender possession of the Premises on the date of termination and Landlord shall refund to Tenant all advance Rent and other payments or destructioncredits made by Tenant to or on behalf of Landlord for the period following the termination date. Notwithstanding the foregoing, then either Landlord or Tenant may shall have no right to terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that event the square footage cost of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more is less than fifty percent (50%) of the replacement cost of the improvements located on the Premises. In the event that the cost to repair the damage will cost an amount less than fifty percent (50%) of the replacement cost of the improvements located on the Premises or destruction in the event such notice of termination is not given, then this Lease shall remain in full force and effect and Landlord shall make the net insurance proceeds received available to Tenant for repair and restoration of the Premises shall occur within damaged property, provided that (1) there is not then in existence an event of default under the last year terms of the TermLease, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i2) Landlord has approved Tenant's detailed plans and specifications (including layout, architectural, mechanical and structural drawings) for restoring the Premises and (3) Landlord has approved Tenant's contractors, subcontractors, employees, mechanics and laborers who will be restoring the Premises and (4) Tenant has deposited with Landlord or the Lender prior to the commencement of the repair and new restoration an amount equal to the difference of the cost to restore the If the damage to the improvements on the Premises is so extensive that the repair and restoration of the improvements on the Premises is impractical or if applicable governmental regulations prohibit the reconstruction of the improvements on the Premises as originally constructed and Tenant receives the insurance proceeds then, Tenant, within a reasonable time after the insurance proceeds are made available to Tenant, shall construct substitute improvements on the Premises consistent with the then applicable government regulations and with plans and specifications approved by Landlord in writing, which approval shall not be unreasonably withheld or delayed and Tenant shall remit the balance of the insurance proceeds to Landlord.
(b) If the improvements on the Premises are damaged but not rendered wholly untenantable by any of the events set forth in subparagraph (a) above, Rent shall not abatx xx be prorated; however, Tenant shall restore the improvements on the Premises as quickly as practicable. Landlord shall make the insurance proceeds available to Tenant to restore the improvements. on the Premises provided that the conditions set forth in Paragraph 8(a) for use of the insurance proceeds are satisfied prior to the commencement of the restoration.
(c) Landlord shall not be required to make any insurance proceeds available for repair or replacement of any improvements installed in the Premises by or for Tenant, other than the Building and the parking facilities, nor shall Landlord be responsible for the replacement of Tenant's furniture and furnishings. Tenant shall, at Tenant's sole cost and expense, repair and restore such improvements to their original condition.
(d) In the event the Premises are damaged or destroyed and if the following conditions are satisfied and if the net insurance proceeds which are to repair or restore the Premises are not given to their condition prior to the casualty, and Tenant within twenty (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (1520) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant's written request then Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate this Lease as Lease. The conditions that must be satisfied are the following: (1) there is not then in existence an event of default under the terms of the date Lease, (2) Landlord has approved detailed Plans and Specifications (including layout, architectural, mechanical and structural drawings) for restoring the Premises, (3) Landlord has approved Tenant's contractors, subcontractors, employees, mechanics or laborers who will be restoring the Premises and (4) Tenant is willing to deposit with Landlord or the Lender prior to the commencement of the damaging event, or repair and new restoration an amount equal to the difference of the cost to restore the Premises as reasonably determined by Landlord and the Lease shall continue for the remainder sums made available by Landlord on account of the then unexpired Term, or until the Lease is otherwise terminated as provided hereinsuch net insurance proceeds.
