FIRE AND CASUALTY DAMAGE. If the Premises are so injured or damaged by fire or other cause as to be uninhabitable for more than 120 days, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.
Appears in 3 contracts
Samples: Commercial Lease Agreement, Commercial Lease Agreement, Lease
FIRE AND CASUALTY DAMAGE. A. Lessee immediately shall give written notice to Lessor if the Premises or the Building are damaged or destroyed. If the Premises are or the Building should be totally destroyed by an insured peril, or so injured or damaged by fire an insured peril that, in Lessor's estimation, rebuilding or repairs cannot be completed within days after the date of Lessor's actual knowledge of such damage, then in either case this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
B. If the Building or the Premises should be damaged but not totally destroyed by any insured peril, and in Labor's estimation, rebuilding or repairs can be substantially completed within days after the date of Lessor's actual knowledge of such damage, this Lease shall not terminate, and Lessor shall restore the Premises to substantially its previous condition, except that Lessor shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other cause as improvements or personal property required to be uninhabitable for more than 120 dayscovered by Lessee's insurance pursuant to Paragraph 9.B. above. Effective upon the date of the occurrence of such damage and ending upon the date of substantial completion (as defined in Paragraph 1.C. above) of Lessor's repair or restoration work, if the Premises are untenantable in whole or part during such period, then the Tenant rent shall be reduced to such extent as may terminate this Lease upon written notice to the Landlord. A total destruction be fair and reasonable under all of the Premises shall automatically terminate this Leasecircumstances. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within days from after the date of such damage or casualtydamage, and if the Landlord fails to do soLessee, then the Tenant as Lessee's exclusive remedy, may terminate this Lease by delivering written notice of termination to Lessor, in which event the rights and obligations hereunder shall cease and terminate, provided, however, that any liabilities of Lessee which accrued prior to termination of this Lease shall survive such termination.
C. In connection with any repair or reconstruction to the Landlord. The Tenant will be entitled Premises arising from or necessitated by fire or other casualty which is covered by the insurance provided pursuant to an abatement Paragraph 9.A. above, Lessee shall pay Lessor upon demand its Proportionate Share of Rent for the period amount of time that all or any portion deductible of such insurance.
D. Notwithstanding anything herein to the contrary, in the event the Premises are destroyed or substantially damaged by any peril not useable for covered by the Tenant’s business due insurance required to be carried by Lessor pursuant to Paragraph 9.A above, or if the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that insurance proceeds be applied to such casualty based on indebtedness, then Lessor shall have the portion right to terminate this Lease by delivering written notice of the Premises that the Tenant termination to Lessee within fifteen (15) days after such requirement is unable to use. If made known by any such damage occurs before closing but after the Tenant has exercised its Option holder, whereupon all rights and obligations hereunder shall cease and terminate, provided, however, that any liabilities of Lessee which accrued prior to Purchase, then the Tenant may, within 30 days after the date termination of this Lease shall survive such damage, by delivery of written notice termination.
E. Anything in this Lease to the Landlordcontrary notwithstanding, cancel to the extent of a recovery of loss proceeds under the policies of insurance described in this Lease. Lessor and rescind the Tenant’s exercise Lessee hereby waive and release each other and any of the Option to Purchase. Each their respective related parties and affiliates of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to the Premises, the Building, or personal property within the Building and/or Premises arising from or caused by fire or any other perils which may be insurable in policies of insurance covering such property and casualty or hazard covered or required to be carried within covered by hazard insurance under this Lease, even if such loss or damage . Upon execution of this Lease. Lessor and Lessee shall have been caused by the fault or negligence notify their respective insurance companies of the other partymutual waivers contained herein and, or anyone for whom such party may be responsible. Each party if available, shall cause its insurance policies each policy described in this Lease to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimbe so endorsed.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Details Inc), Commercial Lease Agreement (Ddi Corp)
FIRE AND CASUALTY DAMAGE. A. If the Building, improvements, or Leased Premises are so injured rendered partially or damaged wholly untenantable by fire or other cause as to casualty, and if such damage cannot, in Landlord's reasonable estimation, be uninhabitable for more than 120 daysmaterially restored within ninety (90) days of such damage, then the Tenant may Landlord may, at its sole option, terminate this Lease upon as of the date of such fire or casualty. Landlord shall exercise its option provided herein by written notice to within sixty (60) days of such fire or other casualty. For purposes hereof, the Landlord. A total destruction Building or Leased Premises shall be deemed "materially restored" if they are in such condition as would not prevent or materially interfere with Tenant's use of the Leased Premises shall automatically terminate this Lease. for the purpose for which it was then being used.
B. If this Lease is not so terminatedterminated pursuant to Paragraph 9A, then the Landlord shall diligently proceed with all due diligence to repair and restore the damaged Premises Building, improvements or Leased Premises, as the case may be (except that Landlord may elect not to rebuild if such damage occurs during the last year of the term exclusive of any option which is unexercised at its sole cost and expense as soon as is reasonably practicalthe date of such damage).
C. If this Lease shall be terminated pursuant to this Paragraph 9, but in all events less than 120 days from the term of this Lease shall end on the date of such damage or casualty, as if that date had been originally fixed in this Lease for the expiration of the term hereof. If this Lease shall not be terminated by Landlord pursuant to this Paragraph 9 and if the Leased Premises is untenantable in whole or in part following such damage, the rent payable during the period in which the Leased Premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances. In the event that Landlord fails should fail to do socomplete such repairs and material restoration within one hundred fifty (150) days after the date of such damage, then the Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, whereupon the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based Lease shall end on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damagenotice as if the date of such notice were the date originally fixed in this Lease for the expiration of the term hereof; provided however, that if construction is delayed because of changes, deletions, or additions in construction requested by delivery Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. In no event shall Landlord be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in or about the Leased Premises by Tenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or Leased Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
D. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Leased Premises, Building or Property requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon the Landlord, cancel and rescind Lease shall end on the Tenant’s exercise date of such damage as if the date of such damage were the date originally fixed in this Lease for the expiration of the Option to Purchase. term hereof.
E. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire fire, extended coverage perils, vandalism or malicious mischief, sprinkler leakage or any other perils which may be insurable insured in policies of insurance covering such property and required to be carried within this Leaseproperty, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party , including any other tenants or occupants of the remainder of the Building in which the Leased Premises is located; provided, however, that this release shall cause its insurance be applicable and in force and effect only to the extent that such release shall be lawful at that time and in any event only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the effect extent of the insurance proceeds payable under such policies. Each Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such insurer waives a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the other thereof and of the amount of the extra cost, and the other party, at its rights election, may pay the same, but shall not be obligated to do so. If such other party fails to pay such extra cost, the release provisions of subrogation this paragraph shall be inoperative against such other party to the extent necessary to avoid invalidation of such releasor's insurance.
F. In the event of any damage or destruction to the Building or the Leased Premises by any peril covered by the provisions of this Paragraph 9, Tenant shall, upon notice from Landlord, remove forthwith, at its sole cost and expense, such portion or all of the property belonging to Tenant or his licensees from such portion or all of the Building or the Leased Premises as Landlord shall request and Tenant hereby indemnifies and holds Landlord harmless from any loss, liability, costs, and expenses, including attorney's fees, arising out of any claim of damage or injury as a result of any alleged failure to properly secure the Leased Premises prior to such released or waived claimremoval and/or such removal.
Appears in 2 contracts
Samples: Lease Agreement (Atlas Financial Holdings, Inc.), Lease Agreement (Atlas Financial Holdings, Inc.)
FIRE AND CASUALTY DAMAGE. A. If the Building, improvements, or Leased Premises are so injured rendered partially or damaged wholly untenantable by fire or other cause as to casualty, and if such damage cannot, in Landlord's reasonable estimation, be uninhabitable for more than 120 daysmaterially restored within ninety (90) days of such damage, then the Tenant may Landlord may, at its sole option, terminate this Lease upon as of the date of such fire or casualty. Landlord shall exercise its option provided herein by written notice to within sixty (60) days of such fire or other casualty. For purposes hereof, the Landlord. A total destruction Building or Leased Premises shall be deemed “materially restored” if they are in such condition as would not prevent or materially interfere with Tenant's use of the Leased Premises shall automatically terminate this Lease. for the purpose for which it was then being used.
B. If this Lease is not so terminatedterminated pursuant to Paragraph 9A, then the Landlord shall diligently proceed with all due diligence to repair and restore the damaged Premises Building, improvements or Leased Premises, as the case may be (except that Landlord may elect not to rebuild if such damage occurs during the last year of the term exclusive of any option which is unexercised at its sole cost and expense as soon as is reasonably practicalthe date of such damage).
C. If this Lease shall be terminated pursuant to this Paragraph 9, but in all events less than 120 days from the term of this Lease shall end on the date of such damage or casualty, as if that date had been originally fixed in this Lease for the expiration of the term hereof. If this Lease shall not be terminated by Landlord pursuant to this Paragraph 9 and if the Leased Premises is untenantable in whole or in part following such damage, the rent payable during the period in which the Leased Premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances. In the event that Landlord fails should fail to do socomplete such repairs and material restoration within one hundred fifty (150) days after the date of such damage, then the Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, whereupon the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based Lease shall end on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damagenotice as if the date of such notice were the date originally fixed in this Lease for the expiration of the term hereof; provided however, that if construction is delayed because of changes, deletions, or additions in construction requested by delivery Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. In no event shall Landlord be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in or about the Leased Premises by Tenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or Leased Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
D. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Leased Premises, Building or Property requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon the Landlord, cancel and rescind Lease shall end on the Tenant’s exercise date of such damage as if the date of such damage were the date originally fixed in this Lease for the expiration of the Option to Purchase. term hereof.
E. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire fire, extended coverage perils, vandalism or malicious mischief, sprinkler leakage or any other perils which may be insurable insured in policies of insurance covering such property and required to be carried within this Leaseproperty, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party , including any other tenants or occupants of the remainder of the Building in which the Leased Premises is located; provided, however, that this release shall cause its insurance be applicable and in force and effect only to the extent that such release shall be lawful at that time and in any event only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the effect extent of the insurance proceeds payable under such policies. Each Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such insurer waives a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the other thereof and of the amount of the extra cost, and the other party, at its rights election, may pay the same, but shall not be obligated to do so. If such other party fails to pay such extra cost, the release provisions of subrogation this paragraph shall be inoperative against such other party to the extent necessary to avoid invalidation of such releasor's insurance.
F. In the event of any damage or destruction to the Building or the Leased Premises by any peril covered by the provisions of this Paragraph 9, Tenant shall, upon notice from Landlord, remove forthwith, at its sole cost and expense, such portion or all of the property belonging to Tenant or his licensees from such portion or all of the Building or the Leased Premises as Landlord shall request and Tenant hereby indemnifies and holds Landlord harmless from any loss, liability, costs, and expenses, including attorney's fees, arising out of any claim of damage or injury as a result of any alleged failure to properly secure the Leased Premises prior to such released or waived claimremoval and/or such removal.
Appears in 2 contracts
Samples: Lease Agreement (Atlas Financial Holdings, Inc.), Lease Agreement (Atlas Financial Holdings, Inc.)
FIRE AND CASUALTY DAMAGE. A. Landlord shall maintain in effect throughout the term of this Lease policies of insurance covering the Building and other improvements on the Property, in an amount equal to their full replacement value, providing protection against any peril included under a standard form of insurance policy used in Illinois for fire and all risks. Such policies shall be procured by Landlord from responsible insurance companies authorized to do business in Illinois and rated by Best's Insurance Guide at A-:VII or better. A copy of such policies shall be delivered to Tenant prior to the Commencement Date. Not less than thirty (30) days prior to the expiration date of such policies, a certified copy of a renewal thereof shall be delivered to Tenant. Such policies shall further provide that not less than thirty (30) days' written notice shall be given to Tenant before such policies may be cancelled or changed to reduce the insurance coverage provided thereby.
B. If the Building or Premises are so injured rendered partially or damaged wholly untenantable by fire or other cause casualty, Landlord shall deliver to Tenant a notice within sixty (60) days of such fire or other casualty setting forth the time, as reasonably determined by Landlord, required to materially restore the Building or Premises. If such damage cannot, in Landlord's reasonable estimation, be uninhabitable for more than 120 daysmaterially restored within one hundred eighty (180) days of such damage, then the Tenant either party may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. A party shall exercise its option by written notice within thirty (30) days of the date of Landlord's determination notice. For purposes hereof, the Building or Premises shall be deemed "materially restored" if they are in such condition as would not prevent or materially interfere with Tenant's use of the Premises for the purpose for which it was then being used. If this Lease shall be terminated pursuant to this Article XII, the Term shall end on the date of the notice of termination as if that date had been originally fixed in this Lease for the expiration of the Term and, if the Premises is untenantable in whole or in part following the casualty, the rent payable during the period in which the Premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances.
C. If this Lease is not so terminatedterminated pursuant to Paragraph 12A, then the Landlord shall diligently proceed with all due diligence to repair and restore the damaged Premises Building or Premises, as the case may be (except that Landlord may elect not to rebuild if such damage occurs during the last year of the Term exclusive of any option which is unexercised at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, damage). If this Lease shall not be terminated pursuant to this Article XII and if the Premises is untenantable in whole or in part following the casualty, the rent payable during the period in which the Premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances.
D. In the event that Landlord fails should fail to do socomplete such repairs and material restoration within one hundred eighty (180) days after the date of such damage, then the Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, whereupon the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based Lease shall end on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damagenotice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Term; provided however, that if construction is delayed because of changes, deletions, or additions in construction requested by delivery Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. Notwithstanding the above, if Landlord delivers to Tenant a notice setting forth a new projected date for completion of the material restoration of the Premises (such notice shall be accompanied by an explanation for the revised date), then Tenant shall have fifteen (15) days thereafter to exercise its right to terminate; if Tenant does not exercise its right to terminate within such fifteen (15) day period it shall be deemed to have agreed to allow Landlord until the date set forth in Landlord's notice to materially restore the Premises and may not thereafter exercise this right to terminate unless and until Landlord has failed to materially restore by such later date.
E. In no event shall Landlord be required to rebuild, repair or replace any Alterations which may have been placed in or about the Premises by Tenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
F. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Property requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within thirty (30) days after such requirement is made by any such holder, whereupon the Landlord, cancel and rescind Lease shall end on the Tenant’s exercise date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Option to Purchase. Term.
G. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire fire, extended coverage perils, vandalism or malicious mischief, sprinkler leakage or any other perils which may be insurable insured in policies of insurance covering such property and (or which would have been insured if coverage required to be carried within this Leaseherein had been carried), even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party , including any other tenants or occupants of the remainder of the Building; provided, however, that this release shall cause its insurance be applicable and in force and effect only to the extent that such release shall be lawful at that time and in any event only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the effect extent of the insurance proceeds payable under such policies. Each of Landlord and Tenant agrees that it will require its insurance carriers to include in its policies such insurer waives a clause or endorsement.
H. In the event of any damage or destruction to the Building or Premises, Tenant shall, upon notice from Landlord, remove forthwith, at its rights sole cost and expense, such portion or all of subrogation the salvagable property belonging to Tenant from such portion or all of the Building or Premises as to such released or waived claimLandlord shall request.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises are should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord.
B. If the Premises or the Building should be totally destroyed by fire, tornado, or other casualty, or if the premises should be so injured damaged that rebuilding or repairs cannot be completed within 200 days after the date upon which Landlord is notified by Tenant of such damage, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective upon the date of the occurrence of such damage.
C. If the Premises or the Building should be damaged by fire fire, tornado, or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than complete within 120 daysdays after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises lease shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises shall, at its sole cost and expense as soon as is reasonably practicalexpense, but proceed with reasonable diligence to rebuild and repair such Building to substantially the condition in all events which it existed prior to such damage, except that (i) Landlord shall not be required to so rebuild or repair if less than twelve (12) months remain in the term hereof after the expiration of such 120 day period, (ii) Landlord shall not be required to rebuild, repair, or replace any part of the partitions, fixtures, and other improvements which may have been placed on the Premises by Tenant, and (iii) so long as Landlord has complied with the provisions hereof relating to insurance coverage. Landlord shall not be obligated to expend any funds in excess of available insurance proceeds attributable to such damage in rebuilding the Premises. If the Premises are untenantable in whole or in part following such damage, the rent payable hereunder during the period the Premises are untenantable shall be reduced to such extent as may be fair and reasonable under all of the circumstances. In the event that Landlord should fail to complete such repairs and rebuilding within 120 days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamages, and if the Landlord fails to do soTenant may, then the Tenant may at its option, terminate this Lease lease by delivering written notice of termination to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, Landlord within 30 thirty (30) days after the date expiration of such damage120-day period, as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine.
D. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by delivery a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease and determine.
E. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Landlord, cancel buildings and rescind other improvements situated on the Tenant’s exercise Premises shall be for the sole benefit of the Option to Purchase. party carrying such insurance and under its sole control.
F. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of the extended coverage casualties covered by the insurance covering such property and required to be carried within this Leasemaintained hereunder, even if such loss fire or damage other casualty shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such time as the releaser's policies to contain a clause or endorsement to the effect that such any release shall not adversely affect or impair said policies or prejudice the right of the releasor releaser to recover thereunder thereunder. Each of Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause of endorsement.
