Common use of FIRE AND CASUALTY DAMAGE Clause in Contracts

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 2 contracts

Samples: Commercial Lease Agreement, www.legalgps.com

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FIRE AND CASUALTY DAMAGE. A. If the Building or the Premises are so injured is damaged partially or damaged wholly by fire fire, the elements, act of God 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 terminate this Lease upon written notice as of the date of such fire or casualty and the Lease Term shall end on such date as if that date had been originally fixed in this Lease for the expiration of the Lease Term. Landlord shall notify Tenant of its estimation as to the Landlord. A total destruction time required for restoration within 30 days of the Premises shall automatically date of the damage. Election to terminate must be delivered on or before the tenth day following receipt of Landlord's estimation of time required for restoration if such estimate is beyond the 90 days set out in this Leaseparagraph. B. If this Lease is not so terminatedterminated pursuant to subparagraph 14A above, then the Landlord shall diligently proceed with all due diligence to repair and restore the damaged Premises at its sole cost Building or the Premises, as the case may be (except that Landlord may elect not to rebuild, and expense as soon as is reasonably practicalthus terminate this Lease, but in all events less than 120 if such damage occurs during the last year of the Lease Term). In the event that Landlord shall fail to complete such repairs and material restoration within one hundred twenty (120) days from after the date of such damage or casualtyand Tenant's use and enjoyment of the Premises is then materially impaired by the uncompleted restoration, and if the Landlord fails to do so, then the Tenant may at its option terminate this Lease by delivering written notice to Landlord, whereupon the LandlordLease shall end on the date of such notice as if the date of such notice were the date originally fixed in this Lease of the Expiration Date. The In no event shall Landlord be required to rebuild, repair, or replace any personal property, equipment, or trade fixtures which belong to Tenant. C. If the Lease is not terminated pursuant to this paragraph 14 and if the Premises are unfit for occupancy in whole or in part following such damage, the Base Rental and the Additional Rental payable pursuant to paragraph 4 payable during the period in which the Premises are unfit for occupancy shall abatx xxx Tenant's Percentage Share shall be reduced in proportion to the number of square feet of Rentable Area of the Premises rendered unusable by such damage. D. Any insurance which may be carried by Landlord or Tenant will against loss or damage to the Building or the Premises shall be entitled to an abatement of Rent for the period sole benefit of time that all the party carrying such insurance. E. If any such casualty stated in this paragraph 14 occurs, Landlord shall not be liable to Tenant for inconvenience, annoyance, loss of profits, expenses, or any other type of injury or damage resulting from the repair of any such damage, or from any repair, modification, arranging, or rearranging of any portion of the Premises are not useable for the Tenant’s business due to such casualty based on the portion or any part or all 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 Building or for termination 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 this Lease as provided 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 claimparagraph 14.

Appears in 1 contract

Samples: Lease Agreement (Physicians Specialty Corp)

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

Samples: Lease Agreement (Sportsmans Guide Inc)

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: Lease Agreement (Griffith Micro Science International Inc)

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 Tenant will 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 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 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 Landlord shall have the Tenant may, within 30 days after the date of such damage, right to terminate this lease by delivery of delivering written notice of termination to the LandlordTenant, 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 claimdetermine.

Appears in 1 contract

Samples: Lease Agreement (Stimsonite Corp)

FIRE AND CASUALTY DAMAGE. If the Leased Premises are so injured should be damaged or damaged destroyed by fire, tornado or other casualty, Tenant shall immediately give notice thereof to the Landlord. If the Leased Premises shall be partially destroyed by fire or other cause casualty so as to be uninhabitable for more than 120 daysrender the premises untenantable, then in the Tenant may terminate this Lease judgment of Landlord or responsible government officials, the rent herein shall xxxxx upon written such notice to and until such time as the Leased Premises are made tenantable by Landlord. A If only a portion of the Leased Premises are rendered untenantable, the rental herein shall xxxxx as to such portion until such portion is again made tenantable by Landlord. In the event of the total destruction of the Leased Premises, or if the Leased Premises shall automatically terminate this Lease. If this Lease is be so damaged that Landlord shall decide not so terminatedto rebuild, then all rent owed up to the Landlord time of such destruction or termination shall diligently restore the damaged Premises at its sole cost be paid by Tenant and expense this lease shall cease and terminate as soon as is reasonably practical, but in all events less than 120 days from of the date of such damage or casualty, and if the Landlord fails notice by Tenant 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 Landlord shall, at all times during the term of Rent for this lease, at Landlord's expense, maintain a policy or policies of insurance, insuring 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 Building against loss or damage by fire. If the annual premiums charged Landlord for such casualty insurance exceed the standard premium rates because the nature of Tenant's operation results in extra hazardous exposure, then Tenant shall upon receipt of appropriate premium invoices reimburse Landlord for such increase in such premiums. Landlord shall not be obligated to property caused by fire insure any furniture, equipment, machinery, goods, supplies or any other perils property not covered by this lease which Tenant may be bring or obtain upon the Leased Premises, or any additional improvements which Tenant may construct thereon. Tenant shall maintain at its expense fire and extended coverage insurance of at least 90 percent (90%) of the full insurable value of all its personal property, including furniture and removable trade fixtures, located in policies of insurance covering such property the Leased Premises and on all additions and improvements made by Tenant and not required to be carried within this Lease, even if such loss or damage shall have been caused insured 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 claimLandlord above.

