Fire and Casualty. (a) If the Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord. (b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord. (c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 3 contracts
Samples: Sublease Agreement, Sublease Agreement (Elevate Credit, Inc.), Sublease Agreement (Elevate Credit, Inc.)
Fire and Casualty. (a) If the Premises are or the Building (including machinery used in its operation) shall be damaged or destroyed by fire or other casualty then in cause and if it appears that such event Landlord shall, in its sole discretion, either (i) enter Premises or Building may be repaired and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, restored within ninety (90) days after such damage, then Landlord shall commence to restore the Premises or Building within thirty (30) days after such damage, and shall repair and restore same with reasonable promptness. Notwithstanding anything to the contrary herein contained, Landlord shall have no duty pursuant to this Section 17 to repair or restore any portion of the alterations, additions or improvements in the Premises or the decorations thereto, except to the extent that same were provided by Landlord at Landlord’s cost. If Tenant desires any additional repairs or restoration beyond the lease improvements constructed by Landlord and existing immediately prior to destruction, and if Landlord consents thereto, the same shall be done by Landlord at Tenant’s expense. If the damage renders the Premises untenantable in whole or in part and cannot reasonably be repaired or restored within one hundred eighty (180) days, or if Landlord elects to rebuild or repair demolish the Building (such decision being vested exclusively in or cease its operation, either party shall have the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing right to cancel and terminate this Lease shall terminate as of the date of such damage in the by giving notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of other within said one hundred twenty (120) days after such damage shall have occurred. If Landlord does not elect to cancel and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the terminate this Lease is not terminatedas herein provided, Landlord shall commence and proceed with reasonable diligence to repair and restore the Premises or Building and/or with reasonable promptness. In the event any such damage not caused by the act or neglect of Tenant, its agents or servants, renders the Premises to substantially untenantable, and if this Lease shall not be canceled and terminated by reason of such damage, then Rent shall xxxxx during the same condition as existed immediately prior to period beginning with the date of damage. All rent shall xxxxx such fire or other cause and ending with the date when the Premises are again rendered tenantable by an amount bearing the same ratio to the total amount of Rent for such period as the untenantable portion of the Premises that is not usable by Tenant from bears to the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDentire Premises.
Appears in 2 contracts
Samples: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)
Fire and Casualty. (a) If at any time during the Lease Term, the Leased Premises are or a substantial portion of the Building shall be damaged or destroyed by fire or other casualty then in casualty, Lessor shall have the right by giving Lessee written notice thereof at any time within forty-five (45) days after the occurrence of such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting damage or destruction to terminate this Lease. If Lessor does not so terminate this Lease, then within such 45-day period Lessor shall deliver to Lessee Lessor's good faith estimate of the time required to complete the repair and restoration of the Leased Premises and the Building to substantially the same condition in which they existed immediately prior to such damage or destruction (iisubject to the exclusions hereinbelow described). If the time set forth in such estimate exceeds nine (9) months from the date of the casualty, then Lessee shall have the right to terminate this Lease by giving written notice thereof of termination to Tenant Lessor within sixty thirty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9030) days after Lessee's receipt of such destruction, estimate. If this Lease is not to rebuild or repair terminated in accordance with the Building (such decision being vested exclusively in the discretion preceding provisions of Landlord)this Section, then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage continue in the notice from Landlord to Tenant, full force and the Tenant effect and Lessor shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore reconstruct the Leased Premises and the Building and/or the Premises to substantially the same condition as in which they existed immediately prior to such damage or destruction (subject to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the exclusions hereinbelow described), such repairs and restoration required to be made within a reasonable time thereafter, subject to delays arising from the settlement of insurance proceeds, shortages of labor or material, acts of God, or other conditions beyond Lessor's reasonable control. Lessor shall not be required to rebuild, repair, or replace any part of Lessee's alterations, furniture, furnishings or fixtures or equipment, and Lessee shall be obligated to rebuild, repair and replace the same; provided, however, that Lessor shall be responsible, at its expense, for replacing the furniture described in
(i) Lessee shall have no right to terminate this Lease, (ii) such damage shall be repaired by Landlord pursuant and at the expense of Lessee under the direction and supervision of Lessor, (iii) Lessee shall be responsible, at its expense, for replacing the furniture described in Paragraph 4 of the Rider to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTthe extent that the same is damaged or destroyed by such casualty, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDand (iv) Rent shall continue without abatement.
Appears in 2 contracts
Samples: Lease Agreement (Skillsoft Public Limited Co), Lease Agreement (Skillsoft Public Limited Co)
Fire and Casualty. (a) If the Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event that the Building is so badly damaged Leased Premises shall be rendered substantially untenantable or injured unsuitable for Tenant's purposes during the term of this Lease by fire or other casualty, even though the Premises Landlord at its option may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and terminate this Lease shall terminate effective as of the date of damage such casualty or Landlord may elect to repair the Leased Premises. If Landlord elects to repair this Lease will remain in the notice from Landlord to Tenanteffect provided that such repairs are promptly commenced, diligently pursued and the Tenant shall pay rent hereunder apportioned to completed in a timely manner but not more than 180 days after the date of damage the fire or other casualty. If more than 40% of the Leased Premises is rendered substantially untenantable or unsuitable by fire or casualty and shall pay all other obligations Landlord does not complete the repair and restoration thereof within said 180 days, then Tenant may terminate this Lease effective as of Tenant owing on the date of damagesuch fire or casualty. If this Lease is terminated by reason of fire or casualty as herein specified, monthly Base Rent and Tenant Additional Rent shall immediately surrender be apportioned and paid to the day of such fire or other casualty. During any time period that the Leased Premises to Landlordis untenantable, rent will xxxxx if the cause of the casualty is not the result of Tenant's negligent acts or omissions.
(ca) In any loss, cost, damage or expense resulting from fire, exploding or any other casualty or occurrence is incurred by either of the event parties to this Lease in connection with the Lease Leased Premises, and (b) such party is not terminatedthen covered in whole or in part by insurance with respect to such loss, Landlord shall commence and proceed with reasonable diligence to repair and restore cost, damage or expense, then the Building and/or party so insured hereby releases the Premises to substantially the same condition as existed immediately prior other party from any liability it may have on account of such loss, cost, damage or expense to the date extent of damage. All rent shall xxxxx for the portion any amount recovered by reason of such insurance and waives any right of subrogation which might otherwise exist in or accrue to any person on account thereof, provided that such release of liability and waiver of the Premises that right of subrogation shall not be operative in any case where the effect thereof is not usable by Tenant from to invalidate such insurance overage or increase the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDcost thereof.
Appears in 2 contracts
Samples: Building Lease (Privatebancorp Inc), Building Lease (Privatebancorp Inc)
Fire and Casualty. (a) If the Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 2 contracts
Samples: Sublease Agreement (Elevate Credit, Inc.), Sublease Agreement (Elevate Credit, Inc.)
Fire and Casualty. (a) If the 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 it should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred eighty (180) days after the date on 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 occurrence of such damage.
(c) If the Building should be damaged by any peril covered by the insurance maintained by Landlord, but only to such extent that rebuilding or repairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate and Landlord shall, to the extent of insurance proceeds received, then proceed with reasonable diligence to rebuild and repair the Building to substantially the same condition in which it existed prior to such damage. Landlord shall not be required, however, 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 in whole or in part following such damage, the Rent payable hereunder during the period in which they are untenatable shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under this Lease shall then cease. Notwithstanding the foregoing provisions of this subparagraph (c). Tenant agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty then in such event Landlord shallcaused by the fault or negligence of Tenant or Tenant's agents, in its sole discretionemployees or invitees, either (i) enter and make the necessary repairs without affecting Tenant shall have no option to terminate this Lease, even if the damage cannot be repaired within one hundred eighty (180) days, and the Rent shall not be abated or reduced before or during the repair period.