G. Landlord covenants and agrees to maintain standard fire and extended coverage insurance covering the effect that Building (exclusive of any of Tenant's fixtures, furnishings, and equipment attached thereto or located thereon) in an amount not less than eighty percent (80%) of the replacement cost thereof. If during the second full lease year after the commencement date of this lease, or during any subsequent year of the primary term or any renewal or extension, the insurance premiums for the fire and extended insurance carried by Landlord shall exceed the premiums for such insurer waives its rights insurance for the first full lease year of subrogation the term hereof, Tenant shall pay to Landlord, within fifteen (15) days after receipt by Tenant of notice of the amount thereof, as additional rent, Tenant's Share of the amount of such excess; and the failure to pay Tenant's Share of such released or waived claimexcess upon demand shall be treated in the same manner as a failure to make payment of rent when due.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. If the Premises are so injured or damaged by fire building or other cause as to improvements housing the Leased Premises should be uninhabitable for more than 120 daysdamaged or destroyed by fire, then the flood, or other casualty, Tenant may terminate this Lease upon shall give immediate written notice thereof to Landlord.
a. If the Landlord. A total destruction of building housing the Leased Premises shall automatically terminate this Lease. If this Lease is totally destroyed by fire, flood, or other casualty, or if it should be so damaged that rebuilding or repairs cannot so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 be completed within forty-five (45) working days from the date of such damage written notification by Tenant to Landlord of the occurrence of the damage, this Lease shall terminate and rent shall be abated for the unexpired portion of this Lease, effective as of the date of said written notification.
b. If the building or other improvements housing the leased premises are damaged by fire, flood, or other casualty, and but not to such an extent that rebuilding or repairs cannot reasonably be completed within forty-five (45) working days from the date of written notification by Tenant to Landlord of the occurrence of the damage, this Lease shall not terminate but Tenant shall, if the casualty has occurred prior to the final three (3) months of the lease term, at Landlord's sole cost and risk proceed forthwith to rebuild or repair such building and other improvements to substantially the condition in which they existed prior to such damage. If the casualty occurs during the final three (3) months of the lease term, Landlord fails shall not be required to do sorebuild or repair such damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, then the rent payable hereunder during the period in which they are untenantable shall be adjusted equitably. In the event that Landlord should fail to complete such rebuilding or repairs within forty-five (45) working days from the date of written notification by Tenant may to Landlord of the occurrence of the damage, Tenant may, at Tenant's option, terminate this Lease by delivering written notice notification at such time to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel whereon all rights and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage obligations hereunder shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimcease.
Appears in 1 contract
Samples: Lease Agreement
FIRE AND CASUALTY DAMAGE. A. If the Premises Building, Improvements, or leased premises are so injured rendered partially or damaged wholly untenantable by fire or other cause as to casualty, and if such damage cannot, in Landlord's reasonable estimation, be uninhabitable for more than 120 daysmaterially restored within ninety (90) days of such damage, then the Landlord or Tenant may may, at its sole option, terminate this Lease upon as of the date of such fire or casualty. Landlord or Tenant shall exercise its option provided herein by written notice to within sixty (60) days of such fire or other casualty. For purposes hereof, the Landlord. A total destruction Building or leased premises shall be deemed "materially restored" if they are in such condition as would not prevent or materially interfere with Tenant's use of the Premises shall automatically terminate this Lease. leased premises for the purpose for which it was then being used.
B. If this Lease is not so terminatedterminated pursuant to Paragraph 10A, then the Landlord shall diligently proceed with all due diligence to repair and restore the damaged Premises Building, improvements or leased premises, as the case may be (except that Landlord may elect not to rebuild if such damage occurs during the last year of the term exclusive of any option which is unexercised at its sole cost and expense as soon as is reasonably practicalthe date of such damage).
C. If this Lease shall be terminated pursuant to this Paragraph 10, but in all events less than 120 days from the term of this Lease shall end on the date of such damage or casualty, as if that date had been originally fixed in this Lease for the expiration of the term hereof. If this Lease shall not be terminated by Landlord pursuant to this Paragraph 10 and if the leased premises is untenantable in whole or in part following such damage, the rent payable during the period in which the leased premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances. In the event that Landlord fails should fail to do socomplete such repairs and material restoration within one hundred fifty (150) days after the date of such damage, then the Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, whereupon the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based Lease shall end on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damagenotice as if the date of such notice were the date originally fixed in this Lease for the expiration of the term hereof; provided, however, that if construction is delayed because of changes, deletions, or additions in construction requested by delivery Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. In no event shall Landlord be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in or about the leased premises by Tenant. Except as otherwise provided by Paragraph 11, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or leased premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
D. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the leased premises, Building or Property requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon the Landlord, cancel and rescind Lease shall end on the Tenant’s exercise date of such damage as if the date of such damage were the date originally fixed in this Lease for the expiration of the Option to Purchase. term hereof.
E. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire fire, extended coverage perils, vandalism or malicious mischief, sprinkler leakage or any other perils which may be insurable insured in policies of insurance covering such property and required to be carried within this Leaseproperty, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party , including any other tenants or occupants of the remainder of the Building in which the leased premises is located; provided, however, that this release shall cause its insurance be applicable and in force and effect only to the extent that such release shall be lawful at that time and in any event only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the effect extent of the insurance proceeds payable under such policies. Each Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such insurer waives a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the other thereof and of the amount of the extra cost, and the other party, at its rights election, may pay the same, but shall not be obligated to do so. If such other party fails to pay such extra cost, the release provisions of subrogation this paragraph shall be inoperative against such other party to the extent necessary to avoid invalidation of such releasor's insurance.
F. In the event of any damage or destruction to the Building or the leased premises by any peril covered by the provisions of this Paragraph 10, Tenant shall, upon notice from Landlord, remove forthwith, at its sole cost and expense, such portion or all of the property belonging to Tenant or his licensees from such portion or all of the Building or the leased premises as Landlord shall request and Tenant hereby indemnifies and holds Landlord harmless from any loss, liability, costs, and expenses, including attorney's fees, arising out of any claim of damage or injury as a result of any alleged failure to properly secure the leased premises prior to such released or waived claimremoval and/or such removal.
Appears in 1 contract
Samples: Lease Agreement (Entrade Inc)
FIRE AND CASUALTY DAMAGE. (a) If the Premises are so injured or damaged Building should be totally destroyed by fire fire, tornado or other cause as casualty or if it should be damaged, to the extent that, in Landlord's reasonable judgment, repair would not be uninhabitable for more than 120 dayseconomically feasible; or that rebuilding or repairs cannot, then in Landlord's estimation, be completed within one hundred and sixty (160) days after the Tenant may date of such damage; or if the insurance proceeds remaining after any required payments to Mortgagees are insufficient to repair such damage or destruction, Landlord shall have the right, at Landlord's option, to terminate this Lease upon by giving Tenant written notice of such termination within sixty (60) days after the date of such casualty, and the Rent shall be apportioned and paid to the Landlord. A total destruction date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the Premises shall automatically terminate this Lease. according to such notice of termination.
(b) If the Building should be damaged by any peril covered by the insurance to be provided by Landlord under Paragraph 12(a) above, but only to such extent that rebuilding or repairs are, in Landlord's estimation, economically feasible and can be completed within one hundred and sixty (160) days after the date of such damage and the proceeds of such insurance, after deducting any required payments to Mortgagees, are sufficient for such rebuilding or repairs, this Lease is shall not so terminatedterminate, then the and Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that: (i) Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Premises by Tenant; and (ii) Landlord may elect not to rebuild if such damage occurs during the last year of the Term, exclusive of any option to extend the Term which is reasonably practical, but in all events less than 120 days from unexercised at the date time of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlorddamage. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of If the Premises are not useable for untenantable in whole or in part following such damage, the Tenant’s business due Rent payable hereunder during the period in which the Premises are untenantable shall be reduced to such casualty based on the portion extent as may be fair and reasonable under all of the Premises circumstances. In the event that the Tenant is unable Landlord should fail to use. If any complete such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, repairs and rebuilding within 30 one hundred and sixty (160) days after the date of such damage, Tenant may, at its option, terminate this Lease by delivery of delivering written notice of termination to Landlord within thirty (30) days after the expiration of such one hundred and sixty (160) day period. Such termination shall be Tenant's exclusive remedy. If Tenant fails to terminate this Lease within such 30-day period, Tenant shall be deemed to have waived its rights to terminate by reason of the failure of Landlord to complete such repairs and rebuilding within one hundred and sixty (160) days after the date of such damage.
(c) Notwithstanding anything herein to the Landlordcontrary, cancel and rescind in the Tenant’s exercise of event any Mortgagee requires that the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility insurance proceeds be applied to the other indebtedness due such Mortgagee, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such Mortgagee, whereupon all rights and obligations hereunder shall cease and terminate. In no event shall Landlord be required under this Lease to incur any expenses in excess of available insurance proceeds for the purpose of repairing or any claiming through restoring the Building or under them by way of subrogation or otherwise for any loss or damage to property caused by the Premises after a fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimcasualty.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises or the Building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the Building of which the Premises are a part should be totally destroyed by any peril which would be covered by the insurance which Landlord is required to maintain under Paragraph 10A above, or if they should be so damaged thereby that, in Landlord’s estimation, rebuilding or repairs cannot be completed within one hundred eighty (180) days after Xxxxxxxx’s receipt of all insurance proceeds with respect to such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
B. If the Building of which the Premises are apart should be damaged by any peril which would be covered by the insurance which Landlord is required to maintain under Paragraph 10A above, and in Landlord’s reasonable estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days alter the date of such damage, this Lease shall automatically terminate this Leasenot terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shill not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, of about the Premises for the benefit of, or by or for Tenant. Effective upon the date of the occurrence of such damage and ending upon substantial completion, if the Premises are untenantable in whole or part during such period, the rent shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within one hundred eighty (180) days from after the date of such damage (subject to Force Majeure Delays [hereinafter defined] and any delays caused by Tenant or casualtyits employees, and if the Landlord fails to do soagents or contractors), then the Tenant Tenant, as Xxxxxx’s exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate (except as expressly provided to the Landlord. The contrary herein.)
C. Notwithstanding anything herein to the contrary if the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant will be entitled within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate (except as expressly provided to an abatement of Rent for the period of time that all or any portion contrary herein).
D. Landlord and Tenant hereby waive and release each other (but only to the extent of the Premises are not useable for insurance coverage required to be maintained by the Tenant’s business due to such casualty based on the portion respective parties hereunder) of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any liability, loss or damage that may occur to the Premises, improvements or the Building of which the Premises are a part, or personal property caused by (building contents) within the Building and or Premises as the result of any fire or any other perils which may be insurable in policies of insurance covering such property and casualty required to be carried within insured against under this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph and to have the insurance policies properly endorsed to contain a clause or endorsement to the effect that reflect such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimwaivers.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. Lessee immediately shall give written notice to Lessor if the Premises or the Building are damaged or destroyed. If the Premises are or the Building should be totally destroyed or so injured or damaged by fire an insured peril and in Lessor's reasonable estimation, rebuilding or other cause as to repairs cannot be uninhabitable for more than 120 dayscompleted within one hundred eighty (180) days after the date of Lessor's actual knowledge of such damage, then the Tenant either party may terminate this Lease lease in which event the rent shall be abated during the unexpired portion of this Lease, effective upon written notice to the Landlord. A total destruction date of the occurrence of such damage.
B. If the Building or the Premises should be damaged by any insured peril, and in Lessor's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of Lessor's actual knowledge of such damage, this Lease shall automatically not terminate this Leaseand Lessor shall restore the Premises to substantially its previous condition, except that Lessor shall not be required to rebuild, repair or replace any part of (a) all alterations, additions, partitions and improvements installed or placed on the Premises by Lessee other than the Leasehold Improvements as shown on Exhibit B-1 and (b) all of Lessee's personal property contained within the Premises. Effective upon the date of the occurrence of such damage and ending upon Substantial Completion of the 11 Lessor MRM ------- Lessee TM ------- repairs, if the Premises are untenantable in whole or part during such period, the rent shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been Substantially Completed within one hundred eighty (180) days from after the date of such damage or casualtyLessee, and if the Landlord fails to do soas Lessee's exclusive remedy, then the Tenant may terminate this Lease by delivering written notice of termination to Lessor within 10 days after said 180 day period has expired the in which event the rights and obligations hereunder shall cease and terminate.
C. In connection with any repair or reconstruction to the LandlordPremises arising from or necessitated by fire or other casualty which is covered by the insurance provided pursuant to Paragraph 9A. above. The Tenant will be entitled Lessee shall pay Lessor, Lessee's Proportionate Share of the amount of the deductible of such insurance unless the cost of such repair or reconstruction is necessitated by the negligent act of the Lessor.
D. Notwithstanding anything herein to an abatement of Rent for the period of time contrary, in the event that all 50% or any portion more of the Premises are not useable for is destroyed by an insured peril and the Tenant’s business due holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such casualty based on indebtedness, then Lessor shall have the portion right to terminate this Lease by delivering written notice of the Premises that the Tenant termination to Lessee within thirty (30) business days after such requirement is unable to use. If made known by any such damage occurs before closing but after the Tenant has exercised its Option to Purchaseholder, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice whereupon all rights and obligations hereunder shall cease and terminate.
E. Notwithstanding anything to the Landlordcontrary set forth elsewhere in this Lease except as set forth in Paragraph 10C above, cancel to the extent of a recovery of loss proceeds under the policies of insurance described in this Lease, Lessor and rescind the Tenant’s exercise Lessee each hereby waive and release each other and any related parties and affiliates of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to the Premises, the Building, or personal property within the Building and/or Premises arising from or caused by fire or any other perils which may be insurable in policies of insurance covering such property and casualty or hazard covered or required to be carried within covered by hazard insurance under this Lease, even if such loss or damage shall have been caused by the fault or negligence . Upon execution of the other partyLease, or anyone for whom such party may be responsible. Each party Lessor and Lessee shall notify their respective insurance companies of the mutual waivers contained herein and, if available, shall cause its insurance policies each policy described in this Lease to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimbe so endorsed.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. (a) If the Premises are Building should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord.
(b) If the Building should be totally destroyed by fire, tornado or other casualty, or if they should be so injured damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
(c) If the Building should be damaged by fire fire, tornado or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than 120 dayscompleted within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises at its sole cost and expense proceed with reasonable diligence to rebuild and repair such Building, to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures and other improvements which may have been placed on the Premises by Tenant. If the Premises is untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be abated so long as soon as space is reasonably practical, but in all events less than 120 untenantable. In the event that Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do so, then the Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord as Tenant’s exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine. Notwithstanding the above if the building is damaged during the last nine (9) months of the Lease, Tenant, at its option, may terminate.
(d) Notwithstanding anything herein to the Landlord. The contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease and determine.
(e) Any insurance which may be carried by Landlord or Tenant will against loss or damage to the Building and other improvements situated on the Premises shall be entitled to an abatement of Rent for the period of time that all or any portion sole benefit of the Premises are not useable for the Tenant’s business due to party carrying such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised insurance and under its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. sole control.
(f) Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of the extended coverage casualties covered by the insurance covering such property and required to be carried within this Leasemaintained hereunder, even if such loss fire or damage other casualty shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releasor’s policies to shall contain a clause or endorsement to the effect that such any release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder thereunder. Each of Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the effect that other thereof and of the amount of the extra cost, and the other party, at its election, may pay the same, but shall not be obligated to do so.
(g) Landlord covenants and agrees to maintain standard fire and extended coverage insurance covering the Building and all other improvements in the Park in an amount not less than eighty percent (80%) of the replacement cost thereof, and comprehensive general liability insurance covering the Park. If during the second full Lease year after the commencement date of this Lease, or during any subsequent year of the primary term or any renewal or extension, the insurance premiums for the fire and extended insurance, and comprehensive general liability insurance covering the Park carried by Landlord shall exceed the premium for such insurer waives its rights insurance for the base tax year defined in Paragraph 4 hereof, Tenant shall pay to Landlord on demand Tenant's proportionate share of subrogation such excess determined in the same manner as Tenant's proportionate share of Real Estate Taxes set forth in Paragraph 4 hereof; and the failure to pay such released or waived claimproportionate share upon demand shall be treated in the same manner as a default in the payment of rent hereunder when due.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. (a) If the Premises are so injured or damaged Building should be totally destroyed by fire fire, tornado or other cause as casualty or if it should be damaged, to the extent that, in Landlord's reasonable judgment repair would not be uninhabitable for more than 120 dayseconomically feasible, or that rebuilding or repairs cannot, in Landlord's estimation, be completed within two hundred (200) days after the date of such damage; or if the insurance proceeds remaining after any required payments to Mortgagees are insufficient to repair such damage or destruction, then either Tenant or Landlord shall have the Tenant may right, at its option, to terminate this Lease upon by giving the other party written notice of such termination within forty-five (45) days after the date of notice from Landlord to Tenant as to such determination, and the Rent shall be apportioned and paid to the Landlord. A total destruction date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the Premises according to such notice of termination. Landlord shall automatically terminate this Lease. notify Tenant of its determination as to the length of time necessary to repair the Building, the economic feasibility of restoration and the availability of insurance proceeds within forty-five (45) days after such casualty.
(b) If the Building should be damaged by any peril covered by the insurance to be provided by Landlord under Paragraph 12(a) above, but only to such extent that rebuilding or repairs are, in Landlord's estimation, economically feasible and can be completed within two hundred (200) days after the date of such damage and the proceeds of such insurance, after deducting any required payments to Mortgagees, are sufficient for such rebuilding or repairs, this Lease is shall not so terminatedterminate, then the and Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that: (i) Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Premises by Tenant; and (ii) Landlord may elect not to rebuild if such damage occurs during the last year of the Term, exclusive of any option to extend the Term which is reasonably practical, but in all events less than 120 days from unexercised at the date time of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlorddamage. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of If the Premises are not useable for untenantable in whole or in part following such damage, the Tenant’s business due Rent payable hereunder during the period in which the Premises are untenantable shall be reduced to such casualty based on the portion extent as may be fair and reasonable under all of the Premises circumstances. In the event that the Tenant is unable Landlord should fail to use. If any complete such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, repairs and rebuilding within 30 two hundred (200) days after the date of such damage, Tenant may, at its option, terminate this Lease by delivery of delivering written notice of termination to Landlord within thirty (30) days after the Landlordexpiration of such two hundred (200) day period. If Tenant fails to terminate this Lease within such thirty (30)-day period, cancel and rescind the Tenant’s exercise Tenant shall be deemed to have waived its rights to terminate by reason of the Option failure of Landlord to Purchasecomplete such repairs and rebuilding within two hundred (200) days after the date of such damage. Each If Tenant elects not to terminate this Lease and Landlord fails to complete such repairs and rebuilding to such a condition that Tenant is no longer entitled to any abatement of Rent hereunder within two hundred sixty (260) days after the date of the casualty (the "Outside Completion Date"), then, for each day after the Outside Completion Date that such repairs and rebuilding remain unfinished, Tenant shall be entitled to twice the Rent abatement that it would have been entitled to prior to such Outside Completion Date. In other words, if the entire Premises are untenantable on the day after the Outside Completion Date to such a degree that Tenant is entitled to an abatement of all Rent due under this Lease, then commencing on such first day after the Outside Completion Date, Tenant shall be entitled to two (2) days of Rent abatement for each day until such repairs and rebuilding have been completed. The Outside Completion Date shall be extended on a day for day basis for each day of Force Majeure and Tenant Delay (as hereinafter defined). If the Premises should be substantially destroyed by fire, tornado or other casualty at any time during the last twelve (12) months of the Term of the Lease (exclusive of any option to extend the Term which is unexercised at the time of such damage), then Tenant may terminate this Lease by written notice given to Landlord and within forty-five (45) days after the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directorsdate of such destruction, and members) Rent and other charges under this Lease will be apportioned as of the date of destruction and Tenant will be discharged from any and all liability or responsibility to repair the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies damage, but all proceeds of insurance covering the loss shall in that circumstance belong to Landlord free of any claim thereto by Tenant. As used in this Paragraph, the term "Tenant Delay" refers to each day that: (i) construction is delayed because of changes by Tenant in the working drawings and specifications; (ii) construction is delayed because of requirements by Tenant for materials, finishes or installations which are not Building Standard and are not set forth in the working drawings and specifications, as approved by Landlord; or (iii) construction is delayed because of the failure to perform of a party employed by Tenant.