Appears in 1 contract
Samples: Lease Agreement (Consumers Us Inc)
DESTRUCTION OR DAMAGE TO PREMISES. a. If the Premises or the Building are at any time totally destroyed (or so substantially damaged as to be wholly untenantable or destroyed in whole not usable or in part by fire, casualty or other causes, Landlord shall have sixty (60) days from such damage or destruction not expected to determine and inform Tenant whether Landlord will restore the Premises to substantially the condition that existed immediately prior to the occurrence of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds be repaired within one hundred eighty (180) days from the end of the sixty (60) day period. If such repairs have not been completed within that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention to terminate this Lease. Landlord shall then have ten (10) days after Landlord’s receipt of written notice of Tenant’s election to terminate to complete such repairs (as evidenced by a certificate of completion). If Landlord does complete such repairs prior to the expiration of such ten-day cure period, Tenant shall have no such right to terminate this Lease. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage determination of the Premises so damaged Landlord's architect or destroyed and under restoration bears to the total square footage of the Premisesengineer) by storm, unless the damaging event was caused by the negligence fire, earthquake or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent (50%) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the other casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right option to terminate this Lease as of the date of the damaging occurrence of the storm, earthquake, fire or other casualty by giving written notice to Tenant within one hundred twenty (120) days from the date of such damage or destruction and Rent shall be apportioned on a per diem basis and paid to the date of such occurrence; provided, however, if only the Premises and no other portions of the Building are so damaged, Landlord's election to terminate this Lease, if so made, shall be made in a written notice to Tenant given at any time within ninety (90) days after the date of such damage. In the event that all or substantially all of the Building, including the Premises, is damaged by fire or other casualty, Tenant shall have the right to terminate this Lease by so notifying Landlord, in writing, within one hundred twenty (120) days of the occurrence of such event. In the event that neither Landlord nor Tenant elects to terminate the Lease as aforesaid or in the event of a partial destruction (i.e., damage expected to be repaired within one hundred eighty (180) days in the determination of Landlord's architect or engineer), Landlord shall commence the process of restoration of the Premises to a substantially similar condition as existed immediately prior to the damage within thirty (30) days from the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, and shall use commercially reasonable efforts to complete said restoration of the Premises within one hundred eighty (180) days of the date of receipt by Landlord of all of the insurance proceeds paid with respect to such casualty, as described above, subject to delays caused by Tenant; provided, however, that Landlord shall not be obligated to expend for such repair an amount in excess of the aggregate of any deductible and the net insurance proceeds available for repair as a result of such damage and in no event shall Landlord be required to repair or replace any alteration or improvement made by or for the Tenant, nor any trade fixtures, furniture, equipment or other personal property belonging to the Tenant. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease by virtue of any delays in completion of such repairs. If Landlord elects or is obligated to restore the Premises, Rent shall abatx xxxh respect to the untenantable portion of the Premises from the date of such casualty until the earlier of (i) forty-five (45) days following the date of substantial restoration thereof, and (ii) the date Tenant reoccupies the Premises for the purpose of conducting business therefrom. Notwithstanding such abatement, Tenant shall remain obligated to perform and discharge all of its remaining covenants under this Lease during the period of abatement to the extent reasonably practicable.
b. If such damage or destruction occurs within one (1) year of the expiration of the Term, either party may, at its option on written notice to the other party within thirty (30) days of such destruction or damage, terminate this Lease as of the date of such destruction or damage.
c. Rent shall not abatx xx the damage or destruction of the Premises, whether total or partial, is the result of the willful misconduct or the negligence of Tenant, its contractors, subcontractors, agents, employees, guests or invitees, except to the extent Landlord receives rent loss insurance proceeds therefor (provided that Tenant shall be responsible for the costs of the deductible). Landlord hereby represents to Tenant that Landlord shall maintain rent loss insurance or self-insure therefor.