(iid) Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is made. All rights and obligations under this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordthen cease.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Avanex Corp), Commercial Lease Agreement (Avanex Corp)
Fire and Casualty. (a) If Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though Landlord shall restore the Premises may not be affectedwith reasonable diligence; provided, however, that Landlord decidesshall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant’s fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available and shall not be required to expend more than the actual insurance proceeds received. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than 25% of the replacement cost thereof, or if the fire or casualty occurs within ninety (90) the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease by giving notice to the other party within 60 days after the occurrence of such damage or destruction, in which case Landlord shall retain all insurance proceeds with respect to the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the subject applies. In the event that the Lease is terminated, Tenant is entitled to reimbursement for any prepaid rent. 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 Project 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 15 days after such destructionrequirement is made by any such holder, not to rebuild or repair whereupon the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing end on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition such notice as existed immediately prior to if the date of damage. All rent shall xxxxx such notice were the date originally fixed in this Lease for the portion expiration of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTerm.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Go Daddy Group, Inc.), Purchase and Sale Agreement (Go Daddy Group, Inc.)
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord or Tenant, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the Tenant or Landlord, as the case may be, within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall pay not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all other obligations insurance proceeds payable as a result of Tenant owing on damage or destruction to the date of termination, Building shall be paid to Landlord as its sole and Tenant shall immediately surrender the Premises to Landlordexclusive property.
(b) 11.2 In the event the Building is so badly damaged or injured by fire or of any other casualty, even though the Premises may casualty which shall not be affected, that Landlord decides, within ninety (90) days after such destruction, not tantamount to rebuild or repair Total Destruction the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, with reasonable speed and dispatch. All The rent shall xxxxx for the or shall be equitably apportioned as to any portion of the Leased Premises that which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The rent shall recommence immediately after the Leased Premises are Substantially Complete as defined in paragraph 3.6.
11.3 In the event of any casualty caused by an event which is not usable covered by Landlord’s insurance policy, the Landlord may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant from the date of damage until substantial completion within 15 days of the repairs casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to be made by forthwith remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord pursuant to this Paragraphexpedite the construction. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDThe Tenant shall assume at its sole risk the responsibility for damage to or security of such fixtures and equipment in the event that any portion of the building area has been damaged and is not secure.
Appears in 2 contracts
Samples: Lease Agreement (Ligand Pharmaceuticals Inc), Lease Agreement (Pharmacopeia Inc)
Fire and Casualty. (a) If In the Premises are event that the Huts and/or any Equipment is partially or wholly damaged or destroyed by fire or any other casualty, Tenant shall promptly restore, rebuild, replace, or repair the Huts and the Equipment substantially to the condition that existed prior to such event. Notwithstanding the foregoing, in the event that the Huts and/or the Equipment is partially or wholly damaged or destroyed by fire or any other casualty then in such event Landlord shallduring the final Lease Year of the Initial Term, in its sole discretionthe initial Renewal Term, either (i) enter and make or the necessary repairs without affecting final Renewal Term of this Lease, or (ii) if applicable law will not permit the restoration, repair, reconstruction or replacement of the Huts or the Equipment, then and in any such event, Tenant may elect to terminate this Lease by giving without being obligated to reconstruct, restore, replace, or repair the Huts and the Equipment. If Tenant has the right to and elects to terminate the Lease, Tenant shall give Landlord written notice thereof to Tenant within of such election not later than sixty (60) days after the date of the damage or destruction. Failure to give such fire or other casualty notice within said sixty (60) day period shall be deemed to be a waiver by Tenant of its right to terminate this Lease, and in which such event Tenant shall pay be obligated to rebuild, restore, reconstruct or repair the rent hereunder apportioned to Huts and the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) Equipment as hereinabove provided. In the event the Building such termination notice is so badly damaged or injured by fire or other casualtytimely given, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate thirty (30) days after the date upon which such notice is delivered to Landlord, and all rents due or paid hereunder shall be prorated to the termination date; provided that Tenant shall remain responsible at its sole cost for removing the Huts, the Equipment, the Huts and Equipment foundation or base, and all rubble and debris caused by or resulting from such damage and destruction, and that Tenant shall cause the Leased Premises to be restored to a neat, clean, and attractive condition comparable or superior to the condition of the Leased Premises as of the date of Lease Date and coordinated with the immediately surrounding Landlord Property, normal wear and tear and damage in by the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordelements excepted.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 2 contracts
Samples: Telecommunications Equipment and Huts Ground Lease Agreement, Telecommunications Equipment and Huts Ground Lease Agreement
Fire and Casualty. (a) If the Premises are wholly or partially destroyed or damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though Landlord shall restore the Premises may not be affectedwith reasonable diligence; provided, however, that Landlord decidesshall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant's fixtures, furnishings, equipment or personal property; and provided further that Landlord need not commence repairs until insurance proceeds are available and are released in a sufficient amount for such purpose by any lender holding a lien on all or part of the Center. Proceeds of insurance payable with respect to a fire or other casualty shall be received and held by Landlord. Notwithstanding the foregoing, in the event the Premises are destroyed or damaged by any fire or casualty to the extent of not less than twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within ninety (90) the last three years of the Term, then Landlord shall have the option to terminate this Lease by giving notice to Tenant within sixty days after the occurrence of such damage or destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event which case Landlord shall so notify Tenant in writing retain all insurance proceeds with respect to the Premises as its own property and shall not be required to spend any more on the restoration than the amount of proceeds actually received by Landlord. If Landlord does not terminate this Lease as provided above, this Lease shall terminate as of continue in full force and effect, but Minimum Annual Rent shall equitably abate until the date of damage restoration is substantially xxxxxete. However, in the notice from Landlord event it is determined that Tenant's ability to Tenantcontinuously operate and conduct business on the Premises is not hindered, then Minimum Annual Rent shall abate in proportion to the Premises under resxxxxxion. The provisions of this Lease shall govern when this Lease shall be terminable as a result of a fire or casualty, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all no other obligations of Tenant owing rule or statute on the date of damage, and Tenant subject shall immediately surrender the Premises to Landlordapply.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 2 contracts
Samples: Retail Lease (Giant Industries Inc), Retail Lease (Giant Industries Inc)
Fire and Casualty. (a) SECTION 16.01. If the Demised Premises are damaged by fire or other insurable casualty, then subject to provisions of Section 16.02, this Lease shall remain in full force and effect, there shall be no rent abatement and, subject to the adequacy and availability of insurance proceeds, Tenant shall promptly repair such damage at its expense (subject to Excusable Delay).
SECTION 16.02. If, in the reasonable opinion of Landlord, the Demised Premises are damaged by fire or other casualty within the last year of the term, to such an extent that the damage cannot be repaired or restored within one hundred twenty (120) days from the date of such occurrence, then in such event Landlord shall, in its sole discretion, either (i) enter and make or Tenant shall have the necessary repairs without affecting this Lease, or (ii) option to terminate this Lease by giving written notice thereof given within thirty (30) days after such occurrence; provided, however, that Tenant may, within thirty (30) days, negate a termination by Landlord hereunder by exercising a right to renew the Lease. If the above option is not or may not be exercised by Landlord, then this Lease shall continue in full force and effect. If the Lease is terminated as provided for in this Section, Tenant within shall remain liable for the Rent and Additional Rent which is due until the end of the Term. Additionally, Tenant shall be responsible for the clearing of any remaining structure or debris on the Demised Premises.
SECTION 16.03. If the Demised Premises or any portion of the Building are damaged by fire or other casualty due to any act or failure to act on the part of Tenant, its agents, servants or employees, then, subject to the provisions of Article XXX, Landlord shall have and retain any and all rights which it may then have in law or equity against Tenant on account of such damage.
SECTION 16.04. If the Demised Premises or any portion of the Building are damaged by fire or other casualty due to any act or failure to act on the part of Tenant, its agents, servants or employees, then, in addition to the option to terminate this Lease, Landlord shall have and retain any and all rights which it may then have in law or equity against Tenant on account of such damage.
SECTION 16.05. Within sixty (60) days of such fire or other casualty in which event Tenant shall pay following the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTLandlord's Work, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant shall complete its work on the Demised Premises.
Appears in 2 contracts
Samples: Lease (Yardville National Bancorp), Lease (Yardville National Bancorp)
Fire and Casualty. (a) Substantial Damage If the Leased Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured should be totally destroyed by fire or other casualty, even though or if the Leased Premises may should be so damaged so that rebuilding cannot reasonably be affected, that Landlord decides, completed within ninety one hundred and eighty (90180) working days after such the date of written notification by Lessee to Lessor of the destruction, this Lease shall terminate, and if such damage shall not have been caused by the fault or neglect of Lessee, its agents, employees, invitees, or those for whom Lessee is responsible, the rent shall be abated for the unexpired portion of the Lease, effective as of the date of the written notification.