(c) Notwithstanding anything herein to the contrary, in the event any Mortgagee requires that the insurance proceeds be applied to the indebtedness due such property and required to be carried within this LeaseMortgagee, even if such loss or damage then Landlord shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such Mortgagee, whereupon all rights and obligations hereunder shall cease and terminate. In no event shall Landlord be required under this Lease to incur any expenses in excess of available insurance proceeds other than the releasor to recover thereunder and to deductible amounts for such insurance for the effect that such insurer waives its rights purpose of subrogation as to such released repairing or waived claimrestoring the Building or the Premises after a fire or other casualty.
Appears in 1 contract
Samples: Lease Agreement (Synquest Inc)
FIRE AND CASUALTY DAMAGE. A. If the Premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the buildings situated upon the Premises or of which the Premises are a part should be totally destroyed by any peril covered by the insurance to be provided by Landlord under Paragraph 9A above, of if they should be so damaged thereby that, in Landlord's reasonable estimation, rebuilding or repairs cannot be completed within one hundred fifty (150) days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease effective upon the date of the occurrence of such damage; provided, that Landlord shall give Tenant written notice of the occurrence of such determination within thirty (30) days of the event causing the damage.
B. If the buildings situated upon the Premises or of which the Premises are a part, should be damaged by any peril covered by the insurance to be provided by Landlord under Paragraph 9A above, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred fifty (150) days after the date of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for Tenant. All payments due Landlord from Tenant on the portion of the Premises damaged shall automatically terminate this Leasexxxxx until the completion of such rebuilding, repair or replacement. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within one hundred fifty (150) days from after the date of such damage or casualty(subject to delays outside of Landlord's control), and if the Landlord fails to do soTenant, then the Tenant as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate. In the event of any insurance claim Tenant shall be liable for payment of (a) its proportionate share of the deductible under any of Landlord's insurance policies with respect to the Premises if the insurance claim pertains to the entire building of which the Premises forms a part of (b) the entire deductible under any of Landlord's insurance policies with respect to the Premises if the insurance claim pertains solely to the Premises. The Landlord hereby notifies Tenant will be entitled to an abatement of Rent for that the period of time that all or any portion amount of the deductible is Five Thousand and 00/100 Dollars ($5,000.00).
C. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises are not useable for requires that the Tenant’s business due insurance proceeds be applied to such casualty based on indebtedness, then Landlord shall have the portion right to terminate this Lease by delivering written notice of the Premises that the termination to Tenant within ten (10) days after such requirement is unable to use. If made known by any such damage occurs before closing holder (but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 in no event more than twenty (20) days after the date of such damageinsured event), by delivery of written notice whereupon all rights and obligations hereunder shall cease and terminate.
D. Anything in this Lease to the Landlordcontrary notwithstanding, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the waive and release each other (of and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to the Premises, improvements to the building of which the Premises are a part, or personal property caused by fire (building contents) within the building and/or Premises, for any reason regardless of cause or any other perils which may be insurable in policies of origin if and to the extent that insurance covering such property and required to be carried within this Lease, even if such is available for the loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsibledamage. Each party shall cause its to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph, and if necessary, to have the insurance policies properly endorsed.
E. If the Premises are damaged by any peril not covered by the insurance to contain a clause be provided by Landlord under Paragraph 9A above and the cost to repair such damage exceeds any amount, Tenant may elect to contribute, Landlord may elect to commence to repair and restore the Premises, in which event this Lease shall remain in full force and effect except that Tenant's payments shall be abated during such repair, or endorsement not to repair and restore the effect that such release Premises, in which event this Lease shall not adversely affect or impair said policies or prejudice the right terminate with Tenant's payments abating as of the releasor to recover thereunder and to date of the effect that damages; provided, Landlord shall give Tenant written notice of its election within thirty (30) days of the occurrence of such insurer waives its rights of subrogation as to such released or waived claimdamage.
Appears in 1 contract
Samples: Commercial Lease Agreement (American Pharmaceutical Partners Inc /Ca/)
FIRE AND CASUALTY DAMAGE. (a) If the Demised Premises are so injured or damaged by fire or other cause as to be uninhabitable for more than 120 dayscasualty, then the Tenant may terminate this Lease upon shall give immediate written notice thereof to Landlord.
(b) If the Landlord. A total destruction of the Demised Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage should be totally destroyed by fire or other casualty, and or if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will they should be entitled to an abatement of Rent for the period of time so damaged that all rebuilding or any portion of the Premises are repairs cannot useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, be completed within 30 one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, by delivery this Lease Agreement shall terminate and the rent shall be abated during the unexpired portion of written notice to this Lease Agreement, effective upon the Landlord, cancel and rescind the Tenant’s exercise date of the Option to Purchase. Each occurrence of such damage.
(c) If the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused Demised Premises should be damaged by fire or any other perils casualty, but only to such extent that rebuilding or repairs can be completed within one hundred eighty days after the date upon which Landlord is notified by Tenant of such damage, this Lease Agreement shall not terminate, but Landlord shall, at its expense, proceed with reasonable diligence to rebuild and repair Demised Premises to substantially the condition in which they existed prior to such damage. If the Demised Premises are untenable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenable shall be reduced to such extent as may be insurable in policies fair and reasonable under all the circumstances. However, notwithstanding the foregoing, there shall be no adjustment of insurance covering such property and required to be carried within this Lease, even rent if such loss fire or damage other casualty shall have been caused by the fault negligence or negligence improper conduct of Tenant or its officers, agents or employees. In the other partyevent that Landlord shall fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date upon which Landlord is notified by Tenant of such damage, or anyone for whom such party Tenant may be responsible. Each party at its option terminate this Lease Agreement by delivering written notice of termination to Landlord as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimcease.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. If at any time during the Lease Term, the Premises are so injured or the Project is materially damaged by fire or other cause casualty, Landlord shall notify Tenant, within 45 days after such damage, as to be uninhabitable for more than 120 daysthe amount of time Landlord reasonably estimates it will take to repair such damage. If the amount of time estimated to repair the damage exceeds 4 months after the date of such notification, then the either Landlord or Tenant may terminate this Lease elect, upon written notice to the other party delivered as soon as practicable but not later than 30 days after Landlord. A total destruction of the Premises shall automatically 's notice, to terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails neither party elects to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises if Landlord estimates that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days will take 4 months after the date of such damagenotification or less to repair, Landlord shall promptly repair and reconstruct the improvements, subject to reasonable Initial JC/RW delays arising from the collection of insurance proceeds or from Force Majeure events, except that Landlord shall not be required to repair and reconstruct any fixtures, additions, or other improvements paid for by delivery of written notice Tenant; and this Lease shall remain in full force and effect provided that the Lease Term will be extended for a time equal to the Landlord, cancel and rescind period beginning on the Tenant’s exercise of date the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage was suffered until the repairs and replacement are completed. Tenant at Tenant's expense shall promptly perform, subject to property caused delays arising from the collection of insurance proceeds, all repairs or restoration not required to be done by Landlord and shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, either party may terminate this Lease if the improvements are damaged during the last year of the Lease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. If Landlord elects to repair and/or reconstruct the damaged improvements and such improvements are located solely within the Premises, Tenant shall pay to Landlord the amount of the commercially reasonable deductible under Landlord's insurance policy (up to $10,000) within 10 days after presentment of Landlord's invoice. If the damage involves the premises of other tenants, Tenant shall pay the portion of the deductible in the proportion that the cost of the repair and replacement of the Premises bears to the total cost of repair and replacement, as determined by Landlord. If the Premises or a portion thereof is not usable as a result of damage by fire or any other perils casualty to the Premises or building in which may the Premises are located, and Landlord elects to repair and/or reconstruct the damaged improvements, Base Rent shall be insurable abated for the period of repair and reconstruction in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence proportion which the area of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement Premises which is not usable by Tenant bears to the effect that such release shall not adversely affect or impair said policies or prejudice the right total area of the releasor to recover thereunder Premises. Such abatement shall be the sole remedy of Tenant, and to the effect that such insurer extent permitted by applicable law, and except as provided herein, Tenant waives its rights any right to terminate the Lease by reason of subrogation as to such released damage or waived claimcasualty loss.
Appears in 1 contract
Samples: Lease Agreement (Cirrus Logic Inc)
FIRE AND CASUALTY DAMAGE. A. If the buildings situated on the Premises are should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord at the address set out herein or such other address or telephone number as designated from time to time by Landlord.
B. If the buildings situated on the Premises should be totally destroyed by fire, tornado or other casualty, or if they should be so injured damaged that rebuilding or repairs cannot be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
C. If the buildings situated on the Premises should be damaged by fire fire, tornado or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than 120 dayscompleted within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises at its sole cost and expense proceed with reasonable diligence to rebuild and repair such buildings, to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures and other improvements which may have been placed on the Premises by Tenant. If the Premises are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be reduced to such extent as soon as is reasonably practical, but in may be fair and reasonable under all events less than 120 of the circumstances. In the event that Landlord should fail to complete such repairs and rebuilding within two hundred (200) days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do so, then the Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine.
D. Notwithstanding anything herein to the Landlord. The contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant, whereupon all rights and obligations between the parties hereunder shall cease with respect to this Lease.
E. Any insurance which may be carried by Landlord or Tenant will against loss or damage to the buildings and other improvements situated on the Premises shall be entitled to an abatement of Rent for the period of time that all or any portion sole benefit of the Premises are not useable for the Tenant’s business due to party carrying such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised insurance and under its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. sole control except as specifically set out hereinafter.
F. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of the extended coverage casualties covered by the insurance covering such property and required to be carried within this Leasemaintained hereunder, even if such loss fire or damage other casualty shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that such any release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder thereunder. Each of Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the effect that other thereof and of the amount of the extra cost, and the other party, at its election, may pay the same, but shall not be obligated to do so.
G. Landlord covenants and agrees to maintain standard fire and extended coverage insurance covering the building on the Premises in an amount not less than eighty percent (80%) of the replacement cost thereof. If during the second full Lease year after the Commencement Date of this Lease, or during any subsequent year of the primary term or any renewal or extension, the premiums for insurance insuring the Center for fire, casualty and extended coverage and general liability carried by Landlord shall exceed the premium for such insurer waives its rights insurance for the first full Lease year of subrogation the term hereof, Tenant shall pay to Landlord on demand Tenant's proportionate share for said insurance premium. Said proportionate share shall by determined by dividing the total number of square feet in the Premises by the total number of square feet of all leaseable building space within the Center. the amount of such additional insurance premium; and the failure to pay such additional premium upon demand shall be treated in the same manner as to such released a default in the payment or waived claimrent hereunder when due.
Appears in 1 contract
Samples: Lease Agreement (Coffeeam Com Inc)
FIRE AND CASUALTY DAMAGE. A. If the Premises Building, Improvements, or leased premises are so injured rendered partially or damaged wholly untenantable by fire or other cause as to casualty, and if such damage cannot, in Landlord's reasonable estimation, be uninhabitable for more than 120 daysmaterially restored within ninety (90) days of such damage, then the Landlord or Tenant may may, at its sole option, terminate this Lease upon as of the date of such fire or casualty. Landlord or Tenant shall exercise its option provided herein by written notice to within sixty (60) days of such fire or other casualty. For purposes hereof, the Landlord. A total destruction Building or leased premises shall be deemed "materially restored" if they are in such condition as would not prevent or materially interfere with Tenant's use of the Premises shall automatically terminate this Lease. leased premises for the purpose for which it was then being used.
B. If this Lease is not so terminatedterminated pursuant to Paragraph 10A, then the Landlord shall diligently proceed with all due diligence to repair and restore the damaged Premises Building, improvements or leased premises, as the case may be (except that Landlord may elect not to rebuild if such damage occurs during the last year of the term exclusive of any option which is unexercised at its sole cost and expense as soon as is reasonably practicalthe date of such damage).
C. If this Lease shall be terminated pursuant to this Paragraph 10, but in all events less than 120 days from the term of this Lease shall end on the date of such damage or casualty, as if that date had been originally fixed in this Lease for the expiration of the term hereof. If this Lease shall not be terminated by Landlord pursuant to this Paragraph 10 and if the leased premises is untenantable in whole or in part following such damage, the rent payable during the period in which the leased premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances. In the event that Landlord fails should fail to do socomplete such repairs and material restoration within one hundred fifty (150) days after the date of such damage, then the Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, whereupon the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based Lease shall end on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damagenotice as if the date of such notice were the date originally fixed in this Lease for the expiration of the term hereof; provided, however, that if construction is delayed because of changes, deletions, or additions in construction requested by delivery Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. In no event shall Landlord be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in or about the leased premises by Tenant. Except as otherwise provided by Paragraph 11, any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or leased premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
D. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the leased premises, Building or Property requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon the Landlord, cancel and rescind Lease shall end on the Tenant’s exercise date of such damage as if the date of such damage were the date originally fixed in this Lease for the expiration of the Option to Purchase. term hereof.
E. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire fire, extended coverage perils, vandalism or malicious mischief, sprinkler leakage or any other perils which may be insurable insured in policies of insurance covering such property and required to be carried within this Leaseproperty, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party , including any other tenants or occupants of the remainder of the Building in which the leased premises is located; provided, however, that this release shall cause its insurance be applicable and in force and effect only to the extent that such release shall be lawful at that time and in any event only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the effect extent of the insurance proceeds payable under such policies. Each Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such insurer waives a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the other thereof and of the amount of the extra cost, and the other party, at its rights election, may pay the same, but shall not be obligated to do so. If such other party fails to pay such extra cost, the release provisions of subrogation this paragraph shall be inoperative against such other party to the extent necessary to avoid invalidation of such releasor's insurance.
F. In the event of any damage or destruction to the Building or the leased premises by any peril covered by the provisions of this Paragraph 10, Tenant shall, upon notice from Landlord, remove forthwith, at its sole cost and expense, such portion or all of the property belonging to Tenant or his licensees from such portion or all of the Building or the leased premises as to such released Landlord shall request and Tenant hereby indemnifies and holds Landlord harmless from any loss, liability, costs, and expenses, including attorney's fees, arising out of any claim of damage or waived claim.injury as
Appears in 1 contract
Samples: Lease Agreement (Entrade Inc)
FIRE AND CASUALTY DAMAGE. (a) If the Premises are so injured Building should be damaged or damaged destroyed by fire fire, tornado or other cause as to be uninhabitable for more than 120 dayscasualty, then the Tenant may terminate this Lease upon shall promptly give written notice thereof to Landlord.
(b) If the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedBuilding should be totally destroyed by fire, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage tornado or other casualty, and or if the Landlord fails to do soit should be so damaged, then the Tenant may terminate this Lease by delivering written notice to the thereby that rebuilding or repairs cannot in Landlord. The Tenant will ’s estimation be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, completed within 30 two hundred (200) days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord this Lease shall terminate and the Tenant hereby releases Rent shall be abated during the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way unexpired portion of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even effective upon the date of the occurrence of such damage.
(c) If the Building should be damaged by any peril covered by the insurance to be provided by Landlord under this Lease, but only to such extent that rebuilding or repairs can in Landlord’s estimation be completed within two hundred (200) days after the date of such damage, this Lease shall not terminate, and Landlord shall at its sole costs and expense thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Leased Premises by Tenant. If the Leased Premises are untenantable, the Rent owed by Tenant shall not be abated but shall be reduced to such extent as may be fair and reasonable under all of the circumstances. In the event that Landlord shall fail to complete such repairs and rebuilding within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord within ten (10) days after expiration of such two hundred (200) day period as Tenant’s exclusive remedy, whereupon all rights and obligations hereunder shall cease and terminate. Failure by Tenant to timely terminate this Lease as set forth in the preceding sentence shall be deemed a waiver by Tenant of its right to do so.
(d) Without limiting the other provisions of this Paragraph 17, if a portion of the Leased Premises shall be damaged or destroyed by fire, tornado or other casualty within the last twelve (12) months of the Lease Term so as to render the remainder of the Leased Premises unfit for Tenant to continue its normal business from the Leased Premises, then either Landlord or Tenant shall have the right to terminate this Lease within fifteen (15) days following the date of such damage or destruction; provided, however, that Tenant may not exercise such right of termination if such loss casualty was caused by Tenant or damage its employees, agents or contractors.
(e) Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Leased Premises requires that the insurance proceeds be applied to such indebtedness, than Landlord shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right to terminate this Lease by delivering written notice of the releasor termination to recover thereunder Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and to the effect that such insurer waives its rights of subrogation as to such released or waived claimobligations hereunder shall cease and terminate.
Appears in 1 contract
Samples: Lease Agreement (Sulphco Inc)
FIRE AND CASUALTY DAMAGE. If A. In case the Sublet Premises are so injured or damaged by fire or other cause as to be uninhabitable for more than 120 untenantable, Sublessor shall have the right at its option, within sixty (60) days from the date of such fire or other cause, to repair and restore the Sublet Premises to tenantable condition. No injury to the Sublet Premises rendering same untenantable shall annul or void this Sublease, except that Sublessee shall be entitled to a proportionate abatement of rent while repairs are being made. If repairs cannot be made within sixty (60) days, then Sublessor, at its option, may make same within a reasonable time, this Sublease continuing in full force and effect and the Tenant rent to be proportionately abated. In the event that Sublessor does not so elect to make repairs which cannot be made within sixty (60) days, or repairs cannot be made under current laws or regulations, this Sublease may terminate this Lease upon written notice to at the Landlordoption of either party. A total destruction of the Sublet Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Sublease.