Appears in 1 contract

Samples: Office Space Lease Agreement (Zix Corp)

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 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 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 increase during the term of the Lease as deemed necessary by Landlord. Landlord agrees to provide Tenant with notice of any increase in Landlord’s deductible. 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 requirement 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 Tenant hereby waive and release each other of and from any and all rights of recovery, claim, action or cause of action, against each other, their agents, officers and employees, for any loss or damage that may occur to the Premises, improvements to the Building, or personal property (building contents) within the Building and/or Premises, for any reason regardless of cause or origin. Each party 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 useable for covered by the Tenant’s business due insurance to be provided by Landlord under Paragraph 9A above and the cost to repair such casualty based on the portion damage exceeds any amount Tenant may elect to contribute, which election shall be made within five (5) days after Landlord notifies Tenant of the Premises that lack of insurance coverage, Landlord may elect either to commence to repair and restore the Tenant is unable Premises, in which event this Lease shall remain in full force and effect, or not to userepair and restore the Premises, in which event this Lease shall terminate. If any Landlord elects to restore the Premises and such damage occurs before closing but after the Tenant has exercised its Option to Purchase, then the Tenant may, repairs and rebuilding have not been substantially completed within 30 one hundred eighty (180) days after the date of such damagedamage (subject to delays outside of Landlord’s control), Tenant, as Tenant’s exclusive remedy, may terminate this Lease by delivery of delivering written notice of termination to Landlord in which event the Landlordrights and obligations hereunder shall cease and terminate. In such event, cancel and rescind the Tenant’s exercise monetary obligations under this Lease shall be abated from the date of any casualty or damage through the completion of repairs, based on the extent to which such casualty or damage and the resultant repairs interfere with Tenant’s business operations or the use of the Option to PurchasePremises. 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 claim11.

Appears in 1 contract

Samples: Lease Agreement (Zones Inc)