(b) Partial Damage If the Leased Premises should be partially damaged by fire or other casualty, and rebuilding or repairs can reasonably be completed within one hundred and eighty (180) working days from the date of written notification by Lessee to Lessor of the destruction, this Lease shall not terminate, but Lessor may proceed with reasonable diligence to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all or other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises improvements to substantially the same condition as conditions in which they existed immediately prior to the date of damage. All If the Leased Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Lessee, its agents, employees, invitees or those for whom Lessee is responsible, the rent payable under this Lease during the period for which the Leased Premises are untenantable shall xxxxx for be adjusted to such an extent as may be fair and reasonable under the portion of circumstances and mutually agreed upon by both the Premises Lessee and Lessor. In event that is not usable by Tenant Lessor fails to complete the necessary repairs or rebuilding within one hundred and eighty (180) working days from the date of damage until substantial completion written notification by Lessee to Lessor of the repairs destruction, Lessee may at its option terminate this Lease by delivering written notice of termination to Lessor, whereupon all rights and restoration required obligations under this Lease shall cease to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDexist.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Dynagen Inc), Amendment, Estoppel and Consent Agreement (Dynagen Inc)
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord or Tenant, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the Tenant or Landlord, as the case may be, within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned to the time of such Total Destruction. However, in the event of Total Destruction if the Landlord shall elect not to cancel this Lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall pay not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are Substantially Complete as defined in paragraph 3.6. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all other obligations insurance proceeds payable as a result of Tenant owing on damage or destruction to the date of termination, Building shall be paid to Landlord as its sole and Tenant shall immediately surrender the Premises to Landlordexclusive property.
(b) 11.2 In the event the Building is so badly damaged or injured by fire or of any other casualty, even though the Premises may casualty which shall not be affected, that Landlord decides, within ninety (90) days after such destruction, not tantamount to rebuild or repair Total Destruction the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, with reasonable speed and dispatch. All The rent shall xxxxx for the or shall be equitably apportioned as to any portion of the Leased Premises that which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The rent shall recommence immediately after the Leased Premises are Substantially Complete as defined in paragraph 3.6.
11.3 In the event of any casualty caused by an event which is not usable covered by Landlord’s insurance policy; the Landlord may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant from the date of damage until substantial completion within 15 days of the repairs casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to be made by forthwith remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord pursuant to this Paragraphexpedite the construction. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDThe Tenant shall assume at its sole risk the responsibility for damage to or security of such fixtures and equipment in the event that any portion of the building area has been damaged and is not secure.
Appears in 2 contracts
Samples: Lease Agreement (Pharmacopeia Inc), Lease Agreement (Ligand Pharmaceuticals Inc)
Fire and Casualty. (a) If the 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 it should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred eighty (180) days after the date on 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 occurrence of such damage.
(c) If the Building should be damaged by any peril covered by the insurance maintained by Landlord, but only to such extent that rebuilding or repairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate and Landlord shall, to the extent of insurance proceeds received, then proceed with reasonable diligence to rebuild and repair the Building to substantially the same condition in which it existed prior to such damage. Landlord shall not be required, however, 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 Lease Premises by Tenant. If the Leased 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 may be fair and reasonable under all of the circumstances. If Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under this Lease shall then cease. Notwithstanding the foregoing provisions of this subparagraph (c), Tenant agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty then in such event Landlord shallcaused by the fault or negligence of Tenant or Tenant's agents, in its sole discretionemployees or invitees, either (i) enter and make the necessary repairs without affecting Tenant shall have no option to terminate this Lease, even if the damage cannot be repaired within one hundred eighty (180) days, and the Rent shall not be abated or reduced before or during the repair period.
(iid) Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is made. All rights and obligations under this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordthen cease.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Monitronics International Inc), Commercial Lease Agreement (Monitronics International Inc)
Fire and Casualty. (a) If If, at any time during the term of the Lease and any extension thereto, the Premises shall be damaged in whole or in part by fire, the elements or other casualty, Tenant, at Tenant’s sole cost, as speedily as circumstances permit, shall repair said damage and restore the Premises to the same condition which existed immediately prior to the occurrence of said casualty. The term shall be tolled by a period of time equal to the time between the date of the casualty and the date on which Tenant completes repair and restoration of the Premises. During the restoration, Tenant may operate its business out of a temporary structure such as a trailer, subject to compliance with municipal laws. In addition, Tenant shall be entitled to an abatement of Rent for the period during which the Premises is rendered incapable of use for the normal conduct of Tenant’s business, including a reasonable period, not to exceed ninety (90) days, for Tenant to refixture and restock. Said abatement will be pro rated, based on the number of square feet of the Premises which are damaged so rendered untenantable or incapable of such use. Notwithstanding the foregoing, such abatement of Rent shall be effective only for so long as and only to the extent that Landlord is reimbursed for all Rent abated through lost rent insurance provided by Tenant in accordance with Paragraph 19. The foregoing notwithstanding, provided all insurance required to be carried by Tenant pursuant to the terms hereof is in effect and no action of Tenant would impair insurance recovery, if the Premises is partially or totally destroyed by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter between the Lease Commencement Date and make the necessary repairs without affecting this LeaseStore Opening, the Tenant’s builder’s risk insurance proceeds shall be used to pay for the repair and restoration of the Premises, or (ii) terminate this Lease by giving written notice thereof between Store Opening and the termination of the Lease, the Landlord’s property insurance proceeds less the deductible shall be provided to Tenant within sixty to pay for the repair and restoration of the Premises. Should a portion (60greater than 50%) days of such the Building be destroyed by fire or other casualty in which event during the last two (2) years of the initial term, or during the last two (2) years of any extension period, then Tenant shall pay may elect not to restore the rent hereunder apportioned Premises and terminate this Lease upon written notice to the time Landlord within forty-five (45) days of its intention to terminate after such damage event, and shall pay all other obligations of Tenant owing on the date shall terminate upon such termination of termination, this Lease and Landlord shall be entitled to any insurance proceeds due to occurrence of said casualty. If Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and terminate this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETSthen Tenant shall assign to Landlord all insurance proceeds relating to the Premises (and not to Tenant’s personal property, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933computer and other equipment, AS AMENDEDfixtures and shelving or inventory) and shall reimburse Landlord for all applicable insurance deductibles.
Appears in 2 contracts
Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)
Fire and Casualty. (a) If Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though Landlord shall restore the Premises may not be affectedwith reasonable diligence; provided, however, that Landlord decidesshall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant's fixtures, furnishings, equipment, or personal property and Tenant shall be responsible for refixturizing the Premises and reinstalling its equipment. Landlord need not commence repairs until a substantial portion of the insurance proceeds are available. Proceeds of Landlord's insurance payable with respect to a fire or other casualty shall be received and held by Landlord. Proceeds of Tenant' s insurance payable with respect to a fire or other casualty shall be received and held by Tenant. In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord, or insurance required under this Lease to be maintained by Landlord, whichever is greater, or to the extent of not less than twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, or if the Premises cannot reasonably be repaired within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of from the date of damage in the notice from casualty, then Landlord to Tenant, and the or Tenant shall pay rent hereunder apportioned have the option to terminate this Lease by giving notice to the date other party within sixty days after the occurrence of such damage and or destruction, in which case Landlord shall pay retain all other obligations of Tenant owing on insurance proceeds payable with respect to its insurance with respect to the date of damagePremises as its own property, and Tenant shall immediately surrender retain all insurance proceeds payable with respect to its insurance with respect to the Premises as its own property. If Landlord or Tenant does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent and Operating Costs shall be equitably abated with respect to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from for its normal business operations until the date restoration is substantially complete. The provisions of damage until substantial completion this Lease shall govern when this Lease is terminable as a result of a fire or casualty and no other rule or statute on the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDsubject applies.