B. Each of the Landlord Sublessor and the Tenant Sublessee hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable insured in policies of insurance covering such property and required to be carried within this Leaseproperty, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and then only to the effect that extent of the insurance proceeds payable under such insurer waives its rights of subrogation as to such released or waived claimpolicies.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. In the event the Premises are damaged or destroyed by fire or other cause, Tenant shall give immediate notice thereof to Landlord. The rights and obligations of Landlord and Tenant in the event of such casualty shall be as follows:
A. If the Premises are totally destroyed by fire or other cause, or, in the judgment of Landlord, the Premises is so injured damaged that rebuilding or repairs cannot reasonably be completed within 120 working days after the date of written notification by Tenant to Landlord of the happening of the damage, Landlord or Tenant shall have the right to terminate this lease upon written notice to the other given within sixty (60) days after the date of such damage or destruction, and the rent and additional rent shall be abated for the unexpired portion of the lease, effective as of the date of such damage.
B. If the Premises are damaged by fire or other cause as to such that, in the judgment of Landlord, rebuilding or repairs can be uninhabitable for more than reasonably completed within 120 days, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 working days from the date of written notification by Tenant to Landlord of the happening of the damage, or if, pursuant to Paragraph 18A above, neither Landlord nor Tenant elects to terminate this lease upon the total destruction of the Premises, this lease shall not terminate, and Landlord shall proceed with reasonable diligence to rebuild or repair the building and the Premises to substantially the condition that existed immediately prior to such damage; provided, however, that the obligation of Landlord to repair such damage or casualtyshall be limited to the footings, foundations, exterior walls, roof, and the interior improvements of the Premises originally installed by Landlord, but not including any construction, alterations or improvements installed by Tenant and provided further that if fifty percent (50%) or more of the Premises is damaged or destroyed, Landlord fails or Tenant shall have the option to do so, then the Tenant may terminate this Lease by delivering written notice lease rather than to rebuild or repair the Landlord. The Tenant will Premises, in which event the rent and additional rent shall be entitled to an abatement of Rent abated for the period of time that all or any unexpired portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion lease, effective as of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the . If there should be a substantial interference with Tenant’s exercise 's use of the Option Premises as a result of such damage or destruction such that Tenant cannot conduct its business in the Premises, then the rent shall xxxxx for such time as Tenant is unable to Purchase. Each of use the Landlord and the Tenant hereby releases the other (and the other’s employeesPremises, officersprovided, shareholdersfurther, directors, and members) from any and all liability that such damage or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been destruction was not caused by the fault or negligence of the other partyTenant, its agents, employees, contractors or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claiminvitees.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises or the Building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon shall promptly give written notice to the Landlord. A total destruction If the Building of which the Premises are a part should be totally destroyed by any peril, or if they should be so damaged thereby that, in Landlord's reasonable estimation, rebuilding or repairs cannot be completed within 180 days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
B. If the Building of which the Premises are a part should be damaged by any peril, and in Landlord's reasonable estimation, rebuilding or repairs can be substantially completed within 180 days after the date of such damage, this Lease shall automatically terminate this Leasenot terminate, and Landlord shall restore the Premises to substantially its previous condition (except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises by Tenant, including the Leasehold Improvements constructed by Tenant pursuant to Exhibit "C"). Effective upon the date of the occurrence of such damage and ending upon substantial completion, if the Premises are untenantable in whole or part during such period, the rent shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within 180 days from after the date of such damage (subject to Force Majeure Delays (hereinafter defined] and any delays caused by Tenant or casualtyits employees, and if the Landlord fails to do soagents or contractors), then the Tenant Tenant, as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event all rights and obligations hereunder shall cease and terminate (except as expressly provided to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimcontrary herein).
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction of If the buildings situated on the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date or of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of which the Premises are a part should be totally destroyed by any peril covered by insurance to be provided by Landlord under Paragraph 10.A above, or if they should be so damaged thereby that, in the Landlord's estimation, rebuilding or repairs cannot useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, be completed within 30 one hundred eighty (180) days after the date of such damage, this Lease shall terminate and rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage, provided Tenant has paid to Landlord the deductible or applicable portion of the deductible, as the case may be, under the Landlord's insurance policy.
B. If the buildings situated upon the Premises or of which the Premises are a part, should be damaged by delivery any peril covered by the insurance to be provided by Landlord under Paragraph 10.A above, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred twenty (120) days after the date of such damage, this Lease shall not terminate (unless less than 120 days remain in the then current term of the lease, in which case the lease shall terminate), and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for the Tenant. If such repairs and rebuilding have not been substantially completed within one hundred twenty (120) days after the date of such damage, Tenant, at Tenant's exclusive remedy, may, upon payment of insurance policy, terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate. As an alternative to the Landlordaforementioned rebuilding, cancel and rescind repairs and/or reduction of rent, Landlord may, at its sole option, use reasonable efforts to provide a reasonably comparable facility for Tenant to lease at the Tenant’s exercise then prevailing fair market rental for either (i) the remainder of the Option to Purchase. Each term of the Lease, or (ii) the period of time during which the Premises are untenantable.
C. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirements is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate.
D. Anything in this Lease to the contrary notwithstanding, Landlord and the Tenant hereby releases the waive and release each other (of and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to property caused by fire or any other perils the Premises, improvements to the building of which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other partyPremises are a part, or anyone personal property (building contents) within the building and /or Premises, for whom such party may be responsibleany reason regardless of cause or origin. Each party shall cause of this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to its policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph, and if necessary, to have the insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperly endorsed.
Appears in 1 contract
Samples: Commercial Lease (Integrated Information Systems Inc)
FIRE AND CASUALTY DAMAGE. If LESSOR shall continuously insure the Warehouse for not less than 90% of its full replacement value and shall, upon request, provide LESSEE with reasonable proof of such coverage. Lessee shall give immediate written notice to LESSOR of any damage caused to the Leased Premises are so injured or damaged by fire or other cause casualty. In the event that the Leased Premises shall be damaged or destroyed by fire or other casualty insurable under standard fire and extended coverage insurance and LESSOR does not elect to terminate this lease as hereinafter provided, LESSOR shall proceed with reasonable diligence and at its sole cost and expense to rebuild and repair the Leased Premises; provided, however, in the event (a) the Warehouse is destroyed or substantially damaged by a casualty not covered by LESSOR'S insurance or (b) the Warehouse shall be uninhabitable for destroyed or rendered untenable to an extent in excess of fifty percent (50%) of the first floor area by a casualty covered by LESSOR'S insurance, or (c) the holder of a mortgage, deed of trust or other lien on the Leased Premises at the time of the casualty elects pursuant to such mortgage, deed of trust or other lien, to require the use of all or part of LESSOR'S insurance proceeds in satisfaction of all or part of the indebtedness secured by the mortgage, deed of trust or other lien, then LESSOR or LESSEE may elect either to terminate this lease by providing notice of such termination to the other party within sixty (60) days after the event giving rise to the right to terminate, or LESSOR shall proceed to rebuild and repair the Leased Premises. If more than 120 daysfifty (50%) of the Leased Premises is destroyed or rendered untenantable by a casualty during the last twelve (12) months of the term or damage to the Leased Premises, occurring at anytime during the term, will take longer than six (6) months to repair from the date of the damage (exclusive of any time required by Lessee for repairing damage to its property or improvements), LESSOR and LESSEE shall each have the right to renegotiate the terms, conditions, and rents of this lease and in the event they are unable to renegotiate the terms, conditions, and rents within thirty (30) days after the damage, either party may then the Tenant may elect to terminate this Lease upon Lease. The parties shall give written notice to the Landlord. A total destruction other of such election within thirty (30) days after the Premises shall automatically terminate this Leaseoccurrence of such casualty. If this Lease is not so terminatedterminated in accordance with any of the foregoing provisions of this subsection 5 (b), then the Landlord LESSOR shall diligently restore the damaged Premises proceed to repair said damage with reasonable diligence and at its sole cost and expense as soon as is reasonably practicalexpense; provided, but in all events less than 120 days from however, if the repairs to the Leased Premises are not substantially complete within six (6) months after the date of such damage or casualtythe casualty (herein the "REBUILD PERIOD"), and if Lessee shall have the Landlord fails right to do so, then the Tenant may terminate this Lease by delivering providing written notice of termination to Lessor within ten (10) days after expiration of the Rebuild Period. Notwithstanding the foregoing to the Landlordcontrary, in the event Lessor cannot substantially complete such repairs within the Rebuild Period because of acts of God, the public enemy, shortages or materials or labor or other matters beyond the reasonable control of Lessor, then the Rebuild Period shall be extended one day for every day that Lessor is so delayed. The Tenant LESSOR'S obligation to rebuild and repair under this section shall, in any event, be limited to restoring the Leased Premises to substantially the condition in which the same existed prior to such casualty, exclusive of any alteration, additional improvements, fixtures and equipment installed by LESSEE. LESSEE agrees that during any period of reconstruction or repair of the Leased Premises it will be entitled continue to an abatement of Rent for the extent practicable. During the period from the occurrence of time the casualty until LESSOR'S repairs are completed, the base rental and all additional rents and charges shall be reduced in proportion to that all or any portion of the Leased Premises are not useable damaged and unuseable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to Lessee's current use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises are so injured or damaged by fire building or other cause as to improvements on the demised premises should be uninhabitable for more than 120 daysdamaged or destroyed by fire, then the tornado or other casualty, Tenant may terminate this Lease upon shall give immediate written notice thereof to Landlord.
B. If the Landlord. A total destruction of building situated on the Premises shall automatically terminate this Lease. If this Lease is demised premises should be substantially or totally destroyed by fire, tornado or other casualty, or so damaged that rebuilding or repairs cannot so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than be completed within 120 days from the date of written notification by Tenant to Landlord of the happening of the damage, this lease shall terminate at the option of Landlord and rent shall be abated for the unexpired portion of this lease, effective from the date of actual receipt by Landlord of such written notification. If this lease is not terminated, the building and other improvements shall be rebuilt or repaired and rent abated to the extent provided under Section C.
C. If the building or other improvements situated on the demised premises should be damaged by fire, tornado or other casualty but not to such an extent that rebuilding or repairs cannot reasonably be completed within 120 days from the date of written notification by Tenant to Landlord of the happening of the damage, this lease shall not terminate, but Landlord shall, at its sole cost and risk, proceed forthwith and use reasonable diligence to rebuild or repair such building and other improvements on the demised premises (other than leasehold improvements made by Tenant or any assignee, subtenant or other occupant of the demised premises) to substantially the condition in which they existed prior to such damage; provided, however, if the casualty occurs during the final 18 months of the lease term, Landlord shall not be required to rebuild or repair such damage or casualty, and unless Tenant shall exercise its renewal option (if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, contained herein) within 30 15 days after the date of receipt by Landlord of the notification of the occurrence of the damage. If Tenant does not elect to exercise its renewal option or if there is no renewal option contained herein or previously unexercised at such time, this lease shall terminate at the option of Landlord and rent shall be abated for the unexpired portion of this lease, effective form the date of actual receipt by Landlord of the written notification of the damage. If the building and other improvements are to be rebuilt or repaired and are untenantable in whole or in part following such damage, by delivery of written notice to the Landlord, cancel and rescind rent payable hereunder during the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils period in which may they are untenantable shall be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimadjusted equitably.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the buildings situated upon the Premises or of which the Premises are a part should be totally destroyed by any peril covered by the insurance to be provided by Landlord under Paragraph 9A above, or if they should be so damaged thereby that in the opinion of a licensed contractor (selected by Landlord), rebuilding or repairs cannot be completed within two hundred (200) days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
B. If the buildings situated upon the Premises, or of which the Premises are a part, should be damaged by any peril covered by the insurance to be provided by Landlord under Paragraph 9A above, and in the opinion of a licensed contractor (selected by Landlord), rebuilding or repairs can be substantially completed within two hundred (200) days after the date of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in or about the Premises, or for the benefit of, or by or for the Tenant. In the event the damage is repairable within the allotted time frame and more than 50% of the Premises are deemed unusable in Landlord’s reasonable opinion, rent shall automatically terminate this Leasexxxxx until the Premises are restored. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within two hundred (200) days from after the date of such damage or casualty(subject to delays outside of Landlord’s control, including, but not limited to: governmental regulations, and if the Landlord fails to do soacts of God.), then the Tenant Tenant, as Tenant’s exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate.
C. Notwithstanding anything herein to the Landlord. The Tenant will be entitled to an abatement contrary, in the event the holder of Rent for the period any indebtedness secured by a mortgage or deed of time that all or any portion of trust covering the Premises are not useable for requires that the Tenant’s business due insurance proceeds be applied to such casualty based on indebtedness, then Landlord shall have the portion right to terminate this Lease by delivering written notice of the Premises that the termination to Tenant within fifteen (15) days after such requirement is unable to use. If made known by any such damage occurs before closing but after the Tenant has exercised its Option to Purchaseholder, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice whereupon all rights and obligations hereunder shall cease and terminate.
D. Anything in this Lease to the Landlordcontrary notwithstanding, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the waive and release each other (of and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to property caused by fire or any other perils the Premises, improvements to the building of which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other partyPremises are a part, or anyone for whom such party may be responsiblepersonal property (building contents) within the building and/or Premises, except acts of gross negligence or intentional misconduct. Each party shall cause its to the Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this sub-paragraph, and if necessary, to have the insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperly endorsed.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction of If the buildings situated upon the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date or of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of which the Premises are a part should be totally destroyed by any peril covered by the insurance to be provided by Landlord under Paragraph 10A above, or if they should be so damaged thereby that, in Landlord's estimation, rebuilding or repairs cannot useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, be completed within 30 one hundred eighty (180) days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage, provided Tenant has paid to Landlord the deductible or applicable portion of the deductible, as the case may be, under the Landlord's insurance policy.
B. If the buildings situated upon the Premises or of which the Premises are a part, should be damaged by delivery any peril covered by the insurance to be provided by Landlord under Paragraph 10A above, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for Tenant. Tenant shall pay to Landlord the amount of the deductible under Landlord's insurance policy within thirty (30) days after receipt of Landlord's invoice thereof. If the damage covered by the insurance also involves portions of the building or buildings other than the Premises, Tenant shall pay only a portion of the deductible, based on the ratio of the cost of repairing the damage in the Premises to the total cost of repairing all damage in the building or buildings. If such repairs and rebuilding have not been substantially completed within one hundred eighty (180) days after the date of such damage, Tenant, as Tenant's exclusive remedy, may, upon payment to the Landlord of the deductible or applicable portion of the deductible, as the case may be, under Landlord's insurance policy, terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate.
C. Notwithstanding anything herein to the Landlordcontrary, cancel in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and rescind obligations hereunder shall cease and terminate.
D. Anything in this Lease to the Tenant’s exercise of the Option to Purchase. Each of the contrary notwithstanding, Landlord and the Tenant hereby releases the waive and release each other (of and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to the Premises, improvements to the building of which the Premises are a part, or personal property caused by fire (building contents) within the building and/or Premises, for any reason regardless of cause or any other perils origin, Each party to this Lease agrees immediately after execution of this Lease to give each insurance company, which may be insurable in has issued to it policies of insurance covering such property fire and required to be carried within this Leaseextended coverage insurance, even if such loss or damage shall have been caused by the fault or negligence written notice of the other partyterms of the mutual waivers contained in this subparagraph, or anyone for whom such party may be responsible. Each party shall cause its and if necessary, to have the insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperly endorsed.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises are so injured or the Building should be damaged or destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the Building of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of which the Premises are a part should be totally destroyed by any peril covered by the insurance to be provided by the landlord under the Underlying Lease, or if they should be so damaged thereby that, in the landlord's estimation, rebuilding or repairs cannot useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, be completed within 30 one hundred eighty (180) days after the date of the landlord's actual knowledge of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord this Lease shall terminate and the Tenant hereby releases rent shall be abated during the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way unexpired portion of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if effective upon the date of the occurrence of such loss damage.
B. If the Building of which the Premises are a part, should be damaged by any peril covered by the insurance to be provided by the landlord under the Underlying Lease, and in the landlord's estimation, rebuilding or damage repairs can be substantially completed within one hundred eighty (180) days after the date of the landlord's actual knowledge of such damage, this Lease shall not terminate, and the landlord has agreed to restore the Premises to substantially its previous condition, except that the landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been caused constructed, erected or installed in, or about the Premises for the benefit of, or by or for Tenant. Effective upon the fault or negligence date of the other partyoccurrence of such damage and ending upon substantial completion, if the Premises are untenantable in whole or anyone for whom part during such party period, the rent shall be reduced to such extent as may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right fair and reasonable under all of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.the
Appears in 1 contract
Samples: Industrial Sublease Agreement (Advanced Materials Group Inc)
FIRE AND CASUALTY DAMAGE. 16.1 If the Premises are should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord.
16.2 If the Premises or the Building should be totally destroyed by fire, tornado, or other casualty, or if either should be so injured damaged that rebuilding or repairs cannot be completed within 200 days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
16.3 If the Premises or the Building should be damaged by fire fire, tornado, or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than 120 dayscompleted within 200 days after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises shall, at its sole cost and expense as soon as is reasonably practicalexpense, but proceed with reasonable diligence to rebuild and repair such Building to substantially the condition in all events which it existed prior to such damage, except that (i) Landlord shall not be required to so rebuild or repair if less than 120 twelve (12) months remain in the Term hereof after the expiration of such 200-day period, (ii) Landlord shall not be required to rebuild, repair, or replace any part of the partitions, fixtures, and other improvements which may have been placed on the Premises by Tenant, and (iii) so long as Landlord has complied with the provisions hereof relating to insurance coverage, Landlord shall not be obligated to expend any funds in excess of available insurance proceeds attributable to such damage in rebuilding the Premises. If the Premises are untenantable in whole or in part following such damage, the Rent payable hereunder during the period the Premises are untenantable shall be reduced to such extent as may be fair and reasonable under all of the circumstances. In the event that Landlord should fail to complete such repairs and rebuilding within 200 days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do soTenant may, then the Tenant may at its option, terminate this Lease by delivering written notice of termination to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, Landlord within 30 thirty (30) days after the date expiration of such damage200-day period, as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine.
16.4 Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by delivery a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease and determine.
16.5 Any insurance which may be carried by Landlord or Tenant against loss or damage to the Landlord, cancel buildings and rescind other improvements situated on the Tenant’s exercise Premises shall be for the sole benefit of the Option to Purchase. party carrying such insurance and under its sole control.