FIRE AND CASUALTY DAMAGE. If In the Premises event the Improvements are so injured wholly or partially damaged or destroyed by fire fire, storm, tornado, or other cause as casualty covered by the Texas Standard Form of fire and extended coverage insurance, Lessee shall give immediate notice to be uninhabitable for Lessor and to any mortgagee of whom Lessee has notice, and to any insurance carrier providing insurance coverage against such contingencies. Within a reasonable time after receipt of such notice, but in no event more than 120 daysninety (90) days thereafter, then Lessor shall, at his expense, promptly commence to rebuild or repair the Tenant may Improvements to substantially the condition in which they were immediately prior to the happening of the casualty, provided, however, Lessor’s responsibility with respect to such rebuilding or repairing shall be limited to the amount of the insurance proceeds actually made available to Lessor for such rebuilding and, except as provided below for the final five (5) years of the term of this Lease, Lessee shall be specifically liable for and obligated to pay to Lessor, on demand, any and all additional amounts reasonably required by Lessor, over and above the proceeds of any such insurance, to rebuild or repair the Improvements to substantially the condition in which they were immediately prior to the happening of such casualty. Additionally, in no event shall Lessor be required to repair or rebuild any property or improvements constructed by Lessee or belonging to Lessee on the Leased Premises. Neither the obligation that Lessee pay to Lessor any additional amounts needed to complete such repairs or rebuilding, nor the exception which relieves Lessee of such obligation during the final five (5) years of the term of this Lease, shall in any manner relieve Lessee of its obligation to maintain casualty insurance on the Improvements in the manner and with the coverage set forth in paragraph 9.2 below. Notwithstanding anything contained herein to the contrary, in the event the Improvements are wholly or partially damaged or destroyed by any such casualty loss during the final five (5) years of the term of this Lease (i) Lessor shall have the right and option, in his sole discretion, to terminate this Lease upon Lease, if the estimated cost for rebuilding or repairing the Improvements, as reasonably determined by Lessor, shall exceed the sum of $10,000.00, and (ii) Lessee shall have the right and option, in its sole discretion, to terminate this Lease, if (x) the estimated cost for rebuilding or repairing the Improvements, as reasonably determined by Lessor, exceeds the proceeds payable by any applicable insurance and (y) Lessor does not agree to pay such excess. The options to terminate provided in the immediately preceding sentence shall be exercised by providing the non-exercising party with written notice to the Landlord. A total destruction of the Premises exercising party’s election to terminate within thirty (30) days after the receipt by Lessor of the estimate to repair or rebuild the Improvements (or in the case of the termination right of Lessee, after written notice from Lessor to Lessee of such estimate and Lessor’s determination not to pay any excess costs of repair or rebuilding), whereupon this Lease shall automatically terminate effective on the date of the occurrence of such casualty. The failure of either party to give written notice within such thirty (30) day period of an election to terminate shall be deemed a waiver by such party of the right to terminate this Lease. If Lessor fails to commence such rebuilding or repairing within ninety (90) days after notice of the occurrence of the damage or destruction or thereafter fails to complete the same within twelve (12) months after commencing such work, then at the option of Lessee, this Lease is not so terminated, then shall forthwith terminate upon thirty (30) days prior written notice given to Lessor on or after 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 expiration of such damage ninety (90) day or casualtytwelve (12) month period (whichever is applicable), and if unless Lessor commences or completes (whichever is applicable) such repair or rebuilding on or before the Landlord fails expiration of such thirty (30) day period in which event this Lease shall continue. Lessor shall not be liable to do soLessee for any delay in commencing or completing such repair or rebuilding, then the Tenant may Lessee’s right to terminate this Lease by delivering written notice in the manner set forth herein being the sole remedy of Lessee for Lessor’s failure to commence such repair or rebuilding within such thirty (30) day period or to complete such repair or rebuilding within such twelve (1) month period. The rental payable hereunder shall xxxxx in proportion to the Landlord. The Tenant will be entitled extent to an abatement of Rent which such damage renders the Leased Premises untenantable or unsuitable for the period of time that all or any portion of purposes for which the Leased 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 hereby leased; and if 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 is so extensive as to render the Leased Premises completely untenantable or unsuitable for such released purposes, the rent shall completely cease and xxxxx until Lessor has repaired or waived claimrestored the Improvements as provided herein.

Appears in 1 contract

Samples: Lease Agreement (Goodman Global 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 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 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 casualtyof 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 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, 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 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 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 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 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. 11.

Appears in 1 contract

Samples: Lease Agreement (Craftmade International Inc)

FIRE AND CASUALTY DAMAGE. If the portion of the Building of which the Premises are so injured or a part Is damaged by fire or other cause casualty but remains tenable, Landlord shall repair and restore said portion of the Building within one hundred twenty (120) days (or such longer period of time as may be reasonably necessary under the circumstances) thereafter and this Lease shall not be terminated. In such event during the period that Tenant is deprived of the use of the Premises, Tenant shall be required to utilize any of the Premises that Tenant is able to occupy, the Rents and Charges for said remaining space shall be that portion of the total Rents and Charges which the amount of square foot area that can be occupied bears to the total square foot area of the entire Premises. If said portion of the Building shall be so damaged by fire or other casualty as to be uninhabitable for more than 120 daysuntenable, then the Tenant may terminate this Lease unless said damage is repaired by Landlord within ninety (90) days thereafter, either party hereto, upon written notice to the Landlord. A total destruction other party given at any time following the expiration of the Premises shall automatically said 90-day period, may terminate this Lease. If this Lease is not so terminated, then the Landlord in which case all Rents and Charges shall diligently restore the damaged Premises at its sole cost be apportioned and expense as soon as is reasonably practical, but in all events less than 120 days from paid to the date of such damage said fire or other casualty. Notwithstanding the preceding provision, and if the Building is so severely damaged or destroyed by fire or other casualty (although the Premises may not be affected) that Landlord fails shall decide within a reasonable time not to do sorebuild or reconstruct the Building, then the Tenant may terminate this Lease by delivering written notice to the Landlordshall terminate. The Tenant No compensation or claim for diminution of Rents and Charges will be entitled allowed or paid by Landlord, by reasons of inconvenience, annoyance or injury to an abatement business, arising from the necessity of Rent for repairing the period of time that all Premises, or any portion portions of the Building. If the Leasehold Improvements 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 destroyed by fire or any other perils which may be insurable in policies of insurance covering such property and required casualty, Tenant, at Tenant's sole expense, shall promptly restore the Leasehold Improvements as nearly as possible 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 their condition prior to such released damage or waived claimdestruction.