Appears in 1 contract
Samples: Lease (Inflow Inc)
Fire and Casualty. (a) If during the Term of this Lease the buildings or improvements upon the Premises are damaged or destroyed by fire fire, flood or other casualty then casualty, this Lease shall continue in such event Landlord full force and effect and Tenant shall, in at its sole discretioncost and expense, either rebuild, replace and/or repair said buildings and improvements so as to restore the same (ias nearly as practicable) enter to the condition and make fair market value thereof as existed immediately prior to such damage or destruction; provided however that if such destruction or damage (1) shall occur at any time prior to the necessary repairs without affecting this Leasethird year next preceding the expiration of the original term hereof, or any extension thereof, and shall amount to fifty percent (50%) or more of the estimated replacement cost of said buildings and improvements (exclusive of foundations), or (ii2) terminate shall occur during or after the third year next preceding the expiration of the original term hereof, or any extension thereof, and shall amount to thirty percent (30%) or more of such estimated replacement cost (exclusive of foundations), this Lease may be terminated and ended at the election of Tenant, provided that notice in writing of such election shall be sent by giving written notice thereof Tenant to Tenant Landlord within sixty (60) days of after such fire destruction or other casualty in which event Tenant shall pay damage as aforesaid. Upon termination as aforesaid by Tenant, the rent hereunder apportioned to the time insurance proceeds payable as a result of such damage and or destruction shall pay all other obligations be paid to Landlord as provided in Section 17 of Tenant owing on the date of terminationthis Lease, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease and the Term hereof shall cease and come to an end. If such destruction or damage to the buildings or improvements upon the Premises is such that Tenant shall not have the right to terminate as this Lease under any of the date of damage provisions in this Section 19 contained, or in the notice from Landlord to event that Tenant, and having such right, shall elect not to terminate this Lease as aforesaid within the time provided, Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence .proceed forthwith to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damageaforesaid. All rent such work shall xxxxx for be performed in a good and workmanlike manner and in accordance with the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs standards and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDprocedures set forth in Section 9 hereof.
Appears in 1 contract
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence ("Total Destruction") then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord or Tenant, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations Total Destruction. However, in the event of Tenant owing on Total Destruction if the date of termination, and Landlord or Tenant shall elect not to cancel this lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately surrender after the Premises premises are restored as evidenced by the issuance of a CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease. Whether or not this lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to Landlordthe Building shall be paid to Landlord as its sole and exclusive property.
(b) 11.2 In the event the Building is so badly damaged or injured by fire or of any other casualty, even though the Premises may casualty which shall not be affected, that Landlord decides, within ninety (90) days after such destruction, not tantamount to rebuild or repair Total Destruction the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, with reasonable speed and dispatch. All The rent shall xxxxx for the or shall be equitably apportioned as to any portion of the Leased Premises that which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The rent shall recommence immediately upon restoration of the Leased Premises as evidenced by the issuance of a CO/CA by municipal authorities.
11.3 In the event of any casualty caused by an event which is not usable covered by Landlord's insurance policy; the Landlord may elect to treat the casualty as though it had insurance or it may terminate the lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant from the date of damage until substantial completion within 15 days of the repairs casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to be made by forthwith remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord pursuant to this Paragraphexpedite the construction. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDThe Tenant shall assume at its sole risk the responsibility for damage to or security of such fixtures and equipment in the event that any portion of the building area has been damaged and is not secure.
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Samples: Lease Agreement (3 Dimensional Pharmaceuticals Inc)
Fire and Casualty. Tenant shall, at Tenant’s expense, and at all times maintain casualty insurance on all the Premises and appurtenant structures in accordance with the provisions of Section 18 hereof. Unless this Lease is terminated pursuant to this Section 14, if the Premises are partially or totally destroyed by fire or other casualty, then (ai) If Tenant shall repair and restore the Premises as soon as it is reasonably practicable, to substantially the same condition in which the Premises were before such damage and (ii) in no event shall there be any abatement of Rent, except the Rent shall axxxx in proportion to the area of the Premises that is not reasonably usable as a result of such fire or other casualty to the extent the same was caused by the negligent acts, willful misconduct or breach of this Lease by Landlord or any of its agents, employees, contractor or representatives.
(i) the Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either at any time after the fifteenth (i15th) enter anniversary of the Commencement Date and make the necessary repairs without affecting this Lease, or (ii) it will take more than two hundred seventy (270) days to repair such damage, as determined by Tenant’s architect, or cost more forty percent (40%) of the replacement cost of the Building to repair such damage, then Tenant may terminate this Lease by giving written notice thereof to Tenant Landlord within sixty (60) days after the occurrence of such damage. Except as otherwise expressly provided herein, Tenant shall not have the right to terminate this Lease as a result of damage to the Premises caused by fire or other casualty. If the Premises are damaged by a fire or other casualty and this Lease is terminated as a result thereof, then Tenant shall pay Landlord an amount equal to the insurance proceeds received by Tenant pursuant to its property insurance on account of such damage (or that would have been received had Tenant obtained property insurance coverage on terms and in the amounts required by this Lease), less the unamortized cost of any changes, alterations or additions paid for by Tenant (calculated by amortizing the cost of the same over their useful life in accordance with Tenant’s standard accounting procedures). Tenant shall be entitled to receive and retain all property insurance proceeds paid on account of loss or damage to Tenant’s equipment, fixtures, trade fixtures, furnishings and other personal property caused by any such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time and all business interruption insurance proceeds paid on account of any such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
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Fire and Casualty. A. In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part. Rent shall xxxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the Building or (ii) results in the Leased Premises being untenantable in whole or in substantial part and either (a) the reasonable estimation of a responsible contractor selected by Landlord and reasonably acceptable to Tenant as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the time such work is commenced, or (b) such casualty occurs during the last two (2) years of the Term or any Extended Term, then in either event of item (i) or (ii), Landlord or Tenant shall have the right to terminate this Lease Agreement effective as of the date of casualty or destruction by sending written notice to the other within sixty (60) days after the casualty event, subject to reasonable delays for insurance adjustments and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. If any portion of Rent is abated under this Section 13, the parties may elect by mutual agreement to extend the expiration date of the Term of this Lease Agreement for the period of the abatement.
B. Notwithstanding anything in this Lease Agreement to the contrary, if the Leased Premises are damaged by fire or other casualty then resulting from the fault or negligence of Tenant, or the agents, employees, licensees, customers or invitees of Tenant, such damage shall be repaired by and at the expense of Tenant under the direction and supervision of Landlord, and Rent shall continue without abatement.
C. Notwithstanding anything contained in such event Landlord shallthis Section 13, in its sole discretionno event shall Landlord be required to expend more to reconstruct, either (i) enter restore and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively than the amount actually received by Landlord from the proceeds of the property insurance carried by Landlord and Landlord shall have no duty to repair or restore any portion of any alterations, additions, installation or improvements in the discretion Leased Premises or the decorations thereto except to the extent that the proceeds of the insurance carried by Tenant are timely received by Landlord). If Tenant desires any other additional repairs or restoration, then in such event and if Landlord consents thereto, it shall be done at Tenant's sole cost and expense subject to all of the applicable provisions of this Lease Agreement. Tenant acknowledges that Landlord shall so notify Tenant in writing and be entitled to the full proceeds of any insurance coverage whether carried by Landlord or Tenant, for damage to any alterations, addition, installation, improvements or decorations which would become the Landlord's property upon the termination of this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to LandlordAgreement.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
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Samples: Lease Agreement (TaxMasters, Inc.)
Fire and Casualty. (a) 19.1 If the Premises are or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building Complex shall be damaged by fire or other casualty and any of the following applies: (a) any mortgagee under a mortgage or deed of trust covering the Building Complex requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire all or any portion of the mortgage debt, (b) the Building Complex is damaged as a result of a risk that is not covered by Landlord's insurance, (c) the Premises is materially damaged during the last year of the Term, or (d) Landlord reasonably estimates that the Premises and the Common Areas necessary for access to the Premises cannot be restored within twelve (12) months, then Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within thirty (30) days after the date of such damage or casualty, in which event the Lease shall terminate on the date set forth in such event notice and Rent between the date of the casualty and the date of termination shall abate as provided hereunder. In cases of damage which does not meet oxx xx the criteria set forth in subitems (a) through (e) above, and upon receipt of the insurance proceeds for the damage, Landlord shallshall restore and repair the Premises, in its sole discretionprovided, either Landlord shall not be required to repair (i) enter and make the necessary repairs without affecting this Leaseany of Tenant's trade fixtures, personal property, machinery or equipment or (ii) any alterations installed by Tenant.