16.6 Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies cause of loss covered by the insurance covering such property and required to be carried within this Leasemaintained hereunder, even if such loss fire or damage other casualty shall have been caused by the fault or negligence of the other party, party or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releasing parties' policies to contain a clause or endorsement to the effect that such any release shall not adversely affect or impair said policies or prejudice the right of the releasor releasing party to recover thereunder thereunder. Each of Landlord and Tenant agrees that it shall request its insurance carriers to the effect that include in its policies such insurer waives its rights of subrogation as to such released a clause or waived claimendorsement.
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FIRE AND CASUALTY DAMAGE. A. If the Premises are so injured or the Building should be damaged or destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the Building should be totally destroyed or so damaged thereby that, in Landlord's reasonable estimation, rebuilding or repairs cannot be completed within the earlier of (i) one hundred eighty (180) days after Landlord's receipt of substantially all insurance proceeds with respect to such damage or (ii) two hundred and ten (210) days after such casualty, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the Premises shall automatically terminate this Lease. occurrence of such damage.
B. If the Building should be damaged by any peril which would be covered by the insurance which Landlord is required to maintain under Paragraph 10A above, and this Lease is not so terminatedterminated pursuant to Paragraph 11A above, then the Landlord shall diligently restore the damaged Premises at to substantially its sole cost previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and expense as soon as is reasonably practicalother improvements that may have been constructed, but in all events less than 120 days from erected or installed in, or about the Premises for the benefit of, or by or for Tenant. Effective upon the date of the occurrence of such damage or casualtyand ending upon substantial completion of Landlord's restoration of the Premises, and if the Landlord fails Premises are untenantable in whole or part during such period, the rent shall be reduced to do sosuch extent as may be fair and reasonable under all of the circumstances. If such repairs and rebuilding have not been substantially completed within the earlier of (i) one hundred eighty (180) days after the date of Landlord's receipt of substantially all insurance proceeds (subject to Force Majeure Delays [hereinafter defined] and any delays caused by Tenant or its employees, then the agents or contractors) or (ii) two hundred and ten (210) days after such casualty (subject to Force Majeure Delays [hereinafter defined] and any delays caused by Tenant or its employees, agents or contractors), Tenant, as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord at any time prior to such substantial completion, in which event the rights and obligations hereunder shall cease and terminate (except as expressly provided to the contrary herein).
C. Notwithstanding anything herein to the contrary (i) in no event shall Landlord be required to expend a sum greater than the net insurance proceeds actually received by Landlord with respect to the damage in question in connection with Landlord. The 's repair and restoration obligations hereunder, and (ii) in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant will be entitled within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate (except as expressly provided to an abatement of Rent for the period of time that all or any portion contrary herein).
D. Landlord and Tenant hereby waive and release each other (but only to the extent of the Premises are not useable for insurance coverage required to be maintained by the Tenant’s business due to such casualty based on the portion respective parties hereunder) of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any liability, loss or damage that may occur to the Premises, improvements or the Building, or personal property caused by (building contents) within the Building and/or Premises as the result of any fire or any other perils which may be insurable in policies of insurance covering such property and casualty required to be carried within insured against under this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph and to have the insurance policies properly endorsed to contain a clause or endorsement to the effect that reflect such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.waivers. Initial: L_____ T_____
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FIRE AND CASUALTY DAMAGE. A. Tenant immediately shall give written notice to Landlord if the Premises or the Building are damaged or destroyed. If the Premises are or the Building should be totally destroyed by an insured peril, or so injured or damaged by fire an insured peril that, in Landlord's estimation, rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of Landlord's actual knowledge of such damage, then in either case this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date to the occurrence of such damage.
B. If the Building or the Premises should be damaged but not totally destroyed by any insured peril, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of Landlord's actual knowledge of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other cause as improvements or personal property required to be uninhabitable for more than 120 dayscovered by Tenant's insurance pursuant to Paragraph 9.B. above. Effective upon the date of the occurrence of such damage and ending upon the date of substantial completion (as defined in Paragraph 1.C. above) of Landlord's repair or restoration work, if the Premises are untenantable in whole or part during such period, then the Tenant rent shall be reduced to such extent as may terminate this Lease upon written notice to the Landlord. A total destruction be fair and reasonable under all of the Premises shall automatically terminate this Leasecircumstances. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within one hundred eighty (180) days from after the date of such damage or casualtydamage, and if the Landlord fails to do soTenant, then the Tenant as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord, in which event the rights and obligations hereunder shall cease and terminate, provided, however, that any liabilities of Tenant which accrued prior to termination of this Lease shall survive such termination.
C. In connection with any repair or reconstruction to the Landlord. The Premises arising from or necessitated by fire or the casualty which is covered by the insurance provided pursuant to Paragraph 9.A. above, Tenant will be entitled shall pay Landlord upon demand its Proportionate Share of the amount of any deductible of such insurance which deductible shall not exceed $15,000.00.
D. Notwithstanding anything herein to an abatement of Rent for the period of time that all or any portion of contrary, in the event the Premises are destroyed or substantially damaged by any peril not useable for covered by the insurance required to be carried by Landlord pursuant to Paragraph 9.A. above, or if the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate with the exception that the Tenant’s business due 's security deposit shall be refunded, provided, however, that any liabilities of Tenant which accrued prior to termination of this Lease shall survive such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice termination.
E. Anything in this Lease to the Landlordcontrary notwithstanding, cancel and rescind to the Tenant’s exercise extent of a recovery of loss proceeds under the Option to Purchase. Each policies of the insurance described in this Lease, Landlord and the Tenant hereby releases the waive and release each other (and the other’s employees, officers, shareholders, directors, any of their respective related parties and members) affiliates of and from any and all liability rights of recovery, claim, action, or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to the Premises, the Building, or personal property within the Building and/or Premises arising from or caused by fire or any other perils which may be insurable in policies of insurance covering such property and casualty or hazard covered or required to be carried within covered by hazard insurance under this lease. Upon execution of this Lease, even if such loss or damage Landlord and Tenant shall have been caused by the fault or negligence notify their respective insurance companies of the other partymutual waivers contained herein and, or anyone for whom such party may be responsible. Each party if available, shall cause its insurance policies each policy described in this Lease to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimbe so endorsed.
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Samples: Standard Industrial Lease Agreement (Access Pharmaceuticals Inc)
FIRE AND CASUALTY DAMAGE. (a) If the Premises are should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord. Casualty, as stated in this Paragraph, shall include but be not limited to sprinkler leakage caused by fire, and special extended perils (all risks).
(b) If the Premises should be destroyed by fire, tornado or other casualty, or if it should be so injured damaged that rebuilding or repairs cannot be completed within ninety (90) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
(c) If the Premises should be damaged by fire fire, tornado or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than 120 dayscompleted within ninety (90) days after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises shall, at its sole cost and expense expense, proceed with reasonable diligence to rebuild and repair the Premises to substantially the condition which existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures and other improvements which may have been placed in the Premises by the Tenant. If the Premises are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which it is untenantable shall be reduced to such extent as soon as is reasonably practicalmay be fair and reasonable under all the circumstances. If the Premises are substantially damaged or rendered untreatable by fire, but in all events less than 120 tornado or other casualty, and an architect mutually selected by Tenant and Landlord certifies, within fifteen (15) days from of such casualty, that the damage caused by such casualty cannot be repaired within ninety (90) days of the date of notice of such damage or casualty, and if casualty to the Landlord fails to do soLandlord, then either party, may, within fifteen (15) days of receipt of the Tenant may architect’s certificate, terminate this Lease by delivering written notice notifying the other party in writing, whereupon Tenant’s liability for rent shall cease as of the day following such casualty. The fees, charges and expenses of the architect relating to the Landlordcertificate shall be shared equally by Landlord and Tenant. The Tenant will be entitled In the event that Landlord should fail to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to complete such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, repairs and rebuilding within 30 ninety (90) days after the date upon which Landlord is notified by Tenant of such damage, Tenant may at its sole option, terminate this Lease by delivery of giving Landlord ten (10) days written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchasetermination. Each of the If an architect cannot be mutually agreed upon by Landlord and Tenant, then the Tenant hereby releases parties shall contact the other American Arbitration Association and that organization shall appoint an architect.
(and the other’s employees, officers, shareholders, directors, and membersd) from any and all liability or responsibility to the other or any claiming through or under them Any insurance which may be carried by way of subrogation or otherwise for any Landlord against loss or damage to property caused the Building or by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such the Tenant against loss or damage to the Premises shall have been caused by be for the fault or negligence sole benefit of the other party, or anyone party carrying such insurance and under its sole control. The insurance covering the Building under Paragraph 8 shall be deemed for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right sole benefit of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimLandlord.
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FIRE AND CASUALTY DAMAGE. A. If the Premises are so injured should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction of If the Premises shall automatically terminate this Lease. If this Lease is should be totally destroyed by any peril covered by insurance or if they should be so damaged thereby that rebuilding or repairs cannot so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, completed within 30 sixty (60) days after the date of such damage, Tenant shall have the right to terminate this Lease and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
B. If the Premises should be damaged by delivery any peril covered by insurance and rebuilding or repairs can be within sixty 3 (60) days after the date of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for Tenant. If such repairs and rebuilding have not been completed within sixty (60) days after the date of such damage Tenant may (in addition to any other remedies that may be available to Tenant), upon payment of any past due rent, fees and/or charges payable by Tenant, terminate this Lease by delivering written notice of termination to Landlord.
C. Anything in this Lease to the Landlordcontrary notwithstanding, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the waive and release each other (of and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to the Premises, improvements to the Premises, or personal property caused by fire (building contents) within the building and/or Premises, for any reason regardless of cause or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even origin if such loss or and/or damage shall have been caused is covered by a policy of insurance for the fault or negligence benefit of the other party, or anyone for whom party suffering any such party may be responsibleloss and/or damage. Each party shall cause its to this Lease agrees immediately after execution of this Lease to give every insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph, and if necessary, to have the insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperly endorsed.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. 13.1. If the Premises are should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord.
13.2. If the Premises or the Building should be totally destroyed by fire, tornado, or other casualty, or if either should be so injured damaged that rebuilding or repairs cannot be completed within 200 days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the Rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
13.3. If the Premises or the Building should be damaged by fire fire, tornado, or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than 120 dayscompleted within 200 days after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises shall, at its sole cost and expense as soon as is reasonably practicalexpense, but proceed with reasonable diligence to rebuild and repair such Building to substantially the condition in all events which it existed prior to such damage, except that (i) Landlord shall not be required to so rebuild or repair if less than 120 twelve (12) months remain in the Term hereof after the expiration of such 200-day period, (ii) Landlord shall not be required to rebuild, repair, or replace any part of the partitions, fixtures, and other improvements which may have been placed on the Premises by Tenant, and (iii) so long as Landlord has complied with the provisions hereof relating to insurance coverage, Landlord shall not be obligated to expend any funds in excess of available insurance proceeds attributable to such damage in rebuilding the Premises. If the Premises are untenantable in whole or in part following such damage, the Rent payable hereunder during the period the Premises are untenantable shall be reduced to such extent as may be fair and reasonable under all of the circumstances. In the event that Landlord should fail to complete such repairs and rebuilding within 200 days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do soTenant may, then the Tenant may at its option, terminate this Lease by delivering written notice of termination to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, Landlord within 30 thirty (30) days after the expiration of such 200-day period, as Tenant’s exclusive remedy, whereupon all rights and obligations hereunder shall cease and terminate.
13.4. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease as of the date of the occurrence of such damage. Texas Industrial Lease — American Locker Group, Inc. 9 0000 Xxxxxx, Xxxxx 000, XXX Xxxxxxx, Xxxxx
13.5. Any insurance which may be carried by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the or Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any against loss or damage to property caused by fire or any the buildings and other perils which may improvements situated on the Premises shall be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by for the fault or negligence sole benefit of the other party, or anyone for whom party carrying such party may be responsible. Each party shall cause insurance and under its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimsole control.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises are buildings situated on the premises should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord.
B. If the buildings situated on the premises should be totally destroyed by fire, tornado or other casualty, or if they should be so injured damaged that rebuilding or repairs cannot be completed within One hundred twenty (120) days after the date upon which Landlord is notified by Tenant of such damage, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective upon the date of the occurrence of such damage.
C. If the buildings situated on the premises should be damaged by fire fire, tornado or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than 120 dayscompleted within One hundred twenty (120) days after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises lease shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises at its sole cost and expense proceed with reasonable diligence to rebuild and repair such buildings, to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures and other improvements which may have been placed on the premises by Tenant. If the premises are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be reduced to such extent as soon as is reasonably practical, but in may be fair and reasonable under all events less than 120 of the circumstances. In the event that Landlord should fail to complete such repairs and rebuilding within two hundred (200) days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do so, then the Tenant may at its option terminate this Lease lease by delivering written notice of termination to Landlord as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine. One hundred twenty (120) D. Notwithstanding anything herein to the Landlord. The contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease and determine.
E. Any insurance which may be carried by Landlord or Tenant will against loss or damage to the buildings and other improvements situated on the premises shall be entitled to an abatement of Rent for the period of time that all or any portion sole benefit of the Premises are not useable for the Tenant’s business due to party carrying such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised insurance and under its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. sole control.
F. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of the extended coverage casualties covered by the insurance covering such property and required to be carried within this Leasemaintained hereunder, even if such loss fire or damage other casualty shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that such any release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder thereunder. Each of Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the effect that other thereof and of the amount of the extra cost, and the other party, at its election, may pay the same, but shall not be obligated to do so.
G. Landlord covenants and agrees to maintain standard fire and extended coverage insurance covering the building on the premises in an amount not less than eighty percent (80%) of the replacement cost thereof. If during the second full lease year after the commencement date of this lease, or during any subsequent year of the primary term or any renewal or extension, the insurance premiums for the fire and extended insurance carried by Landlord shall exceed the premium for such insurer waives its rights insurance for the first full lease year of subrogation the term hereof, Tenant shall pay to Landlord on demand the amount of such excess; and the failure to pay such excess upon demand shall be treated in the same manner as to such released a default in the payment or waived claimrent hereunder when due.
Appears in 1 contract
Samples: Lease Agreement (Stimsonite Corp)
FIRE AND CASUALTY DAMAGE. A. If the Premises or the Building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the Building of which the Premises are a part should be totally destroyed by any peril which would be covered by the insurance which Landlord is required to maintain under Paragraph 10A above, or if they should be so damaged thereby that, in Landlord’s estimation, rebuilding or repairs cannot be completed within one hundred eighty (180) days after Xxxxxxxx’s receipt of all insurance proceeds with respect to such damage and receipt of permits and licenses required to commence reconstruction, this Lease shall automatically terminate and the rent shall be abated during the unexpired portion of this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from effective upon the date of the occurrence of such damage.
B. If the Building of which the Premises are a part should be damaged by any peril which would be covered by the insurance which Landlord is required to maintain under Paragraph 10A above, and in Landlord’s estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of Landlord’s receipt of all insurance proceeds with respect to such damage or casualtyand receipt of permits and licenses required to commence reconstruction, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises for the benefit of, or by or for Tenant, other than the Leasehold Improvements described in Exhibit “C.” Effective upon the date of the occurrence of such damage and ending upon substantial completion, if the Landlord fails Premises are untenantable in whole or part during such period, the rent shall be reduced to do sosuch extent as may be fair and reasonable under all of the circumstances. If such repairs and rebuilding have not been substantially completed within one hundred eighty (180) days after the date of Landlord’s receipt of all insurance proceeds and receipt of permits and licenses required to commence reconstruction (subject to Force Majeure Delays [hereinafter defined] and any delays caused by Tenant or its employees, then the Tenant agents or contractors), Tenant, as Tenant’s exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate (except as expressly provided to the contrary herein).
C. Notwithstanding anything herein to the contrary (i) in no event shall Landlord be required to expend a sum greater than the net insurance proceeds actually received by Landlord with respect to the damage in question in connection with Landlord. The ’s repair and restoration obligations hereunder, and (ii) in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant will be entitled within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate (except as expressly provided to an abatement of Rent for the period of time that all or any portion contrary herein).
D. Landlord hereby waives and releases Tenant (but only to the extent of the Premises are not useable for insurance coverage required to be maintained by the Tenant’s business due to such casualty based on the portion respective parties hereunder) of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against Tenant and its agents, officers and employees, for any liability, loss or damage that may occur to the Premises, improvements or the Building of which the Premises are a part, or personal property caused by (building contents) within the Building and/or Premises as the result of any fire or any other perils which may be insurable in policies of insurance covering such property and casualty required to be carried within insured against under this Lease. Tenant hereby waives and releases Landlord and Landlord’s property manager (but only to the extent of the insurance coverage required to be maintained by the respective parties hereunder) of and from any and all rights of recovery, even if such claim, action or cause of action, against Landlord and Landlord’s property manager, and their agents, officers and employees, for any liability, loss or damage shall have been caused by that may occur to the fault Premises, improvements or negligence the Building of which the other partyPremises are a part, or anyone for whom such party may personal property (building contents) within the Building and/or Premises as the result of any fire or other casualty required to be responsibleinsured against under this Lease. Each party shall cause its to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph and to have the insurance policies properly endorsed to contain a clause or endorsement to the effect that reflect such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimwaivers.
Appears in 1 contract
Samples: Lease Agreement (Worldwater & Solar Technologies Corp.)
FIRE AND CASUALTY DAMAGE. A. If the Premises are so injured building situated on the premises should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Ferguson.
B. If the Depot Building shall be substantially damaged or destroyed by fire or other cause as to be uninhabitable for more than 120 dayscasualty, then Ferguson shall have the Tenant may election to terminate this Lease upon written notice or to repair and reconstruct the Depot Building to the Landlord. A total condition in which it existed immediately prior to such damage or destruction and Ferguson shall give Tenant notice of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 such decision within thirty (30) days from the date of such damage or casualtydestruction. In the event of non-substantial damage, Ferguson shall diligently make such repairs as set forth in Section 5 of this Lease and Tenant shall diligently make such repairs as set forth in Section 6 of this Lease. For purposes of this paragraph 11, damage to the Depot Building shall be deemed non-substantial if such repairs can reasonably be made within sixty (60) days from the date of such, damage and Xxxxxxxx’x reasonable estimate of the cost to repair such damage shall be less than Seventy-Five Thousand Dollars ($75,000.00). Xxxxxxxx’x obligation to repair the Depot Building in the event of non- substantial damage is limited to the extent that proceeds from insurance policies carried by the Tenant and Tenant’s contributions to the repairs of said damage are available to complete said repairs, and if such proceeds and/or contributions are not available, then this lease shall be deemed terminated.