Appears in 1 contract

Samples: Lease Agreement (Coronado Industries Inc)

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FIRE AND CASUALTY DAMAGE. If In the case of the total destruction or the destruction of a substantial part of the Demised Premises are so injured or damaged by fire fire, other casualty, the elements, or other cause cause, or of such damage thereto as to be uninhabitable shall render the Demised Premises or a substantial part thereof totally unfit for more than 120 daysoccupancy by Tenant, then this Lease, at the Tenant may terminate this Lease upon option of Landlord, by giving of 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 ninety (90) days after the date of such destruction or damage, by delivery shall terminate and be at an end. In the event of written notice termination, Xxxxxx shall surrender and deliver to Landlord the Demised Premises together with payment of the Rent and Additional Rent to the date of such occurrence. For purposes of this Section, a “substantial part” shall mean thirty-five (35%) or more of the Demised Premises as reasonably determined by the Landlord. If the Lease does not terminate pursuant to the foregoing provisions or there is only a partial destruction of the Demised Premises, Landlord shall commence to restore the Demised Premises with all reasonable diligence, but only to the extent that Landlord has available to it insurance proceeds and then only to the extent of such insurance proceeds actually paid to Landlord and available, and the Rent shall be abated proportionately based upon the square foot area of the Demised Premises still tenantable, from the date of casualty to the date that the Demised Premises are restored by the Landlord; provided, however, if Tenant cannot conduct its intended business use in the remaining portion of the Demised Premises, rent shall totally xxxxx until the Demised Premises are restored by the Landlord. Landlord, cancel and rescind however, shall not under any circumstances be required to expend any sums in excess of insurance proceeds received for purposes of such restoration. No compensation, claim or diminution of Rent will be allowed or paid, by Landlord, by reason of inconvenience, annoyance, or injury to business arising from the Tenant’s exercise necessity of repairing the Demised Premises. 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, on or about the Demised Premises by Tenant. Each Notwithstanding the foregoing, if the restoration of the Landlord and Premises is not completed within nine (9) months from the Tenant hereby releases the other (and the other’s employeesdate of destruction or damage, 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 then either party 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 to terminate this Lease by notice given within thirty (30) days thereafter; otherwise the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimLease shall continue.

Appears in 1 contract

Samples: Lease Agreement

FIRE AND CASUALTY DAMAGE. If Tenant shall give immediate written notice to Landlord of any damage caused to the Leased Premises are so injured or damaged by fire or other cause as 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 Landlord does not elect 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 terminatedas hereinafter provided, then the Landlord shall diligently restore the damaged Premises proceed with reasonable diligence and at its sole cost and expense as soon as to rebuild and repair the Leased Premises. In the event (a) the building in which the Leased Premises is reasonably practicallocated is destroyed or substantially damaged by a casualty not covered by Landlord’s insurance or (b) such building shall be destroyed or rendered untenable to an extent in excess of fifty percent (50%) of the first floor area by a casualty covered by Landlord’s insurance, but 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 Landlord’s insurance proceeds in satisfaction of all events less than 120 days from or part of the date indebtedness secured by the mortgage, deed of such damage trust or casualty, and if the Landlord fails to do soother lien, then the Tenant Landlord may elect either to terminate this Lease by delivering or to proceed to rebuild and repair the Leased Premises. Landlord shall give 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, election within 30 sixty (60) days after the date occurrence of such damagecasualty and if it elects to rebuild and repair shall proceed to do so with reasonable diligence and at its sole cost and expense. Landlord’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 delivery Tenant. Tenant agrees that during any period of written notice reconstruction or repair of the Leased Premises it will continue to the Landlord, cancel and rescind extent practicable. During the Tenant’s exercise period from the occurrence of the Option casualty until Landlord’s repairs are completed, the Base Rent and Additional Rent shall be reduced 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 such extent as may be insurable in policies fair and reasonable under the circumstances; however, there shall be no abatement 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 charges provided 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 claimherein.