19.2 If Landlord elects not to terminate this Lease by giving written notice thereof to as herein provided and any of the following ("Triggering Event") occurs:
(a) Landlord notifies Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned that Landlord reasonably estimates that repairs to the time Premises and necessary portions of the Common Areas cannot be completed within twelve (12) months (and Landlord shall deliver such damage and shall pay all other obligations of Tenant owing on estimate within forty-five days after the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
casualty); or (b) In repairs have not been Substantially Completed within fifteen (15) months after the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may date of damage (excepting that Landlord shall not be affectedresponsible for delays brought about by Force Majeure, that Landlord decidesas described in Article 10 hereof, within ninety except to the extent such Force Majeure delays the completion of construction beyond twenty-four (9024) days months after such destruction, not to rebuild the date of casualty or repair for any delays caused by the Building (such decision being vested exclusively in the discretion acts or omissions of LandlordTenant), then in such event Landlord shall so notify Tenant in writing and any of the above instances, this Lease shall terminate as of may be immediately terminated by Tenant by serving written notice upon Landlord within ten (10) business days after the date of the Triggering Event.
19.3 If the damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises Building Complex is due to Landlord.
(c) In the event the Lease is not terminateda risk covered by insurance, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building Complex and/or the Premises to substantially the same condition as existed in which they were immediately prior to the date fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of damageTenant's furniture, fixtures, furnishings, or equipment or any alterations, additions, or improvements made by Tenant to the Premises pursuant to Article 15 of this Lease. All Landlord's repair or restoration work shall not exceed the scope of work done in originally constructing the Building Complex and the Premises. Landlord shall not be liable for any inconvenience, annoyance, or injury done to the business of Tenant resulting in any way from such damage or the repair thereof and Tenant's obligations to pay Rent shall continue unabated, except Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Premises are unfit for occupancy.
19.4 Notwithstanding any other provision of this Lease, if the Premises or the Building Complex shall be totally or partially damaged by fire or other casualty resulting from the fault or negligence of Tenant, or its agents, employees, licensees, or invitees, and such damage is in whole or in part not covered by the insurance required of Landlord hereunder, then the non-covered damage shall be repaired at the expense of Tenant under the direction and supervision of Landlord, and Rent shall continue without abatement, except to the extent Landlord actually receives proceeds of rent shall xxxxx for the abatement insurance attributable to Tenant's lease.
19.5 The provisions of this Lease, including this Article 19, constitute an express agreement between Landlord and Tenant with respect to damage to, or destruction of, all or any portion of the Premises that is not usable by Tenant from or the date of damage until substantial completion Building Complex, and any statute or regulation of the repairs State of Washington with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties (and restoration required any other statute or regulation now or hereafter in effect with respect to be made by Landlord pursuant such rights or obligations), shall have no application to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDLease or to any damage or destruction to all or any portion of the Premises or the Building Complex.
Appears in 1 contract
Samples: Lease Agreement (Corixa Corp)
Fire and Casualty. (a) If 14.1 In case of any damage to or destruction of the Building or the Leased Premises are damaged by fire or other casualty occurring during the Term which is not covered by the insurance required by Article 9.1, or which cannot be repaired within one hundred fifty (150) days from the happening of such casualty, then in such event Landlord the Term hereby created shall, in its sole discretionat the option of either party, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the other party, cease and become null and void from the date of such destruction or damage. Landlord shall notify Tenant within sixty thirty (6030) days from the happening of such fire or other casualty in which event Tenant as to whether or not the Leased Premises can be restored within the aforementioned one hundred fifty (150) day period. If neither party shall pay the rent hereunder apportioned elect to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and cancel this Lease shall terminate as of within the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
thirty (c30) In the event the Lease is not terminatedday period hereinabove provided, Landlord shall commence and proceed with reasonable diligence to thereupon repair and restore the Building and/or Leased Premises with reasonable speed and dispatch, and the Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Leased Premises are restored. Landlord shall be obligated to restore the Leased Premises only to the extent of such cost as will be equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as in Article 9 provided. If the insurance proceeds are not sufficient to restore the Leased Premises to substantially the same condition as existed immediately which they were in prior to the date casualty, then Landlord shall have a period of thirty (30) days within which to determine whether to terminate the Term hereby created. In the event of cancellation in accordance with this Article, Tenant shall immediately surrender the Leased Premises and Tenant's interest in said Lease to Landlord, and Tenant shall only pay Rent to the time of such destruction or damage. All rent , in which event, Landlord may re-enter and repossess the Leased Premises thus discharged from this Lease and may remove all parties therefrom.
14.2 In the event of any other insured casualty, which shall be repairable within one hundred fifty (150) days from the happening of such damage or casualty, Landlord shall repair and restore the Leased Premises with reasonable speed and dispatch, and the Rent shall xxxxx for and be equitably apportioned as the case may be as to any portion of the Premises that is Leased premises which shall be unfit for occupancy by Tenant, or which cannot usable be used by Tenant so as to conduct its business. The payment of Rent, however, shall recommence immediately upon restoration of the Leased Premises to substantially the same condition which existed prior to such damage or casualty.
14.3 Nothing hereinabove contained with respect to Tenant's right to xxxxx Rent under proper conditions shall be construed to limit or affect Landlord's right to payment under any claim for damages covered by the casualty rent insurance policy to be provided pursuant to Article 9 of this Lease.
14.4 For the purposes of this Article 14, in determining what constitutes reasonable speed and dispatch, consideration shall be given for delays which would be excuses for non-performance as in Article 27 hereinafter provided (Force Majeure).
14.5 In the event of such fire or casualty as above provided, wherein Landlord shall rebuild, Tenant agrees, at its cost and expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property as the same may be required to permit Landlord to expedite rebuilding and/or repair. Tenant shall assume at its sole risk the responsibility for damage or security with respect to such property in the event the Building area where the same may be located has been damaged, until the Building shall be restored and made secure.
14.6 Wherever reconstruction shall be undertaken, in the event of damage or casualty as in this Article 14 provided, Landlord shall prosecute such reconstruction with reasonable speed and dispatch. In the event, however, such reconstruction or repair shall not be completed within seven (7) months from the date of such damage until substantial completion or casualty, Tenant shall have the option at the expiration of the repairs seven (7) month period to terminate the Lease by notice to Landlord. In the event of such termination, neither party shall thereafter have any further liability, one to the other, in accordance with the terms and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDconditions of the Lease.
Appears in 1 contract
Fire and Casualty. (a) If Landlord shall at all times during the Premises are damaged term of this Lease carry fire, casualty, and extended coverage insurance on the building, including the structural components (foundations, floors, walls, windows, structural supports, roof, HVAC, electrical systems, and plumbing) thereof. Landlord shall be under no obligation to maintain insurance on any improvements installed by fire or other casualty then in such event for the benefit of Tenant's use of the premises. Landlord shallmay elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In If the event demised premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the Building is so badly damaged result or injured by consequence of fire or other casualtycasualty during the term hereof, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in writing and this Lease shall terminate as xxxxx (i) entirely in case all of the date demised premises are untenantable; and (ii) proportionately if only a portion of damage in the notice demised premises is untenantable and Tenant is able to economically conduct its business from Landlord to Tenantthe undamaged portion of the demised premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the demised premises and the Tenant denominator shall pay rent hereunder apportioned be the total square footage of the demised premises. Said abatement shall cease at such time as the demised premises shall be restored to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlorda tenantable condition.
(c) In the event the demised premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease is not terminatedwithin sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the demised premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall commence have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and proceed with reasonable diligence restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant's offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant's offer and shall repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDdemised premises with reasonable dispatch thereafter.