C. In any of the Landlord fails aforesaid circumstances, rental shall xxxxx proportionately during the period and to do sothe extent that the premises are unfit for use by Tenant in the ordinary conduct of its business If Ferguson has elected to repair and restore the Depot Building, the Lease shall continue in full force and effect and such repairs shall be made within a reasonable time thereafter, subject to delays arising from shortages of labor or materials, acts of God, war or other conditions beyond Xxxxxxxx’x reasonable control. In the event that this Lease is terminated as herein permitted, Ferguson shall refund the Tenant any prepaid rent (unaccrued as of the date of damages or destruction) less any sum then owing Ferguson by Tenant. If Ferguson has elected to repair and reconstruct the Depot Building, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will lease term shall be entitled to an abatement of Rent continued for the a period of time that all or any portion of the Premises are for such repair and reconstruction, not useable for the Tenant’s business due to exceed sixty (60) days and if such casualty based on the portion of the Premises that repair cannot be effected within said sixty (60) days the Tenant is unable may elect to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, terminate this Lease.
D. Any insurance which may be carried by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any Ferguson against loss or damage to the building or other improvements situated on the premises shall be for the sole benefit of Ferguson and under its sole control.
X. Xxxxxxxx hereby releases Tenant, its agents and employees and Tenant hereby releases Ferguson, its agents and employees from and against any claims, demands, liabilities or obligations whatsoever for damage to the property caused by or loss of rents or profits of either Ferguson or Tenant resulting from or in any way connected with any fire or any accident or other perils which may be insurable in policies of insurance covering casualty whether or not such property and required to be carried within this Leasefire, even if such loss accident or damage other casualty shall have been caused by the fault either Ferguson or negligence Tenant or by any agent, associate or employee of the other partyeither Ferguson or Tenant, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect extent that such release shall not adversely affect damage or impair said policies loss is reimbursed under any insurance policy which at the time of such damage or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights loss permits waiver of subrogation as rights prior to a loss under such released or waived claimpolicy.
Appears in 1 contract
Samples: Lease Agreement
FIRE AND CASUALTY DAMAGE. a) Landlord agrees to maintain standard fire and extended coverage insurance covering the Building of which the Leased Premises are a part in an amount not less than 80% (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy, of the "replacement costs" thereof. Landlord may also maintain such other types or amounts of insurance with respect to the Building and/or Project as Landlord may from time to time determine appropriate, and the premiums for such insurance shall be part of operating expenses. Subject to the provisions of subparagraphs 14(c), 14(d) and 14(e) below, such insurance shall be for the sole benefit of Landlord and under its sole control.
b) If the Premises are Building should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Landlord.
c) If the Building should be totally destroyed by fire, tornado or other casualty, or if they should be so injured damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred fifty (150) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
d) If the Building should be damaged by fire or other cause as any peril covered by the insurance to be uninhabitable for more than 120 daysprovided by Landlord under subparagraph 14(a) above, then but only to such extent that rebuilding or repairs can in Landlord's estimation be completed within one hundred fifty (150) days after the date upon which Landlord is notified by Tenant may terminate of such damage, this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the and Landlord shall diligently restore the damaged Premises at its sole cost costs and expense thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Leased Premises by Tenant. Landlord shall provide Tenant notice of Landlord's intent to rebuild or repair within forty-five (45) days of the casualty. If the Leased Promises are untenantable, the rent owed by Tenant shall not be abated but shall be reduced to such extent as soon as is reasonably practical, but in may be fair and reasonable under all events less than 120 of the circumstances. In the event that Landlord shall fail to complete such repairs and rebuilding within one hundred fifty (150) days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do so, then the Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord within thirty (30) days after expiration of such one hundred fifty (150) day period as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and terminate. Failure by Tenant to timely terminate this Lease as set forth in the preceding sentence shall be deemed a waiver by Tenant of its right to do so.
e) Notwithstanding anything herein to the Landlord. The Tenant will contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Leased Premises requires that the insurance proceeds be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due applied to such casualty based on indebtedness, then Landlord shall have the portion right to terminate this Lease by delivering written notice of the Premises that the termination to Tenant within fifteen (15) days after such requirement is unable to use. If made by any such damage occurs before closing but after the Tenant has exercised its Option to Purchaseholder, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel whereupon all rights and rescind the Tenant’s exercise of the Option to Purchase. obligations hereunder shall cease and terminate.
f) Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability loss or responsibility damage to the other person or property caused by fire or any claiming other perils insured through or under them by way of subrogation or otherwise for any loss or damage to person or property caused by fire or any other perils which may be insurable insured in policies of insurance covering such property and required the loss to be carried within this Leasethe extent of the insurance, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releasor's policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder there under and then only to the effect extent of the insurance proceeds payable under such policies. Landlord and Tenant agree that it will request its insurance carriers to include in its policies as such insurer waives a clause or endorsement. If extra cost shall be charged therefor, each party shall advise the other thereof and of the amount of the extra cost, and the other party, at its rights election, may pay the same, but shall not be obligated to do so; provided, however, if a party elects not to pay such additional costs, then such party shall not be entitled to benefits of the waiver of subrogation as to such released or waived claimset forth herein.
Appears in 1 contract
Samples: Lease Agreement (Learningstar Corp)
FIRE AND CASUALTY DAMAGE. A. If the Premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon Lessee immediately shall give written notice to Lessor. If the Landlord. A total destruction of buildings situated upon the Premises shall automatically terminate this Lease. If this Lease is or of which the Premises are a part should be totally destroyed by any peril covered by the insurance to be provided by Lessor under Paragraph 9A above, or if they should be so damaged thereby that, in Lessor's estimation, rebuilding or repairs cannot so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 be completed within one hundred eighty (180) days from after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. Following any damage which is the subject of this subparagraph A or casualtythe next subparagraph B, Lessee may request Lessor's estimate of the time required for rebuilding or repairs by notice to Lessor. Lessor shall respond to any such notice with its estimate no later than thirty (30) days after the notice is received by Lessor.
B. If the buildings situated upon the Premises or of which the Premises are a part, should be damaged by any peril covered by the insurance to be provided by Lessor under Paragraph 9A above, and if in Lessor's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the Landlord fails date of such damage, this Lease shall not terminate, and Lessor shall restore the Premises to do sosubstantially its previous condition, then except that Lessor shall not be required to rebuild, repair or replace any part of the Tenant partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for Lessee. If such repairs and rebuilding have not been substantially completed, within the reasonable discretion of the Lessor, within one hundred eighty (180) days after the date of such damage, Lessee as Lessee's exclusive remedy, may terminate this Lease by delivering written notice of termination to Lessor in which event the rights and obligations hereunder shall cease and terminate.
C. Notwithstanding anything herein to the Landlord. The Tenant will be entitled to an abatement contrary, in the event the holder of Rent for the period any indebtedness secured by a mortgage or deed of time that all or any portion of trust covering the Premises are not useable for requires that the Tenant’s business due insurance proceeds be applied to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchaseindebtedness, then Lessor shall have the Tenant may, right to terminate this Lease by delivering written notice of termination to Lessee within 30 fifteen (15) days after the date of such damagerequirement is made known by such holder, by delivery of written notice whereupon all rights and obligations hereunder shall cease and terminate.
D. Anything in this Lease to the Landlordcontrary notwithstanding, cancel Lessor and rescind the Tenant’s exercise Lessee hereby waive and release each other of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to property caused by fire or any other perils the Premises, improvements to the building of which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other partyPremises are a part, or anyone personal property (building contents) within the building and/or Premises, for whom such party may be responsibleany reason regardless of cause or origin. Each party shall cause to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to its policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph, and if necessary, to have the insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperly endorsed.
Appears in 1 contract
Samples: Lease Agreement (Vest H D Inc /Tx/)
FIRE AND CASUALTY DAMAGE. a) If the Premises are Building should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Landlord.
b) If the Building should be totally destroyed by fire, tornado or other casualty, or if they should be so injured damaged, thereby that rebuilding or repairs cannot in Landlord's estimation be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
c) If the Building should be damaged by fire or other cause as any peril covered by the insurance to be uninhabitable for more than 120 daysprovided by Landlord this Lease, then but only to such extent that rebuilding or repairs can in Landlord's estimation be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant may terminate of such damage, this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the and Landlord shall diligently restore the damaged Premises at its sole cost costs and expense thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Leased Premises by Tenant. If the Leased Premises are untenantable, the rent owed by Tenant shall not be abated but shall be reduced to such extent as soon as is reasonably practical, but in may be fair and reasonable under all events less than 120 of the circumstances. In the event that Landlord shall fail to complete such repairs and rebuilding within two hundred (200) days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do so, then the Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord within ten (10) days after expiration of such two hundred (200) day period as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and terminate. Failure by Tenant to timely terminate this Lease as set forth in the preceding sentence shall be deemed a waiver by Tenant of its right to do so.
d) Notwithstanding anything herein to the Landlord. The Tenant will contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Leased Premises requires that the insurance proceeds be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due applied to such casualty based on indebtedness, than Landlord shall have the portion right to terminate this Lease by delivering written notice of the Premises that the termination to Tenant within fifteen (15) days after such requirement is unable to use. If made by any such damage occurs before closing but after the Tenant has exercised its Option to Purchaseholder, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel whereupon all rights and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord obligations hereunder shall cease and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimterminate.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. (a) If the Premises are so injured or damaged by fire or other cause as to be uninhabitable for more than 120 days, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. .
(b) Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.
Appears in 1 contract
Samples: Commercial Lease Agreement
FIRE AND CASUALTY DAMAGE. A. If the Premises are should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate written notice thereof to Landlord. Landlord shall, within thirty (30) days after such notice from Tenant, notifying Tenant of Landlord's intention to repair or rebuild.
B. If the Premises or the Building should be totally destroyed by fire, tornado, or other casualty, or if either should be so injured damaged that rebuilding or repairs cannot be completed within 120 days after the date upon which Landlord is notified by Tenant of such damage, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective upon the date of the occurrence of such damage.
C. If the Premises or the Building should be damaged by fire fire, tornado, or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than completed within 120 daysdays after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises lease shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises shall, at its sole cost and expense as soon as is reasonably practicalexpense, but proceed with reasonable diligence to rebuild and repair such Building to substantially the condition in all events which it existed prior to such damage, except that (i) Landlord shall not be required to so rebuild or repair if less than twelve (12) months remain in the term hereof after the expiration of such 120-day period, and (ii) Landlord shall not be required to rebuild, repair, or replace any part of the partitions, fixtures, and other improvements which may have been placed on the Premises by Tenant. If the Premises are untenantable in whole or in part following such damage, the rent payable hereunder during the period the Premises are untenantable shall be reduced in direct proportion to the usable space rendered untenantable. In the event that Landlord should fail to complete such repairs and rebuilding within 120 days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do soTenant may, then the Tenant may at its option, terminate this Lease lease by delivering written notice of termination to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, Landlord within 30 thirty (30) days after the date expiration of such damage120-day period, as Tenant's exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine.
D. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by delivery a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease and determine.
E. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Landlord, cancel buildings and rescind other improvements situated on the Tenant’s exercise Premises shall be for the sole benefit of the Option to Purchase. party carrying such insurance and under its sole control.
F. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may of the extended coverage casualties covered or that would be insurable in covered by standard extended coverage property policies of insurance covering (whether or not any such property and required to be policy is actually carried within this Leaseby the party sustaining the loss), even if such loss fire or damage other casualty shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releaser's policies to contain a clause or endorsement to the effect that such any release shall not adversely affect or impair said policies or prejudice the right of the releasor releaser to recover thereunder thereunder. Each of Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause or endorsement.
G. Landlord covenants and agrees to maintain standard fire and extended coverage insurance covering the effect Building (exclusive of any of Tenant's fixtures, furnishings, and equipment attached thereto or located thereon) in an amount not less than the replacement cost thereof (exclusive of grading, foundation, and below grade facilities). Landlord may maintain such other or further insurance coverage as Landlord deems necessary or appropriate. Landlord shall have. the right to estimate the amount of the annual premium for Landlord's insurance policies, and Tenant shall pay to Landlord on a monthly basis, as additional rent, Tenant's Share of the amount of the annual premium for Landlord's insurance policies which Tenant shall pay to Landlord on a monthly basis in the same manner as that such insurer waives its rights of subrogation as to such released or waived claimprovided in Paragraph 6.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. A. If the Premises are building situated on the premises should be damaged or destroyed by fire, tornado, or any casualties covered by the insurance maintained hereunder, Tenant shall give immediate written notice thereof to Landlord.
B. If the building situated on the premises should be totally destroyed by fire, tornado or other casualty, or if they should be so injured damaged that rebuilding or repairs cannot be completed within one hundred twenty (120) days after the date upon which Landlord is notified by Tenant of such damage, this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective upon the date of the occurrence of such damage.
C. If the building situated on the premises should be damaged by fire fire, tornado or other cause as casualty, but only to such extent that rebuilding or repairs can be uninhabitable for more than 120 dayscompleted within one hundred twenty (120) days after the date upon which Landlord is notified by Tenant of such damage, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises lease shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the but Landlord shall diligently restore the damaged Premises at its sole cost and expense proceed with reasonable diligence to rebuild and repair such buildings, to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures and other improvements which may have been placed on the premises by Tenant. If the premises are untenantable in whole or in part following such damage; the rent payable hereunder during the period in which they are untenantable shall be reduced to such extent as soon as is reasonably practical, but in may be fair and reasonable under all events less than 120 of the circumstances. In the event that Landlord should fail to complete such repairs and rebuilding within one hundred twenty (120) days from after the date upon which Landlord is notified by Tenant of such damage or casualtydamage, and if the Landlord fails to do so, then the Tenant may at its option terminate this Lease lease by delivering written notice of termination to Landlord as Xxxxxx’s exclusive remedy, whereupon all rights and obligations hereunder shall cease and determine.
D. Notwithstanding anything herein to the Landlord. The contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this lease by delivering written notice of termination to Tenant, whereupon all rights and obligations hereunder shall cease and determine.
E. Any insurance which may be carried by Landlord or Tenant will against loss or damage to the building and other improvements situated on the premises shall be entitled to an abatement of Rent for the period of time that all or any portion sole benefit of the Premises are not useable for the Tenant’s business due to party carrying such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised insurance and under its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. sole control.
F. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any one claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of covered by the insurance covering such property and required to be carried within this Leasemaintained hereunder, even except if such loss fire or damage other peril shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party ; provided, however, that this release shall cause its insurance be applicable and in force and effect only with respect to loss or damage occurring during such times as the releasor’s policies to shall contain a clause or endorsement to the effect that such any release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder thereunder.
G. Landlord covenants and agrees to maintain standard fire and extended coverage insurance covering the effect that such insurer waives its rights building on the premises in an amount not less than eighty per cent (80%) of subrogation as to such released or waived claimthe replacement cost thereof.
Appears in 1 contract
Samples: Lease Agreement
FIRE AND CASUALTY DAMAGE. (a) Landlord agrees to maintain standard fire and extended coverage insurance for the Building in an amount not less than the "replacement cost" thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto, insuring against special causes of loss, including, the perils of fire, and lightning, such coverages and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the State of North Carolina. Subject to the provisions of subparagraphs 10(c), 10(d) and 10(e) below, such insurance shall be for the sole benefit of Landlord and under its sole control.
(b) If the Premises are should be damaged or destroyed by any peril covered by the insurance to be provided by Landlord under subparagraph 10(a) above, Tenant shall give immediate written notice thereof to Landlord.
(c) If the Premises should be totally destroyed by any peril covered by the insurance to be provided by Landlord under subparagraph 10(a) above, or if they should be so injured damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
(d) If the Premises should be damaged by fire or other cause as any peril covered by the insurance to be uninhabitable for more than 120 daysprovided by Landlord under subparagraph 10(a) above, then but only to such extent that rebuilding or repairs can, in Landlord's estimation, be completed within two hundred (200) days after the date upon which Landlord is notified by Tenant may terminate of such damage, this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedterminate, then the and Landlord shall diligently restore the damaged Premises shall, at its sole cost and expense expense, thereupon proceed with reasonable diligence to rebuild and repair the Premises to substantially the condition in which they existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements which may have been placed in, on or about the Premises by Tenant unless any of same was paid for from the Upfit Allowance. If the Premises are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable shall be reduced to such extent as soon may be fair and reasonable under all of the circumstances, as is reasonably practicaldetermined by Landlord and Tenant.
(e) Notwithstanding anything herein to the contrary, but in all events less than 120 days from the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease as of the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease casualty by delivering written notice of termination to the Landlord. The Tenant will be entitled within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder thereafter accruing shall cease and terminate.
(f) Each of Landlord and Tenant hereby waives all rights to an abatement of Rent for the period of time that all recover against each other or against any portion other tenant or occupant of the Premises are not useable for Building, or against the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchaseofficers, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officersdirectors, shareholders, directorspartners, and members) from any and all liability joint venturers, employees, agents, customers, invitees, or responsibility to the business visitors of each other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused arising from any cause covered by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within by each of them pursuant to this Lease, even if or any other insurance actually carried by either of them. Landlord and Tenant shall cause their respective insurers to issue waiver of subrogation rights endorsements to all policies of insurance carried in connection with the Building or the Premises or the contents of either of them, and any cost for the issuance of such loss endorsements shall be borne by the original insured under such policies.
(g) The obligation of Landlord in this paragraph 10 to repair and restore the Premises and the Building as provided herein, does not include an obligation of Landlord to repair the fixtures, equipment, or damage personal property of Tenant, which Tenant shall insure for its benefit, and Tenant shall have been caused by the fault obligation to repair and restore in the event of a casualty or negligence other loss.
(h) The period of time within which repair and restoration of the other partyPremises must be completed shall be extended due to delays occasioned by force majeure.
(i) Should Landlord fail to complete the repair and restoration described above within the time periods provided above, as extended due to force majeure (the "Estimated Completion Date"), and provided there is no default or anyone for whom such party may be responsible. Each party event of default hereunder by Tenant, Tenant shall cause its insurance policies have the right to contain a clause or endorsement terminate this Lease by written notice to Landlord provided no later than five days prior to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimEstimated Completion Date.