d. Notwithstanding the foregoing, in the event Landlord commences the restoration and, within one (1) year after the fire or casualty, the Premises have not been substantially restored by Landlord, Tenant may terminate this Lease by written notice to Landlord given within thirty (30) days after the end of said one (1) year period. If Tenant shall give notice of termination pursuant to this Paragraph 10, such notice shall specify a date for the expiration of this Lease, which date shall not be more than thirty (30) days after the giving of such notice and the Term of this Lease shall continue expire on such date as fully and completely as if such date were the date set forth above for the remainder termination of this Lease unless Landlord shall have substantially completed restoration of and delivered the Premises to Tenant for occupancy, prior to such date. Upon termination of the then unexpired TermLease, or until Tenant shall forthwith quit, surrender and vacate the Premises without prejudice, however, to the rights and remedies of either party against the other under the Lease is otherwise terminated as provided hereinprovisions in effect prior to such fire or other casualty, and any Base Rent, Additional Rent or other rent owing shall be paid up to the date of such fire or other casualty and Tenant shall be relieved of its obligations hereunder to pay rent accruing from and after the date of such fire or other casualty and any payment of rent made by Tenant which was on account of any period subsequent to such date shall be returned to Tenant.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. (a) Tenant shall promptly notify Landlord of any damage to the Premises or the Building occasioned by fire, the elements, casualty or any other cause. If the Premises are at any time totally destroyed (or so substantially damaged or destroyed as to be untenantable in whole or in part the reasonable determination of an architect selected by Landlord ("Architect")) by storm, fire, earthquake or other casualty or other causesany ocher cause, Landlord shall have sixty (60) days from the option to terminate this Lease. In the event such damage or destruction to determine and inform Tenant whether Landlord will restore damage, in the Premises to substantially the condition that existed immediately prior to the occurrence reasonable determination of the casualty. If Landlord elects to rebuild, Landlord shall complete such repairs to the extent of insurance proceeds Architect cannot be repaired within one hundred eighty (180) days from the end date of the sixty Architect's determination (60which shall be made not less than thirty (30) days from the date of such damage or destruction), then this Lease shall terminate. If, in Architect's reasonable determination, the damage can be repaired and the Premises restored to Tenant's use within one hundred eighty (180) days from the date of the Architect's determination, then, if Landlord elects (in Landlord's sole discretion), Landlord shall repair the damage and restore the Premises (including the Tenant Improvement Work) to its prior condition. In the event Landlord fails to complete such restoration with reasonable diligence within one hundred eighty (180) days of the date of the Architect's determination, as described above, this Lease may be terminated upon written notice from either party to the other given not more than ten (10) days following the expiration of said one hundred eighty (180) day period. If In the event such repairs notice is not given, then this Lease shall remain in force and effect and Rent shall commence upon delivery of the Premises to Tenant in a tenantable condition (evidenced by notice to Tenant that the Premises are in Landlord's judgment substantially repaired). In the event such damage or destruction occurs within six (6) months of the expiration of the Term, Tenant may, at its option on written notice to Landlord within thirty (30) days of such destruction or damage, terminate this Lease as of the date of such destruction or damage. Tenant shall not have the right to cancel this Lease if the damage to the Premises is the result of Tenant's willful misconduct.
(b) Unless this Lease is terminated pursuant to Paragraph 9(a) above, Landlord shall commence and thereafter pursue diligently and as expeditiously as practicable, the repair and restoration of damage to the Premises, using standard working methods and procedures; provided, however, that for purposes of this Xxxxxxxxx 0, Xxxxxxxx shall not be obligated to commence any repair or restoration until insurance proceeds are actually received by Landlord and Landlord's repair obligations shall be limited to the extent of the insurance proceeds actually received by Landlord therefor which have not been completed within required by the holder of any mortgage or deed to secure debt encumbering any portion of the Property to be applied toward the reduction of any indebtedness secured by the Property.
(c) The Rent shall xxxxx in proportion to that 180-day period, and Tenant desires to terminate part of the Lease Premises (measured in Rentable Square Feet) rendered unfit for use in Tenant's business as a result thereofof such damage or casualty. The nature and extent of interference to Tenant's ability to conduct business in the Premises shall be considered in determining the amount of said abatement, then Tenant must notify Landlord prior to Landlord’s completion of and the repairs of Tenant’s intention to terminate this Lease. Landlord abatement shall then have commence and continue from the date the damage occurred until ten (10) days after Landlord’s receipt the date Landlord substantially completes the repair and restoration of written the Premises and gives notice of Tenant’s election to terminate to complete such Tenant that said repairs and restoration are substantially completed, or until Tenant again uses the Premises or the portions thereof rendered unusable, whichever occurs first.