Appears in 1 contract
Fire and Casualty. (a) 23.1 If the Leased Premises are or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Leased Premises or the Building Complex shall be damaged by fire or other casualty then in and any of the following applies: (a) the Building is “substantially damaged” (whether or not the Leased Premises shall have been damaged by such event Landlord shallfire or other casualty) or the Leased Premises is totally damaged, in its sole discretion, either (ib) enter and make any mortgagee under a mortgage or deed of trust covering the necessary repairs without affecting this LeaseBuilding Complex requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire all or a material portion of the mortgage debt, or (iic) the Leased Premises is materially damaged during the last year of the Term, then Landlord may, at its opinion, terminate this Lease by giving written notice thereof notifying Tenant in writing of such termination within thirty (30) days after the date of such damage or casualty, in which event the Rent for the unexpired balance of the Term of the Lease shall be abated as of the date of such notice. In cases of less than such “substantial damage” and upon receipt of the insurance proceeds for the damage, Landlord shall restore and repair the Leased Premises, provided, Landlord shall not be required to Tenant repair (i) any damage caused by Tenant, (ii) any of Tenant’s trade fixtures, personal property, machinery or equipment, or (iii) any alterations installed by Tenant. For purposes of this Article “totally damaged” shall mean more than fifty percent (50%) of the Building (or Leased Premises, whichever is applicable) is unusable or damaged and cannot be repaired within sixty (60) days of such said fire or other casualty and “substantial damage” shall mean more than one-third (1/3rd) damaged or unusable and cannot be repaired within sixty (60) days.
23.2 If Landlord elects not to terminate this Lease as herein provided and if repairs have not been substantially completed within three (3) months (excepting that Landlord shall not be responsible for delays brought about by force majeure, as described in which event Article 14 hereof), this Lease may be immediately terminated by Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to by serving written notice upon Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event 23.3 If the Lease is not terminatedterminated due to fire or casualty, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building Complex and/or the Leased Premises to substantially the same condition as existed in which they were immediately prior to the date fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of damageTenant’s furniture, fixtures, or furnishings, or equipment or any alterations, additions, or improvements made by Tenant to the Leased Premises pursuant to Article 19 of this Lease. All rent Landlord’s repair or restoration work shall xxxxx not exceed the scope of work done in originally constructing the Building Complex and the Leased Premises. Landlord shall not be liable for any inconvenience, annoyance, or injury done to the portion business of Tenant resulting in any way from such damage or the business of Tenant resulting in any way from such damage or the repair thereof and Tenant’s obligations to pay Rent shall continue unabated, except Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Leased Premises are unfit for occupancy, save for Tenant’s fault or negligence hereinbelow described. If the damage is such that the Leased Premises or Building Complex cannot reasonably expected to be repaired within one hundred eighty (180) days of the Premises that is not usable fire or casualty, the Tenant shall have the right to immediately terminate this Lease by Tenant from serving written notice to Landlord at any time prior to the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDor repairs.
Appears in 1 contract
Samples: Lease Agreement (Fusion Telecommunications International Inc)
Fire and Casualty. (a) A. In the event of a fire or other casualty in the Leased Premises, Lessee shall immediately give notice thereof to Lessor. If the Leased Premises shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part, Rent shall axxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Lessor and Lessor agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the Building and Lessor shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Lessor as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds eight (8) months from the time such work is commenced, then in either event, Lessor or Lessee shall have a right to terminate this Lease Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Lessee. Subject to reasonable delays for insurance adjustments, either party shall give written notice of its decision, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction (the “Damage Notice”). In the event this Lease Agreement is not terminated by either Lessor or Lessee, as provided above, and the actual time period of restoration of the Leased Premises exceeds eight (8) months, as the same may be extended by Force Majeure or delays caused by Lessee, Lessee may terminate this Lease Agreement by delivering written notice to Lessor within ten (10) days following the expiration of such eight (8) month period (as same may be extended as set forth above) and prior to the date upon which Lessor substantially completes such restoration. Such termination shall be effective as of the date specified in Lessee’s termination notice, as if such date were the date fixed for the expiration of the Term.
B. Notwithstanding anything in this Lease Agreement to the contrary, if the Leased Premises are damaged by fire or other casualty then resulting from the fault or negligence of Lessee, or the agents, employees, licensees or invitees of Lessee, such damage shall be repaired by and at the expense of Lessee under the direction and supervision of Lessor, and rent shall continue without abatement.
C. Notwithstanding anything contained in such event Landlord shallthis Section 13, in its sole discretionno event shall Lessor be required to expend more to reconstruct, either (i) enter restore and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively than the amount actually received by Lessor from the proceeds of the property insurance carried by Lessor and Lessor shall have no duty to repair or restore any portion of any alterations, additions, installation or improvements in the discretion Leased Premises or the decorations thereto except to the extent that the proceeds of Landlord)the insurance carried by Lessee are timely received by Lessor. If Lessee desires any other additional repairs or restoration, then in such event Landlord and if Lessor consents thereto, it shall so notify Tenant in writing be done at Lessee’s sole cost and expense subject to all of the applicable provisions of this Lease Agreement. Lessee acknowledges that Lessor shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned be entitled to the date full proceeds of any insurance coverage whether carried by Lessor or Lessee, for damage and shall pay all other obligations to any alterations, addition, installation, improvements or decorations which would become the Lessor’s property upon the termination of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordthis Lease Agreement.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Fire and Casualty. (a) 19.1 If the Premises are or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Project shall be damaged by fire or other casualty then in such event Landlord shalland any of the following applies: (a) substantial alteration or reconstruction of the Building is, in its sole discretionLandlord’s reasonable opinion, either required (iwhether or not the Premises shall have been damaged by such fire or other casualty), (b) enter any mortgagee under a mortgage or deed of trust covering the Project requires that more than $50,000.00 of the insurance proceeds payable as a result of said fire or other casualty be used to retire all or any portion of the mortgage debt, (c) the Project is damaged as a result of a risk that is not covered by Landlord’s insurance (unless covered by another tenant’s insurance and make Landlord has unconditional access to the necessary repairs without affecting this Leaseproceeds of that insurance and those proceeds are sufficient to pay all of the costs of the applicable restoration and repair), or (iid) the Premises is materially damaged during the last year of the Term, then Landlord may, at its option, terminate this Lease by giving written notifying Tenant in writing of such termination within thirty (30) days after the date of such damage or casualty, in which event the Rent hereunder shall be abated as of the date that is the later of the date of the damage or casualty or the date upon which Tenant ceases to occupy the Premises; provided that if Tenant is unable to occupy a portion of the Premises by reason of that damage or casualty then the abatement as to that portion shall commence upon the date after the damage or destruction that Tenant ceases to occupy that portion of the Premises. In cases of less than such substantial damage and upon receipt of the insurance proceeds for the damage, Landlord shall restore and repair the Premises, provided, Landlord shall not be required to repair (i) any damage caused by Tenant for which Landlord has not received insurance proceeds, (ii) any of Tenant’s trade fixtures, personal property, machinery or equipment or (iii) any alterations installed by Tenant.
19.2 If the Building or the Premises is destroyed or damaged by fire or other casualty such that Tenant is deprived of access to all or a Material Portion (as defined below) of the Premises or the use and occupancy of a Material Portion thereof and a reputable contractor or architect designated by Landlord (“Landlord’s Architect or Contractor”) estimates in a notice thereof provided to Tenant by Landlord within sixty (60) days after the casualty that the Building or the Premises is damaged to such an extent that Tenant will be deprived of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned access to the time Premises or use and occupancy of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
for a period in excess of 270 days, then Tenant may terminate this Lease by giving Landlord notice within thirty (b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9030) days after delivery of such destructioncontractor’s or architect’s estimate, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and whereupon this Lease shall terminate as of the date of damage the casualty. If the Building or the Premises is destroyed or damaged by fire or other casualty and Landlord’s Architect or Contractor has estimated (in a notice delivered to Tenant pursuant to the notice from Landlord previous sentence) that Tenant will be deprived of access to Tenantthe Premises or use and occupancy of the Premises for a period of 270 days or less, but the Premises and access thereto and the use and occupancy thereof are not actually restored within 270 days from the date (the “Untenantability Date”) that Tenant shall pay rent hereunder apportioned is first deprived of such access or use and occupancy due to such casualty (the “Outside Date”), Tenant may terminate this Lease as of the Untenantability Date by giving Landlord notice within thirty (30) days after the Outside Date. If the Premises is materially damaged during the last year of the Term, then Tenant may, at its option, terminate this Lease by notifying Landlord in writing of such termination within 30 days after the date of such damage and or casualty, in which event for the Rent hereunder shall pay all other obligations be abated as of Tenant owing on the date of damagesuch notice. The purposes of this Section 19.2, and Tenant shall immediately surrender “materially damaged” means that the Premises restoration of the damage is estimated by Landlord’s Architect or Contractor to Landlord.