Appears in 1 contract
Samples: Lease Agreement (Sciquest Com Inc)
FIRE AND CASUALTY DAMAGE. A. If the Building or Premises are so injured rendered partially or damaged wholly untenantable by fire or other cause casualty, Landlord shall deliver to Tenant a notice within sixty (60) days of such fire or other casualty setting forth the time, as reasonably determined by Landlord, required to materially restore the Building or Premises. If such damage cannot, in Landlord’s reasonable estimation, be uninhabitable for more than 120 daysmaterially restored within one hundred eighty (180) days of such damage, then the Tenant either party may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. A party shall exercise its option by written notice within ten (10) days of the date of Landlord’s determination notice. For purposes hereof, the Building or Premises shall be deemed “materially restored” if they are in such condition as would not prevent or materially interfere with Tenant’s use of the Premises for the purpose for which it was then being used. If this Lease shall be terminated pursuant to this Article XII, the Term shall end on the date of the notice of termination as if that date had been originally fixed in this Lease for the expiration of the Term and, if the Premises is untenantable in whole or in part following the casualty, the rent payable during the period in which the Premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances.
B. If this Lease is not so terminatedterminated pursuant to Paragraph 12A, then the Landlord shall diligently proceed with all due diligence to repair and restore the damaged Premises Building or Premises, as the case may be (except that Landlord or Tenant may elect not to rebuild if such damage occurs during the last year of the Term exclusive of any option which is unexercised at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, damage). If this Lease shall not be terminated pursuant to this Article XII and if the Premises is untenantable in whole or in part following the casualty, the rent payable during the period in which the Premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances.
C. In the event that Landlord fails should fail to do socomplete such repairs and material restoration within one hundred eighty (180) days after the date of such damage, then the Tenant may at its option and as its sole remedy terminate this Lease by delivering written notice to Landlord, whereupon the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based Lease shall end on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damagenotice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Term; provided however, that if construction is delayed because of changes, deletions, or additions in construction requested by delivery Tenant, strikes, lockouts, casualties, acts of God, war, material or labor shortages, governmental regulation or control or other causes beyond the reasonable control of Landlord, the period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. Notwithstanding the above, if Landlord delivers to Tenant a notice setting forth a new projected date for completion of the material restoration of the Premises (such notice shall be accompanied by an explanation for the revised date), then Tenant shall have fifteen (15) days thereafter to exercise its right to terminate; if Tenant does not exercise its right to terminate within such fifteen (15) day period it shall be deemed to have agreed to allow Landlord until the date set forth in Landlord’s notice to materially restore the Premises and may not thereafter exercise this right to terminate unless and until Landlord has failed to materially restore by such later date.
D. In no event shall Landlord be required to rebuild, repair or replace any Alterations which may have been placed in or about the Premises by Tenant. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
E. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises, Building or Property requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon the Landlord, cancel and rescind Lease shall end on the Tenant’s exercise date of such notice as if the date of such notice were the date originally fixed in this Lease for the expiration of the Option to Purchase. Term.
F. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire fire, extended coverage perils, vandalism or malicious mischief, sprinkler leakage or any other perils which may be insurable insured in policies of insurance covering such property and (or which would have been insured if coverage required to be carried within this Leaseherein had been carried), even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party , including any other tenants or occupants of the remainder of the Building; provided, however, that this release shall cause its insurance be applicable and in force and effect only to the extent that such release shall be lawful at that time and in any event only with respect to loss or damage occurring during such times as the releasor’s policies to shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder thereunder. Each of Landlord and Tenant agrees that it will require its insurance carriers to include in its policies such a clause or endorsement.
G. In the event of any damage or destruction to the effect that Building or Premises, Tenant shall, upon notice from Landlord, remove forthwith, at its sole cost and expense, such insurer waives its rights portion or all of subrogation the property belonging to Tenant from such portion or all of the Building or Premises as to such released or waived claimLandlord shall request.
Appears in 1 contract
Samples: Office Lease Agreement (Mountains West Exploration Inc)
FIRE AND CASUALTY DAMAGE. 17.1 Tenant shall immediately give written notice to Landlord (the "Casualty Notice") if the Building or the Premises are damaged or destroyed.
17.2 If the Premises are so injured or any portion of the Building shall be totally damaged or destroyed by fire an insured peril and in Landlord's estimation, rebuilding or other cause as to repairs cannot be uninhabitable for more than 120 dayscompleted within two hundred ten (210) days after Landlord's receipt of the Casualty Notice, then the either Landlord or Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is (provided Tenant or its employees, agents or invitees did not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of cause such damage or casualty, and if the Landlord fails to do so, then the Tenant damage) may terminate this Lease by delivering to the other written notice thereof within twenty (20) days after Landlord's receipt of the Casualty Notice, in which case, the rent shall be abated during the unexpired portion of this Lease, effective upon the date Landlord received the Casualty Notice. Time is of the essence with respect to the Landlord. The delivery of such notices.
17.3 If this Lease is not terminated as provided under Paragraph 17.2, then Landlord shall repair and reconstruct the Premises and/or the Building to substantially the same condition in which they existed immediately prior to such damage or destruction, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures and other improvements or personal property which may have been installed by Tenant will or is required to be entitled covered by Tenant's insurance pursuant to an abatement Paragraph 12 of Rent for the period of time that all or any portion of this Lease.
17.4 If the Premises are not useable for untenantable, in whole or in part, during the Tenant’s business due to such casualty based period beginning on the portion date of Landlord's receipt of the Premises that Casualty Notice and ending on the Tenant is unable to use. If any such damage occurs before closing but after date of substantial completion of Landlord's repair or restoration work (the Tenant has exercised its Option to Purchase"Repair Period"), then the Tenant may, within 30 days after rent for such period shall be reduced to such extent as may be fair and reasonable under the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord circumstances and the Term shall be extended by the number of days in the Repair Period and this Lease shall continue in full force and effect. Any insurance which may be carried by Landlord or Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any against loss or damage to property caused by fire the Building or any other perils which may to the Premises shall be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by for the fault or negligence sole benefit of the other partyparty carrying such insurance under its control, or anyone for whom such party may and it is understood that Landlord shall in no event be responsible. Each party shall cause its obligated to carry insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimon Tenant's contents.
Appears in 1 contract
Samples: Lease Agreement (Advancepcs)
FIRE AND CASUALTY DAMAGE. A. If the Premises or the Building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the Building of which the Premises shall automatically terminate this Lease. If are a part should be totally destroyed by any peril which would be covered by the insurance which Landlord is required to maintain under Paragraph 10 above, or if they should be so damaged thereby that, in Landlord's estimation, rebuilding or repairs cannot be completed within one hundred eighty (180) days after Landlord's receipt of all insurance proceeds with respect to such damage, this Lease is not so terminated, then shall terminate and the Landlord rent shall diligently restore be abated during the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from unexpired portion of this Lease effective the date of the of such damage.
B. If the Building of which the Premises are a part should be damaged by any peril which would be covered by the insurance which Landlord is required to maintain under Paragraph 10 above, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of Landlord's receipt of all insurance proceeds with respect to such damage, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises for the benefit of, or by or for Tenant, the rebuilding, repair or replacement of such items to be Tenant's obligation . Effective upon the date of the occurrence of such damage or casualtyand ending upon substantial completion, and if the Landlord fails Premises are untenantable in whole or part during such period, the rent shall be reduced to do sosuch extent as may be fair and reasonable under all of the circumstances. If such repairs and rebuilding have not been substantially completed within one hundred eighty (180) days after the date of Landlord's receipt of all insurance proceeds (subject to Force Majeure Delays [hereinafter defined] and any delays caused by Tenant or its employees, then the Tenant agents or contractors), Tenant, as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate (except as expressly provided to the contrary herein).
C. Notwithstanding anything herein to the contrary (i) in no event shall Landlord be required to expend a sum greater than the net insurance proceeds actually received by Landlord with respect to the damage in question in connection with Landlord. The 's repair and restoration obligations hereunder, and (ii) in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant will be entitled within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate (except as expressly provided to an abatement of Rent for the period of time that all or any portion contrary herein).
D. Landlord and Tenant hereby waive and release each other (but only to the extent of the Premises are not useable for insurance coverage required to be maintained by the Tenant’s business due to such casualty based on the portion respective parties hereunder) of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any liability, loss or damage that may occur to the Premises, improvements or the Building of which the Premises are a part, or personal property caused by (building contents) within the Building and/or Premises as the result of any fire or any other perils which may be insurable in policies of insurance covering such property and casualty required to be carried within insured against under this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph and to have the insurance policies properly endorsed to contain a clause or endorsement to the effect that reflect such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimwaivers.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. (a) If the Building, improvements, or Leased Premises are so injured rendered partially or damaged wholly untenantable by fire or other cause as to casualty, and if such damage cannot, in Landlord's reasonable estimation, be uninhabitable for more than 120 daysmaterially restored within sixty (60) days of such damage, then the Tenant may Landlord may, at its sole option, terminate this Lease upon as of the date of such fire or casualty. Landlord shall exercise its option provided herein by written notice to Tenant within sixty (60) days of such fire or other casualty. For purposes hereof, the Landlord. A total destruction Building, improvements, or Leased Premises shall be deemed "materially restored" if they are in such condition as would not prevent or materially interfere with Tenant's use of the Leased Premises shall automatically terminate this Lease. for the purpose for which it was then being used.
(b) If this Lease is not so terminatedterminated pursuant to Paragraph 11(a), then the Landlord shall diligently proceed with all due diligence but only to the extent of insurance proceeds received by Landlord to repair and restore the damaged Premises Building, improvements or Leased Premises, as the case may be (except that Landlord may elect not to rebuild if such damage occurs during the last year of the term exclusive of any option which is unexercised at its sole cost and expense as soon as is reasonably practicalthe date of such damage).
(c) If this Lease shall be terminated pursuant to this Paragraph 11, but in all events less than 120 days from the term of this Lease shall end on the date of such damage or casualty, as if that date had been originally fixed in this Lease for the expiration of the term hereof. If this Lease shall not be terminated by Landlord pursuant to this Paragraph 11 and if the Leased Premises is untenantable in whole or in part following such damage, the rent payable during the period in which the Leased Premises is untenantable shall be reduced to such extent, if any, as may be fair and reasonable under all of the circumstances. In the event that Landlord fails should fail to do socomplete such repairs and material restoration within one hundred fifty (150) days after the date of such damage, then the Tenant may may, at its option and as its sole remedy, terminate this Lease by delivering written notice to Landlord, whereupon the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based Lease shall end on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damagenotice as if the date of such notice were the date originally fixed in this Lease for the expiration of the term hereof; provided however, that if construction is delayed because of changes, deletions or additions in construction requested by delivery Tenant, strikes, lockouts, casualties, acts of written notice to God, war, material or labor shortages, governmental regulation or control of other causes beyond the reasonable control of Landlord, cancel and rescind the Tenant’s exercise period for restoration, repair or rebuilding shall be extended for the amount of time Landlord is so delayed. In no event shall Landlord be required to rebuild, repair or replace any part of the Option to Purchasepartitions, fixtures, additions and other improvements which may have been placed in or about the Leased Premises by Tenant. Each of the Any insurance which may be carried by Landlord and the or Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any against loss or damage to the Building or Leased Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
(d) Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Leased Premises, Building or Property requires that any insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon the Lease shall end on the date of such damage as if the date of such damage were the date originally fixed in this Lease for the expiration of the term hereof.
(e) In the event of any damage or destruction to the Building or the Leased Premises by any peril contemplated by the provisions of this Paragraph 11, or in the event of condemnation as contemplated in Paragraph 12 hereof, Tenant shall, upon notice from Landlord, remove forthwith, at its sole cost and expense, the property caused by fire belonging to Tenant from such portion of the Building as Landlord shall request and Tenant hereby waives any and all claims it may have, now or in the future, against Landlord arising in connection with damage to such property occurring as a result of any alleged failure to properly secure the Leased Premises prior to such removal.
(f) Notwithstanding any contrary provision herein, Tenant hereby waives any claims against Landlord relating to, and Landlord shall not be liable to Tenant for, any damage to any equipment, inventory, tenant fixture or other property situated in the Leased Premises or in, on or about the Property due to any condition, design or defect in the Building or leakage of the roof, windows and pipes, or of damage from gas, oil, water, steam, smoke or electricity, or due to any other perils which may be insurable in policies cause whatsoever, including Landlord's negligence, and Tenant assumes all risks of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperty.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. If the Premises should be damaged or destroyed by fire, tornado or other casualty, Tenant shall give immediate written notice thereof to Landlord. If the Premises should be totally destroyed by fire, tornado or other casualty, or if Premises should be so damaged that rebuilding or repairs cannot be completed within one hundred twenty (120) days after the date upon which Landlord, using reasonable diligence, has received all necessary governmental approvals and permits for reconstruction, this Lease shall, at the option of Tenant, terminate and the rent shall be abated during the unexpired portion of the this Lease, effective upon the date of occurrence of such damage. However, if the Premises should be damaged by fire, tornado or other casualty, but only to such extent that rebuilding or repairs can be completed within one hundred twenty (120) days after the aforementioned date, this Lease shall not terminate and the Landlord shall, at its expense, proceed with reasonable diligence to rebuild and repair the Premises in substantially the condition in which the Premises existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace and leasehold improvements which may have been placed on the Premises by the Tenant. If the Premises are so injured untenable in whole of in part following such damage, the rent payable hereunder during the period in which the Premises are untenable shall be prorated to such extent as shall be fair and reasonable under all the circumstances. Should Landlord elect to rebuild or damaged repair the Premises as aforesaid and should the actual construction or repair work go beyond one hundred twenty (120) days after the receipt by fire Landlord of notice of such casualty or other cause as damage by Tenant diligently prosecuting such rebuilding or repairing to be uninhabitable for more than 120 days, then the Tenant may terminate this Lease upon written notice completion. Notwithstanding anything herein to the Landlord. A total destruction contrary, if the holder of any indebtedness secured by mortgage or deed of trust covering the Premises shall automatically terminate this Lease. If this Lease is not so terminatedrequires that the insurance proceed by applied to such indebtedness, then the than Landlord shall diligently restore have the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails right to do so, then the Tenant may terminate this Lease by delivering written notice of termination to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.
Appears in 1 contract
Samples: Lease Agreement
FIRE AND CASUALTY DAMAGE. A. If the Premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon Lessee immediately shall given written notice to Lessor. If the Landlord. A total destruction of buildings situated upon the Premises shall automatically terminate this Lease. If this Lease is or of which the Premises are a part should be totally destroyed by any peril covered by the insurance to be provided by Lessor under Paragraph 9A above, or if they should be so damaged thereby that, in Lessor's estimation, rebuilding or repairs cannot so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 be completed within one hundred eighty (180) days from after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage. Following any damage which is the subject of this subparagraph A or casualtythe next subparagraph B, Lessee may request Lessor's estimate of the time required for rebuilding or repairs by notice to Lessor. Lessor shall respond to any such notice with its estimate no later than thirty (30) days after the notice is received by Lessor.
B. If the buildings situated upon the Premises or of which the Premises are a part, should be damaged by any peril covered by the insurance to be provided by Lessor under Paragraph 9A above, and if in Lessor's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the Landlord fails date of such damage, this Lease shall not terminate, and Lessor shall restore the Premises to do sosubstantially its previous condition, then except that Lessor shall not be required to rebuild, repair or replace any part of the Tenant partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for lessee. If such repairs and rebuilding have not been substantially completed, with the sole reasonable discretion of the Lessor, within one hundred eighty (180) days after the date of such damage, Lessee as Lessee's exclusive remedy, may terminate this Lease by delivering written notice of termination to Lessor in which event the rights and obligations hereunder shall cease and terminate.
C. Notwithstanding anything herein to the Landlord. The Tenant will be entitled to an abatement contrary, in the event the holder of Rent for the period any indebtedness secured by a mortgage or deed of time that all or any portion of trust covering the Premises are not useable for requires that the Tenant’s business due insurance proceeds be applied to such casualty based on indebtedness, than Lessor shall have the portion right to terminate this Lease by delivering written notice of the Premises that the Tenant is unable termination to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, Lessee within 30 fifteen (15) days after the date of such damagerequirement is made known by such holder, by delivery of written notice hereupon all rights and obligations hereunder shall cease and terminate.
D. Anything in this Lease to the Landlordcontrary notwithstanding, cancel Lessor and rescind the Tenant’s exercise Lessee hereby waive and release each other of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to property caused by fire or any other perils the Premises, improvements to the building of which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other partyPremises are a part, or anyone personal property (building contents) within the building and/or Premises, for whom such party may be responsibleany reason regardless of cause or origin. Each party shall cause to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to its policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph, and if necessary, to have the insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperly endorsed.
Appears in 1 contract
Samples: Lease Agreement (Vest H D Inc /Tx/)
FIRE AND CASUALTY DAMAGE. A. If the Premises or the Building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon shall promptly give written notice to the Landlord. A total destruction If the Building of which the Premises are a part should be totally destroyed by any peril, or if they should be so damaged thereby that, in Landlord's reasonable estimation, rebuilding or repairs cannot be completed within 180 days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
B. If the Building of which the Premises are a part should be damaged by any peril, and in Landlord's reasonable estimation, rebuilding or repairs can be substantially completed within 180 days after the date of such damage, this Lease shall automatically terminate this Leasenot terminate, and Landlord shall restore the Premises to substantially its previous condition (except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises by Tenant, including the Leasehold Improvements constructed by Tenant pursuant to Exhibit "C"). Effective upon the date of the occurrence of such damage and ending upon substantial completion, if the Premises are untenantable in whole or part during such period, the rent shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within 180 days from after the date of such damage (subject to Force Majeure Delays [hereinafter defined] and any delays caused by Tenant or casualtyits employees, and if the Landlord fails to do soagents or contractors), then the Tenant Tenant, as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event all rights and obligations hereunder shall cease and terminate (except as expressly provided to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimcontrary herein).
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. (a) If the Premises are so injured Building or damaged Office Park should be totally destroyed by fire fire, tornado or other cause as casualty or if the Building or Office Park should be damaged, to the extent that, in Landlord’s reasonable judgment, repair would not be uninhabitable for more than 120 dayseconomically feasible; or that rebuilding or repairs cannot, then in Landlord’s estimation, be completed within two hundred (200) days after the Tenant may date of such damage; or if the insurance proceeds remaining after any required payments to Mortgagees are insufficient to repair such damage or destruction, Landlord shall have the right, at Landlord’s option, to terminate this Lease upon by giving Tenant written notice of such termination within sixty (60) days after the date of such casualty, and the Rent shall be apportioned and paid to the Landlord. A total destruction date on which possession is relinquished or the date of such damage, whichever last occurs, and Tenant shall immediately vacate the Premises shall automatically terminate according to such notice of termination.