(as evidenced by a certificate of completion). If Landlord does complete such repairs prior d) Notwithstanding anything to the expiration of such ten-day cure period, Tenant shall have no such right to terminate contrary contained or implied elsewhere in this Lease. Tenant shall, upon substantial completion by Landlord, promptly Landlord is not and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant to the condition which existed immediately prior to the occurrence of the casualty. If, in Landlord’s architect’s or general contractor’s reasonable estimation, the Premises cannot be restored within two hundred forty (240) days of such damage or destruction, then either Landlord or Tenant may terminate this Lease as of a date specified in such notice, which date shall not be less than obligated to repair or restore damage to Tenant's trade fixtures, furniture, furnishings, equipment or other personal property, or any Tenant's Work, except for the Tenant Improvement Work.
(e) If during the Term of this Lease, the Building is so damaged by fire or other casualty or any other cause (regardless of whether the Premises also are damaged) such that (i) in Landlord's reasonable judgment repair and restoration of the Building is economically infeasible; (ii) the holder of any mortgage or deed to secure debt encumbering the Building or the Property shall not allow adequate insurance proceeds to be made available for repair and restoration; (iii) the damage is not covered by Landlord's insurance; or (iv) the Lease is in the last twelve (12) months of its Term, then Landlord may cancel this Lease by giving written notice thereof within thirty (30) nor days after Landlord knows of the damage to the Building. Any such cancellation notice must specify the cancellation date, which shall be at least thirty (30) but no more than sixty (60) days after the date such notice of cancellation is given. Until the restoration of the Premises is complete, there shall be an abatement or reduction of Base Rent in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than fifty percent .
(50%f) of the Premises or destruction of the Premises shall occur within the last year of the Term, as the same may be extended as provided hereinafter and Landlord notifies Tenant that (i) Landlord will restore the Premises to their condition prior to the casualty, and (ii) Landlord desires to extend the Term of the Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion of the repairs to the Premises, provided Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen (15) days after receipt of Landlord’s notice. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable time. If Tenant refuses or fails to timely extend the Term as provided herein, Landlord at its option shall have the right to terminate either party cancels this Lease as of permitted under this Paragraph 9, then this Lease shall end on the date of specified in the damaging eventcancellation notice. The Rent, or including any additional rent, and other charges shall be payable up to restore the Premises cancellation date, after taking into account any applicable abatement. Landlord shall promptly refund to Tenant any prepaid, unaccrued Rent and additional rent (after taking into account any applicable abatement), plus the Lease shall continue for the remainder of the Security Deposit, if any, less any sums then unexpired Term, or until the Lease is otherwise terminated as provided hereinowing by Tenant to Landlord.
Appears in 1 contract
DESTRUCTION OR DAMAGE TO PREMISES. If the Premises are at any time shall be damaged or destroyed in whole or in part by fire, casualty or other causescauses covered by Landlord's insurance, Landlord shall have sixty (60) days from such damage or destruction to determine promptly and inform Tenant whether Landlord will diligently restore the Premises to their condition on the date originally demised to Tenant under this Lease, including the "Improvements" to the Premises constructed by Tenant in accordance with the provisions of Exhibit "C" to this Lease, ordinary wear and tear excepted ("Landlord's Restoration"), provided that, in Landlord's reasonable estimation, such repairs can be made within one hundred twenty (120) days of such destruction or damage. In the event that restoration of the Premises estimated by Landlord to take one hundred twenty (120) days or less to complete has not been substantially the condition that existed immediately prior to completed within one hundred twenty (120) days after the occurrence of such damage or destruction, then Tenant shall have the casualty. If option of terminating this Lease, provided that (i) at the time Tenant is required to exercise such option, Landlord is not then actively in the process of completing such restoration; (ii) the delay in substantial completion of the restoration of the Premises is not caused, in whole or in part, by Tenant or any force majeure; and (iii) Tenant provides Landlord with written notice that Tenant elects to rebuild, Landlord shall complete exercise such repairs to option no later than fifteen (15) days following the extent expiration of insurance proceeds within such one hundred eighty twenty (180) days from the end of the sixty (60120) day period. If such repairs have not been completed within In the event that 180-day period, and Tenant desires to terminate the Lease as a result thereof, then Tenant must notify Landlord prior to Landlord’s completion of the repairs of Tenant’s intention exercises its option to terminate this Lease. Landlord Lease in accordance with the terms of this paragraph, such termination shall then have ten be effective on the thirtieth (1030th) days after day following Landlord’s 's receipt of written Tenant's notice exercising such option; and, the Term of Tenant’s election to terminate to complete the Lease shall expire on such repairs thirtieth (30th) day as evidenced by a certificate of completion). If Landlord does complete if such repairs prior to date were the expiration of such ten-day cure period, Tenant shall have no such right to terminate this LeaseExpiration Date. Tenant shall, upon substantial completion by Landlord, promptly and diligently, and at its sole cost and expense, repair and restore any improvements to the Premises made by Tenant after the Rent Commencement Date to the condition which existed immediately thereof prior to the occurrence of the casualtysuch destruction or damage. If, in Landlord’s architect’s or general contractor’s 's reasonable estimation, the Premises cannot be restored restored, to the extent required herein, within two one hundred forty twenty (240120) days of such damage or destruction, then Landlord at its option shall, by written notice to Tenant given within sixty (60) days after the date of such fire or other casualty, either Landlord (i) elect to repair or Tenant may restore such damage, this Lease continuing in full force and effect, or (ii) terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date such notice is given. Until the restoration of the Premises Landlord's Restoration is complete, there shall be an abatement or reduction of Base Rent Rental and Additional Rental for Operating Expenses only (and not Taxes) in the same proportion that the square footage of the Premises so damaged or destroyed and under restoration bears to the total square footage of the Premises, unless the damaging event was caused by the negligence or willful misconduct of Tenant, its employees, officers, agents, licensees, invitees, visitors, customers, concessionaires, assignees, subtenants, contractors or subcontractors, in which event there shall be no such abatement. Notwithstanding the foregoing provisions of this paragraph, if damage to more than or destruction of the Premises, in excess of fifty percent (50%) of the Premises or destruction value of the Premises Premises, shall occur within the last year of the TermTerm of this Lease, as the same may be extended as provided hereinafter and hereinafter, the obligation of Landlord notifies Tenant that to restore the Premises shall not arise unless (i) Landlord will restore the Premises Landlord, at its sole option, elects to their condition prior to the casualty, and undertake Landlord's Restoration; (ii) Landlord desires neither party has elected to extend terminate this Lease as provided below; (iii) Landlord, at its sole option, elects to provide Tenant with the opportunity of extending the Term of the this Lease with Tenant, then Landlord and Tenant shall extend the Term for an additional period so as to expire five (5) years from the date of the completion by Landlord of the repairs to the PremisesLandlord's Restoration; and, provided (iv) Tenant gives written notice to Landlord of Tenant’s agreement to extend the Term within fifteen thirty (1530) days after receipt of Landlord’s notice's request that it agrees to such extension. Such extension shall be on the terms and conditions provided herein, if an option to extend this Lease remains to be exercised by Tenant hereunder, or under the terms prescribed in Landlord’s 's notice, if no such further extension period is provided for herein. Upon receipt of such notice from Tenant, Landlord agrees to repair and restore the Premises within a reasonable timepromptly undertake Landlord's Restoration. If Tenant refuses or fails Failing such notice to timely extend the Term as provided hereinextend, Landlord at its option shall have the right to terminate this Lease as of the date of the damaging event, or to restore the Premises and the Lease shall continue for the remainder of the then unexpired Term, or until the Lease is otherwise terminated as provided herein. Additionally, if damage to or destruction of the Premises, in excess of fifty percent (50%) of the value of the Premises, shall occur within the last year of the Term of this Lease, as the same may be extended by the parties from time to time, then Tenant shall have the option of terminating this Lease by providing Landlord with written notice of such termination no later than thirty (30) days after the occurrence of such damage or destruction, and in such event this Lease shall be terminated effective on the thirtieth (30th) day following Landlord's receipt of Tenant's notice exercising such option; and, the Term of the Lease shall expire on such thirtieth (30th) day as if such date were the Expiration Date.
Appears in 1 contract
Samples: Office Building Lease (Idealab)