Appears in 1 contract

Samples: Lease Agreement (AgEagle Aerial Systems Inc.)

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

FIRE AND CASUALTY DAMAGE. If In the Premises are so injured or damaged event that the Building should be totally destroyed by fire fire,tornado or other cause as to casualty,or should 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 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 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 one hundred eighty(180) days after the date of such damage,Landlord may at its option terminate this Lease in which event the Annual Base Rent and the Additional Rent for Operating Expenses(hereinafter defined)shall be abated during the unexpired portion of this Lease effective with the date of such damage,or Landlord may,in its sole discretion,proceed to rebuild and repair the Building and the Premises. In the event the Building should be damaged by fire,tornado or other casualty, but only to such extent that rebuilding or repairs can be completed within one hundred eighty(180)days after the date of such damage,or if the damage should be more serious but Landlord does not elect to terminate this Lease,in either such event Landlord shall within sixty(60)days after the date of such damage commence to rebuild or repair the Building and shall proceed with reasonable diligence to restore the Building to substantially the same condition in which it was immediately prior to the happening of the casualty,except that Landlord shall not be required to rebuild, repair or replace any part of the partitions,fixtures,and other improvements(including the Tenant Improvements,if any)which may have been placed by delivery Tenant or other tenants within the Building. In addition,in the event Landlord elects to repair the Building,Tenant shall repair and restore, at Tenant's sole expense, all alterations, decorations, replacements,additions or improvements made by Tenant in the Premises,the Tenant Improvements(if any)and all trade fixtures and other equipment and property owned by Tenant and located in the Premises. Landlord shall allow Tenant a fair diminution of written Annual Base Rent and the Additional Rent for Operating Expenses during the time the Premises are unfit for occupancy. In the event any mortgagee under a deed of trust,security agreement or mortgage on the Building should require that the insurance proceeds be used to retire the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to the Landlord, cancel and rescind the Tenant’s exercise of the Option to Purchase. 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 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 party, or anyone for whom party carrying such party may be responsibleinsurance and under its sole control. 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 claim15.

Appears in 1 contract

Samples: Lease Agreement

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. If In the case of the total destruction, or the destruction of a substantial part of the Leased Premises are so injured or damaged by fire fire, other casualties, the elements or other cause cause, or of such damage thereto as to be uninhabitable shall render the Leased Premises or a substantial part thereof totally unfit for more than 120 daysoccupancy by Tenant, then this Lease, at the Tenant may terminate this Lease upon option of Landlord, by giving of 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 ninety (90) days after the date of such destruction or damage, by delivery shall terminate and be at an end. In the event of written notice termination, Tenant shall surrender and deliver to Landlord the Leased Premises together with payment of the Rent and Additional Rent to the date of such occurrence. For purposes of this Section, a "substantial part" shall mean fifty (50%) percent or more of the Leased Premises. If the Lease does not terminate pursuant to the foregoing provisions or there is only a partial destruction of the Leased Premises, the Landlord shall, at its own expense, restore the Leased Premises with all reasonable diligence, and the Rent shall be abated proportionately based upon the square foot area of the Leased Premises still tenantable, from the date of casualty to the date that the Leased Premises shall be fully restored by the Landlord. Landlord, cancel and rescind however, shall not be required to expend any sums in excess of insurance proceeds received for purposes of such restoration. No compensation, claim or diminution of Rent will be allowed -8- 9 or paid, by Landlord, by reason of inconvenience, annoyance, or injury to business arising from the Tenant’s exercise necessity of repairing the Leased Premises. 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, on or about the Leased Premises by Tenant. Each Notwithstanding the foregoing, if the restoration of the Landlord and Premises is not completed within six (6) months from the Tenant hereby releases the other (and the other’s employeesdate of destruction or damage, 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 then either party 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 to terminate this Lease by notice given within fifteen (15) days thereafter; otherwise the releasor to recover thereunder and to the effect that such insurer waives its rights of subrogation as to such released or waived claimLease shall continue.

Appears in 1 contract

Samples: Lease Agreement (Execustay Corp)

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