(c) In require a time period that is more than one-third of the event remaining term of the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore as of the Building and/or the Premises to substantially the same condition as existed immediately prior to the estimated commencement date of damagethe restoration work. All rent shall xxxxx for For purposes of Article 19 and Article 20, the term “Material Portion” means a portion of the Premises that is not usable by Tenant from the date in excess of damage until substantial completion 35% of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDtotal rentable area of the Premises.
Appears in 1 contract
Fire and Casualty. (a) A. If the Leased Premises are or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building Complex shall be so damaged by fire or other casualty then in such event Landlord shallthat (1) substantial alteration or reconstruction of the Building Complex shall be, in its sole discretionLandlord's reasonable opinion, either required (i) enter and make whether or not the necessary repairs without affecting this LeaseLeased Premises shall have been damaged by such fire or other casualty), or (ii2) if any mortgagee under a mortgage or deed of trust covering the Building Complex should require that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt; Landlord may, at its option, terminate this Lease by giving written notice thereof to notifying Tenant in writing of such termination within sixty thirty (6030) days after the date of such fire damage or other casualty casualty, in which event Tenant the Rent hereunder shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate abated as of the date of damage in the notice such notice.
B. If Landlord does not elect to terminate this Lease as herein provided and if repairs have not been commenced within forty-five (45) days from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of such damage and thereafter completed within four (4) months (excepting that Landlord shall pay all other obligations of not be responsible for delays brought about by force majeure, as described in Section 10 hereof), this Lease may be immediately terminated by Tenant owing on by serving written notice upon the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In C. To the event extent of the Lease is not terminatedinsurance proceeds available to Landlord therefor, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building Complex and/or the Leased Premises to substantially the same condition as existed in which they were immediately prior to the date fire or other casualty, except that Landlord shall not be required to rebuild, repair or replace any part of damageTenant's furniture, fixtures, furnishings, or equipment. All rent Such repair or restoration work shall xxxxx not exceed the scope of work done by Landlord in originally constructing the Building Complex and installing Tenant Work (as defined in EXHIBIT D attached) and subsequent improvements made to Tenant's premises by Landlord and paid for by Tenant in the portion Leased Premises. Landlord shall not be liable for any inconvenience, annoyance, or injury done to the business of Tenant resulting in any way from such damage or the repair thereof, except Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Leased Premises are unfit for occupancy, save for Tenant's fault or negligence hereinbelow described.
D. If the Leased Premises or the Building Complex shall be totally or partially damaged by fire or other casualty resulting from the fault or negligence of Tenant, or its agents, employees, licensees or invitees, such damage shall be repaired by and at the expense of Tenant (to the extent that such destruction or damage is not usable covered by Tenant from the date of damage until substantial completion of the repairs fire and restoration required to be made extended coverage insurance carried by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTas provided herein), MARKED BY BRACKETSunder the direction and supervision of Landlord, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDand Rent shall continue without abatement.
Appears in 1 contract
Fire and Casualty. (a) If 15.1 In case of any damage to or destruction of any of the Premises are damaged building or leased premises by fire or other insured casualty then in such event Landlord shalloccurring during the term of this lease, in its sole discretion(or previous thereto), either (i) enter and make which shall render the necessary repairs without affecting this Leaseleased premises wholly untenantable or unfit for occupancy, or which damage shall be tantamount to total destruction or which damage cannot be repaired within one hundred twenty (ii120) terminate this Lease by giving written notice thereof days following the insurance adjustment covering such casualty provided, however, that Landlord shall be obliged to Tenant make its insurance adjustment within sixty (60) days of the date of casualty, then, and in any such fire event, the term hereby created shall, at the option of either party upon written notice to the other by certified mail, return receipt requested, cease and become null and void from the date of such destruction or other casualty in which damage. In such event the Tenant shall immediately surrender the leased premises and the Tenant's interest in said lease, to the Landlord, and the Tenant shall only pay the rent hereunder apportioned to the time of such destruction or damage in which event, the Landlord may re-enter and shall pay re-possess the leased premises thus discharged from this lease and may remove all other obligations of Tenant owing on the date of terminationparties therefrom. However, and Tenant shall immediately surrender the Premises to Landlord.
(b) In in the event of total destruction as hereinbefore defined, if neither party shall elect to cancel this lease the Building is so badly damaged or injured by fire or other casualtyLandlord shall, even though subject to the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as prior rights of the date of damage in the notice from Landlord to Tenantmortgagee, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to thereupon repair and restore the Building and/or leased premises with reasonable speed and dispatch, and the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of be accrued after said damage until substantial completion of or while the repairs and restoration required restorations are being made, but shall recommence immediately after said premises are restored. Anything in this Article 15 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be made obligated to restore the leased premises only to the extent of such cost as will be equivalent to the proceeds received by Landlord pursuant to this Paragraphthe fire insurance coverage as in Article 10 provided.
15.2 In the event of any other insured casualty which shall not be tantamount to total destruction and which shall be repairable within one hundred twenty (120) days from the insurance adjustment covering such casualty the Landlord shall repair and restore the leased premises with reasonable speed and dispatch, and the rent shall abate and be equitably apportioned as the case may be as to any portixx xx the leased premises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant so as to conduct its business. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTThe rent, MARKED BY BRACKETShowever, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDshall begin to accrue and recommence immediately upon restoration of the leased premises.
Appears in 1 contract
Fire and Casualty. (a) If the 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 it should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred eighty (180) days after the date on 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 occurrence of such damage.
(c) If the Building should be damaged by any peril covered by the insurance maintained by Landlord, but only to such extent that rebuilding or repairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate and Landlord shall, to the extent of insurance proceeds received, then proceed with reasonable diligence to rebuild and repair, or replace any part of the partitions, fixtures, additions, and other improvements which may have been placed in, on, or about the Lease Premises by Tenant. If the Leased Premises are untenantable in whole or in part following such damage, the Rent payable hereunder during the period in which they are tenantable shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under this Lease shall then cease. Notwithstanding the foregoing provisions of this subparagraph (c), Tenant agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty then in such event Landlord shallcaused by the fault or negligence of Tenant or Tenant's agents, in its sole discretionemployees or invitees, either (i) enter and make the necessary repairs without affecting Tenant shall have not option to terminate this Lease, even if the damage cannot be repaired within one hundred eighty (180 days), and the Rent shall not be abated or reduced before or during the repair period.
(iid) Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds by applied to such indebtedness, then Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is made. All rights and obligations under this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordthen cease.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Commercial Lease Agreement (Graham Field Health Products Inc)
Fire and Casualty. (a) If the Premises are damaged by fire Building or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice any part thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly be damaged or injured partially destroyed by fire or other casualty, even though the Premises may Tenant shall promptly notify the Landlord, and, at the Tenant's sole cost and expense, and whether or not the insurance proceeds are sufficient, restore, repair, replace, or rebuild the Building. Said restoration shall be affectedat least equal in quality and class to the original construction, that shall be of a design approved in writing by the Landlord, shall be performed pursuant to plans and specifications approved by the Landlord decides, and in accordance with all provisions applicable to said work and all other provisions of this Lease. The restoration shall be commenced within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion or partial destruction, provided, however, the Landlord may grant such extensions of time for the adjustment of insurance and the preparation of plans and specifications as reasonably may be required. The architect or engineer in charge of such work shall be selected by the Tenant and approved in writing by the Landlord. The Tenant shall diligently complete the restoration. The Landlord agrees to oversee and supervise all construction required under this paragraph 15; without altering or modifying the Tenant's responsibilities hereunder. No partial destruction or damage to the Building or any part thereof shall permit the Tenant to surrender this Lease or relieve the Tenant from its obligations to pay rent or from any other obligations hereunder. The Tenant waives any rights now or in the future conferred upon it by statute or otherwise to quit or surrender this Lease or to any rebate, refund, suspension, diminution, abatement, or reduction of rent on account of any partial destruction or damage to the Building. If the Building is totally destroyed by fire or by any other casualty, the Tenant shall promptly notify the Landlord, and, at the Tenant's sole discretion, restore, replace, repair or rebuild the Building in accordance with the provisions of this paragraph, or terminate this Lease. In the event the Tenant elects to terminate this Lease, the Tenant shall, at the Tenant's sole expense, restore the building site to its condition as of the repairs and restoration required date hereof, prior to be made by Landlord pursuant construction, to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDthe satisfaction of Landlord.