(b) If the Building should be damaged by any peril covered by the insurance to be carried by Landlord under this Lease. If , but only to such extent that rebuilding or repairs are, in Landlord’s estimation, economically feasible and can be completed within two hundred (200) days after the date of such damage and the proceeds of such insurance, after deducting any required payments to Mortgagees, are sufficient for such rebuilding or repairs, this Lease is shall not so terminatedterminate, then the and Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as thereupon proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that: (i) Landlord shall not be required to rebuild, repair or replace any of the partitions, fixtures, additions, alterations or other leasehold improvements (including, without limitation, the Leasehold Improvements constructed under the Work Letter) in, on or about the Premises; and (ii) Landlord may elect not to rebuild if such damage occurs during the last year of the Term, exclusive of any option to extend the Term which is reasonably practical, but in all events less than 120 days from unexercised at the date time of such damage. If the Premises are untenantable in whole or in part following such damage, the Rent payable hereunder during the period in which the Premises are untenantable shall be reduced to such extent as may be fair and reasonable under all of the circumstances.
(c) Tenant shall be obligated to repair and restore all leasehold improvements (including, without limitation, the Leasehold Improvements constructed under the Work Letter), alterations and additions situated in, on or about the Premises in the event of any damage or casualtydestruction thereto by any peril covered by the provisions of this Paragraph 12; provided, however, that, if this Lease is terminated under this Paragraph 12, then, in lieu of repairing and if restoring such items, Tenant shall promptly pay to Landlord all insurance proceeds received by Tenant for the Landlord fails damage or destruction pertaining to do sosuch items. Tenant shall use commercially reasonable efforts to obtain such proceeds from its insurer(s). Tenant’s obligations under this Paragraph 12(c) shall survive the expiration or earlier termination of this Lease.
(d) Notwithstanding anything herein to the contrary, in the event any Mortgagee requires that the insurance proceeds be applied to the indebtedness due such Mortgagee, then Landlord shall have the Tenant may right to terminate this Lease by delivering written notice of termination to the LandlordTenant within fifteen (15) days after such requirement is made by any such Mortgagee, whereupon all rights and obligations hereunder shall cease and terminate. The Tenant will In no event shall Landlord be entitled required under this Lease to an abatement incur any expenses in excess of Rent available insurance proceeds for the period purpose of time that all repairing or any portion of restoring the Office Park, the Building or the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by a fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimcasualty.
Appears in 1 contract
Samples: Lease Agreement (Jacada LTD)
FIRE AND CASUALTY DAMAGE. A. If the Premises are so injured or the Building should be damaged or destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the Building should be totally destroyed by any peril covered by the insurance to be provided by Landlord under Paragraph 9A above, or if they should be so damaged thereby that, in Landlord’s estimation, rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease effective upon the date of the Premises occurrence of such damage and neither party shall automatically terminate this have any further obligations hereunder except for the return by Landlord of any remaining balance of the Security Deposit to Tenant, Tenant’s liability for any monetary obligations owed to Landlord arising prior to the date of termination and any obligations of the parties that expressly survive the termination of the Lease. B. If the Building should be damaged by any peril covered by the insurance required to be provided by Landlord under Paragraph 9A above, and in Landlord’s estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of such damage, this Lease is shall not so terminatedterminate, then and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for Tenant (excluding the Landlord Improvements). To the extent that the event causing such damage is covered by insurance, Tenant’s monetary obligations under this Lease shall diligently restore be abated from the damaged Premises at its sole cost date of any casualty or damage through the completion of repairs, based on the extent to which such casualty or damage and expense as soon as is reasonably practical, but in all events less than 120 the resultant repairs interfere with Tenant’s business operations or the use of the Premises. If such repairs and rebuilding have not been substantially completed within one hundred eighty (180) days from after the date of such damage or casualty(subject to delays outside of Landlord’s control), and if the Landlord fails to do soTenant, then the Tenant as Tenant’s exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate. In the event of any insurance claim, Tenant shall be liable for payment of (i) its proportionate share of any commercially reasonable deductible under any of Landlord’s insurance policies with respect to the Landlord. The Tenant will be entitled Premises if the insurance claim pertains to an abatement of Rent the entire Building (unless another tenant is responsible for the period damage resulting in the claim or responsible for the payment of time that all or the entire deductible, in which event Tenant shall have no responsibility to pay any portion of the commercially reasonable deductible), or (ii) the entire deductible under any of Landlord’s insurance policies with respect to the Premises are not useable for if the insurance claim pertains solely to the Premises or if the insurance claim results from an act or omission of Tenant or Tenant’s business due agents, employees, contractors, subtenants, representatives or invitees. Landlord hereby notifies Tenant that Landlord’s current deductible is $2,500.00 and Tenant hereby acknowledges that such deductible is commercially reasonable, but subject to such casualty based on increase during the portion term of the Premises that the Lease as deemed necessary by Landlord. Landlord agrees to provide Tenant is unable to use. If with notice of any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the increase in Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimdeductible.
Appears in 1 contract
FIRE AND CASUALTY DAMAGE. If at any time during the Lease Term, the Premises are so injured or the Project is damaged by fire or other cause as to be uninhabitable for more than 120 dayscasualty, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the notify Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery as to the amount of written time Landlord reasonably estimates it will take to repair such damage. If the amount of such time exceeds 6 months, either Landlord or Tenant may elect, upon notice to the other party delivered as soon as practicable but no later than 30 days after Landlord's notice, cancel to terminate this Lease (but Landlord agrees not to terminate this Lease unless it is terminating all Leases in the Building). If neither party elects to terminate this Lease or if Landlord estimates that the damage will take 0 xxxths or less to repair, Landlord shall promptly repair and rescind reconstruct the improvements, subject to delays arising from the collection of insurance proceeds or from Force Majeure events, except that Landlord shall not be required to repair and reconstruct any fixtures, additions, or other improvements paid for by Tenant’s exercise of ; and this Lease shall remain in full force and effect provided that the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility Lease Term will be extended for a time equal to the other or any claiming through or under them by way of subrogation or otherwise for any period beginning on the date the loss or damage was suffered until the repairs and replacement are completed. Tenant at Tenant's expense shall promptly perform, subject to property caused by fire or any other perils which may be insurable in policies delays arising from the collection of insurance covering such property and proceeds, all repairs or restoration not required to be carried within done by Landlord and shall promptly reenter the Premises and commence doing business in accordance with this Lease. Notwithstanding the foregoing, even either party may terminate this Lease if such loss or damage shall have been caused by the fault or negligence improvements are damaged during the last year of the other partyLease Term and Landlord reasonably estimates that it will take more than one month to repair such damage. If Landlord elects to repair and/or reconstruct the damaged improvements and such improvements are located solely within the Premises, or anyone for whom such party may be responsible. Each party Tenant shall cause its insurance policies pay to contain a clause or endorsement to Landlord the effect that such release shall not adversely affect or impair said policies or prejudice the right amount of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claim.commercially reasonable deductible under Landlord's insurance policy (currently $10,000) within 10 days after
Appears in 1 contract
Samples: Standard Commercial Lease Contract (Griffith Micro Science International Inc)
FIRE AND CASUALTY DAMAGE. A. Tenant immediately shall give written notice to Landlord if the Premises or the Building are damaged or destroyed. If the Premises are or the Building should be totally destroyed by an insured peril, or so injured or damaged by fire an insured peril that, in Landlord's estimation, rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of Landlord's actual knowledge of such damage, then in either case this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage.
B. If the Building or the Premises should be damaged but not totally destroyed by any insured peril, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of Landlord's actual knowledge of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other cause as improvements or personal property required to be uninhabitable for more than 120 dayscovered by Tenant's insurance pursuant to Paragraph 9.B. above. Effective upon the date of the occurrence of such damage and ending upon the date of substantial completion (as defined in Paragraph 1.C. above) of Landlord's repair or restoration work, if the Premises are untenantable in whole or part during such period, then the Tenant rent shall be reduced to such extent as may terminate this Lease upon written notice to the Landlord. A total destruction be fair and reasonable under all of the Premises shall automatically terminate this Leasecircumstances. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within one hundred eighty (180) days from after the date of such damage or casualtydamage, and if the Landlord fails to do soTenant, then the Tenant as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord, in which event the rights and obligations hereunder shall cease and terminate, provided, however, that any liabilities of Tenant which accrued prior to termination of this Lease shall survive such termination.
C. In connection with any repair or reconstruction to the Landlord. The Premises arising from or necessitated by fire or the casualty which is covered by the insurance provided pursuant to Paragraph 9.A. above, Tenant will be entitled shall pay Landlord upon demand its Proportionate Share of the amount of any deductible of such insurance.
D. Notwithstanding anything herein to an abatement of Rent for the period of time that all or any portion of contrary, in the event the Premises are destroyed or substantially damaged by any peril not useable for covered by the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability or responsibility to the other or any claiming through or under them by way of subrogation or otherwise for any loss or damage to property caused by fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Leaseby Landlord pursuant to Paragraph 9.A. above, even or if the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that insurance proceeds be applied to such loss or damage indebtedness, then Landlord shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right to terminate this Lease by delivering written notice of the releasor termination to recover thereunder Tenant within fifteen (15) days after such requirement is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate, provided, however, that any liabilities of Tenant which accrued prior to the effect that termination of this Lease shall survive such insurer waives its rights of subrogation as to such released or waived claimtermination.
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FIRE AND CASUALTY DAMAGE. If at any time after the execution hereof, the Leased Premises are so injured shall be wholly or substantially destroyed or damaged by fire or other cause as to be uninhabitable for more than 120 daysfire, then the Tenant may terminate this Lease upon written notice to the Landlord. A total destruction of the Premises shall automatically terminate this Lease. If this Lease is not so terminatedelements, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date of such damage or casualty, and if Tenant shall give immediate written notice thereof to Landlord. If the Landlord fails to do soLeased Premises are totally or substantially destroyed, then the Tenant may either party hereto may, at its option, terminate this Lease by delivering giving written notice thereof to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, other party within 30 thirty (30) days after the date of such damagecasualty. Following a partial destruction or injury [less than fifty percent (50%) of the Leased Premises] whereby the Tenant shall be deprived of the occupancy of only a portion of the Leased Premises, and if the function of Tenant's business is not substantially impaired, this Lease shall not terminate; but a proportionate allowance shall be made from the Fixed Rent during such period in the proportion which the number of square feet of the Leased Premises which the Tenant is deprived of by delivery such damage and the making of written notice repairs bears to the total square feet of the Leased Premises; and the Landlord shall repair such damage with due diligence. In the event, however, that the Leased Premises cannot be replaced, repaired or restored within one hundred twenty (120) days from the fire or casualty, or if Landlord elects not to make and complete said replacement, repairs, and restoration within said one hundred twenty (120) day period, Tenant, upon notice in writing to Landlord, cancel may terminate this Lease and rescind the Tenant’s exercise surrender possession of the Option said premises to Purchase. Each of the Landlord and the thereupon this Lease shall terminate and be void and Tenant hereby releases the other (and the other’s employees, officers, shareholders, directors, and members) from any and all liability shall not be required to pay or responsibility to the other or any claiming through or under them by way of subrogation or otherwise be liable for any loss or damage to property caused by rent from the date of said fire or any other perils which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. Each party shall cause its insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimcasualty.
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Samples: Lease Agreement (Dominion Homes Inc)
FIRE AND CASUALTY DAMAGE. A. If the Premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction If the buildings situated upon the Premises or of which the Premises are a part should be totally destroyed by any peril covered by the insurance to be provided by Landlord under Paragraph 9A above, or if they should be so damaged thereby that, in Landlord's estimation, rebuilding or repairs cannot be completed within one hundred eighty (180) days after the date of such damage, this Lease shall terminate and the rent shall be abated during the unexpired portion of this Lease effective upon the date of the occurrence of such damage.
B. If the buildings situated upon the Premises or of which the Premises are a part, should be damaged by any peril covered by the insurance to be provided by Landlord under Paragraph 9A above, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred eighty (180) days after the date of such damage, this Lease shall automatically terminate this Leasenot terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for Tenant. If this Lease is such repairs and rebuilding have not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 been substantially completed within one hundred eighty (180) days from after the date of such damage or casualty(subject to delays outside of Landlord's control DURING THE FIRST TWELVE MONTHS OF THE TERM HEREOF), and if the Landlord fails to do soTenant, then the Tenant as Tenant's exclusive remedy, may terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate. In the event of any insurance claim, Tenant shall be liable for payment of any deductible WHICH IS EQUAL TO TEN THOUSAND AND 00/100 DOLLARS $10,000.00), under any of Landlord's insurance policies with respect to the Landlord. The Tenant will be entitled premises.
C. Notwithstanding anything herein to an abatement the contrary, in the event the holder of Rent for the period any indebtedness secured by a mortgage or deed of time that all or any portion of trust covering the Premises are not useable for requires that the Tenant’s business due insurance proceeds be applied to such casualty based on indebtedness, then Landlord shall have the portion right to terminate this Lease by delivering written notice of the Premises that the termination to Tenant within fifteen (15) days after such requirement is unable to use. If made known by any such damage occurs before closing but after the Tenant has exercised its Option to Purchaseholder, then the Tenant may, within 30 days after the date of such damage, by delivery of written notice whereupon all rights and obligations hereunder shall cease and terminate. LANDLORD WILL NOTIFY TENANT OF INTENT TO REBUILD OR REPAIR PREMISES WITHIN FORTY-FIVE (45) DAYS OF SUCH DAMAGE.
D. Anything in this Lease to the Landlordcontrary notwithstanding, cancel and rescind the Tenant’s exercise of the Option to Purchase. Each of the Landlord and the Tenant hereby releases the waive and release each other (of and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to property caused by fire or any other perils the Premises, improvements to the building of which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other partyPremises are a part, or anyone personal property (building contents) within the building and/or Premises, for whom such party may be responsibleany reason regardless of cause or origin. Each party shall cause its to this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to it policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph, and if necessary, to have the insurance policies properly endorsed.
E. If the Premises are damaged by any peril not covered by the insurance to contain a clause be provided by Landlord under paragraph 9A above and the cost to repair such damage exceeds any amount Tenant may elect to contribute, Landlord may elect either to commence to repair and restore the Premises, in which event this Lease shall remain in full force and effect, or endorsement not to repair and restore the effect that such release Premises, in which event this Lease shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimterminate.
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Samples: Commercial Lease Agreement (Burke Industries Inc /Ca/)
FIRE AND CASUALTY DAMAGE. A. If the Premises or the building of which the Premises are so injured a part should be damaged or damaged destroyed by fire or other cause as to be uninhabitable for more than 120 daysperil, then the Tenant may terminate this Lease upon immediately shall give written notice to the Landlord. A total destruction of If the buildings situated on the Premises shall automatically terminate this Lease. If this Lease is not so terminated, then the Landlord shall diligently restore the damaged Premises at its sole cost and expense as soon as is reasonably practical, but in all events less than 120 days from the date or of such damage or casualty, and if the Landlord fails to do so, then the Tenant may terminate this Lease by delivering written notice to the Landlord. The Tenant will be entitled to an abatement of Rent for the period of time that all or any portion of which the Premises are a part should be totally destroyed by any peril covered by insurance to be provided by Landlord under Paragraph 10.A above, or if they should be so damaged thereby that, in the Landlord's estimation, rebuilding or repairs cannot useable for the Tenant’s business due to such casualty based on the portion of the Premises that the Tenant is unable to use. If any such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, be completed within 30 one hundred eighty (180) days after the date of such damage, this Lease shall terminate and rent shall be abated during the unexpired portion of this Lease, effective upon the date of the occurrence of such damage, provided Tenant has paid to Landlord the deductible or applicable portion of txx xxxuctible, as the case may be, under the Landlord's insurance policy.
B. If the buildings situated upon the Premises or of which the Premises are a part, should be damaged by delivery any peril covered by the insurance to be provided by Landlord under Paragraph 10.A above, and in Landlord's estimation, rebuilding or repairs can be substantially completed within one hundred twenty (120) days after the date of such damage, this Lease shall not terminate, and Landlord shall restore the Premises to substantially its previous condition, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions and other improvements that may have been constructed, erected or installed in, or about the Premises or for the benefit of, or by or for the Tenant. Tenant shall pay to Landlord the amount of the deductible under Landlord's insurance policy within thirty (30) days after receipt of Landlord's invoice therefor. If the damage covered by the insurance also involves portions of the building or buildings other than the Premises, Tenant shall pay only a portion of the deductible, based on the ratio of the cost of repairing the damage in the Premises to the total of repairing all damage in the building or buildings. If such repairs and rebuilding have not been substantially completed within one hundred fifty (150) days after the date of such damage, Tenant, at Tenant's exclusive remedy, may, upon payment of insurance policy, terminate this Lease by delivering written notice of termination to Landlord in which event the rights and obligations hereunder shall cease and terminate. As an alternative to the Landlordaforementioned rebuilding, cancel and rescind repairs and/or reduction of rent, Landlord may, at its sole option, use reasonable efforts to provide a reasonably comparable facility for Tenant to lease at the Tenant’s exercise then prevailing fair market rental for either (i) the remainder of the Option to Purchase. Each term of the Lease, or (ii) the period of time during which the Premises are untenantable.
C. Notwithstanding anything herein to the contrary, in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written notice of termination to Tenant within fifteen (15) days after such requirements is made known by any such holder, whereupon all rights and obligations hereunder shall cease and terminate.
D. Anything in this Lease to the contrary notwithstanding, Landlord and the Tenant hereby releases the waive and release each other (of and the other’s employees, officers, shareholders, directors, and members) from any and all liability rights of recovery, claim, action or responsibility to the other or any claiming through or under them by way cause of subrogation or otherwise action, against each other, their agents, officers and employees, for any loss or damage that may occur to property caused by fire or any other perils the Premises, improvements to the building of which may be insurable in policies of insurance covering such property and required to be carried within this Lease, even if such loss or damage shall have been caused by the fault or negligence of the other partyPremises are a part, or anyone personal property (building contents) within the building and /or Premises, for whom such party may be responsibleany reason regardless of cause or origin. Each party shall cause of this Lease agrees immediately after execution of this Lease to give each insurance company, which has issued to its policies of fire and extended coverage insurance, written notice of the terms of the mutual waivers contained in this subparagraph, and if necessary, to have the insurance policies to contain a clause or endorsement to the effect that such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimproperly endorsed.
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