Appears in 1 contract
Samples: Three Party Agreement (Urosurge Inc)
Fire and Casualty. (a) If In the event of destruction or any part thereof, or any elevators, hallways, stairways or other approaches thereto, or the building of which the Premises are a part or any portion thereof, or any appurtenant facilities, by fire, other casualty or for any other reason whatsoever, which damage or destruction, in the opinion of Landlord, is such that it cannot be repaired or restored within a reasonable time, Landlord, at its sole option, may declare this Lease Agreement terminated. If such damage or destruction is such that, in the opinion of Landlord, it may be restored within a reasonable time, Landlord shall undertake the restoration involved and, if the damage or destruction involved was without the fault or neglect of Tenant, then Tenant's rent shall abatx xx an equitable and fair manner or in the same proportion as the business operates of Tenant have abated. In no event need Landlord expend a sum of money in completing any repair or restoration hereunder which shall exceed net available insurance proceeds nor need Landlord restore or replace any fixtures, equipment, personally, or other property located or stores in or about the Premises and owned, leased, or otherwise in the possession of or under the dominion or control of Tenant, and it shall be the sole responsibility of Tenant to adequately insure himself against loss thereof occasioned by damage or destruction thereto. In the event that the Premises, or the building of which the premises are a part, or any portion thereof or any property thereon or thereabout be damaged or destroyed by fire or other casualty then in such event cause as a result of any act omission or neglect of Tenant, Tenant shall be solely responsible to reimburse Landlord shallto the extent at any loss suffered by Landlord. Tenant shall give Landlord prompt notice of early accident, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Leasedamage to or defect in, or (ii) terminate this Lease about the Premises. No compensation, or claim, or diminution of rent will be allowed, or paid, by giving written notice thereof Landlord, by reason of inconvenience, annoyance, or injury to Tenant within sixty (60) days business, arising from the necessity of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender repairing the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the any portion of the Premises that building of which it is not usable by Tenant from a part, however the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDnecessity may occur.
Appears in 1 contract
Samples: Lease Agreement (Vasco Data Security International Inc)
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy ("Total Destruction"), which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence, as determined in a report prepared by an independent engineer, then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the Tenant within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction unless within fifteen (15) days of Landlord’s notice of Total Destruction Tenant sends notice to Landlord that it elects to continue the Lease notwithstanding the fact that the Leased Premises cannot be repaired within 180 days. In the event of the termination, the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage and shall pay all other obligations of Tenant owing on the date of terminationTotal Destruction. However, and Tenant shall immediately surrender the Premises to Landlord.
(b) In in the event of Total Destruction if the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, shall elect not to rebuild or repair cancel this Lease within the Building (such decision being vested exclusively in 15 day period the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within 180 days, or if Tenant sends notice to Landlord that it elects to continue the Lease, Landlord shall repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within the timeframe stated in the independent engineer’s report. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence upon 30 days notice from Landlord that the Leased Premises are substantially restored as evidenced by the issuance of a CO by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable under policies of insurance carried by Landlord as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, but not Tenant’s personal property, furnishings, inventory, fixtures or equipment, with reasonable speed and dispatch. All rent shall xxxxx for the portion of the Premises that is Such repairs will not usable by Tenant exceed 180 days from the date of damage until substantial completion the casualty. The Rent shall xxxxx or shall be equitably apportioned as to any portion of the repairs Leased Premises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business in the ordinary course. The Rent shall recommence 30 days after notice from Landlord that the Leased Premises has been substantially restored, as evidenced by the issuance of a CO by municipal authorities.
11.3 In the event of any casualty caused by an event which is not covered by Landlord's insurance policy; the Landlord may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant within 15 days of the casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property to the extent necessary to permit Landlord to expedite the construction unless such costs would be made covered by Landlord pursuant Landlord’s insurance. The Tenant shall assume at its sole risk the responsibility for damage to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDor security of such fixtures and equipment in the event that any portion of the Building area has been damaged and is not secure.
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Fire and Casualty. (a) If the whole of the Premises, or so much thereof, including however, a portion of the buildings, structures and improvements, shall be taken or condemned for a public or quasi-public use or purpose by any competent authority, and as a result thereof the balance of the Premises are damaged cannot be used for the same purpose as expressed in Section 3 hereof, then the term of this Lease shall terminate when possession of the Premises shall be so taken and surrendered, and any award, compensation or damages shall be paid to and be the sole property of Lessor (except for that portion allocable to Lessee's machinery, equipment, trade fixtures and personalty). If a material part of the Premises shall be so taken or condemned, as determined by fire or other casualty then Lessee in its reasonable discretion, Lessee shall have the option to terminate this Lease. If, as a result of such event Landlord shallpartial condemnation, Lessee determines, in its sole reasonable discretion, either (i) enter that the balance of the Premises can be used by Lessee for the same purpose as expressed herein, then Lessee shall be entitled to have the rent, additional rent, taxes and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.hereunder
(b) In the event of damage to or destruction of an immaterial part of the Building buildings, structures or improvements located on the Premises by fire, windstorm, or other casualty, and in which Lessor is so badly damaged obligated under this Lease to repair, restore or injured rebuild, Lessor shall cause the Premises to be repaired, restored or rebuilt with all reasonable dispatch. Any insurance proceeds covering such fire, windstorm or other casualty shall be made available to Lessor for such repair or restoration. In case the Premises shall be rendered materially untenantable during the term of this lease by fire or other casualtycasualty and such fire or casualty is not the result of Lessee's breach of the Lease, even though Lessee shall have the option to either (i) terminate the Lease, in which event insurance proceeds covering such casualty (excluding insurance proceeds covering Lessee's machinery, equipment, trade fixtures and personal property or as part of the recovery under a general casualty policy where a specific portion of such proceeds is allocable to such property of Lessee) shall be paid to Lessor, or (ii) elect to have the sum of insurance proceeds covering such casualty made available to Lessor for the reconstruction or repair of any building, structure or improvement so damaged or destroyed; provided, however, -------- ------- that if the amount of proceeds shall be insufficient for the reconstruction or repair and refurnishing of any building or structure damaged or destroyed, as aforesaid, Lessor shall not be obligated to make such repairs or reconstruction unless Lessee provides Lessor with the proceeds needed to account for the deficiency. In the event of damage or destruction to the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively as described in the discretion of Landlord)aforementioned sentence, then in such event Landlord Lessee shall so notify Tenant in writing be entitled to have the rent, additional rent, real estate taxes and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on Lessee hereunder adjusted to reflect the date limitations in space available for Lessee's use thereafter. If this lease is terminated by reason of damagefire or casualty as herein specified, rent shall be apportioned and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior paid to the date day of damagesuch fire or casualty. All rent Notwithstanding the foregoing, nothing in this paragraph shall xxxxx for prevent, prohibit or anyway limit Lessor's ability under the portion of the Premises that is not usable by Tenant law to recover from the date of Lessee any and all damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDor loss it sustains as a result such fire or other casualty.
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Fire and Casualty. (a) If 14.1 In the Premises are damaged by event of any fire or other casualty which damages or destroys less than fifty percent (50%) of the usable area of the Silicones Building, including any part of the Premises, then, upon receipt of insurance proceeds (whether or not the same are sufficient to pay for such repair and reconstruction) by Overlandlord or the denial of liability by its applicable insurer, Landlord shall cause Overlandlord to promptly repair and restore the Premises pursuant to the Prime Lease, and the rent and additional rent shall be equitably reduced as to such portion of the Premises which shall be untenantable or unfit for occupancy by Tenant in the conduct of its business, from the date of such destruction until the completion of such repairs and reconstruction.
14.2 In the event of any fire or other casualty which damages or destroys more than fifty percent (50%) of the usable area of the Silicones Building, including any part of the Premises, then in such event Landlord shall, in its sole discretion, either (i) enter upon the receipt of insurance proceeds by Overlandlord or the denial of liability by its insurance carrier, Landlord shall seek to have Overlandlord promptly repair and make restore the necessary repairs without affecting this Lease, or Silicones Building; and (ii) if Overlandlord fails or refuses to perform such work, Landlord shall have the right to cancel and terminate this Lease Agreement by giving written notice thereof given to Tenant within sixty (60) days of after such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of casualty. If Landlord does not duly exercise such damage and shall pay all other obligations of Tenant owing on the date of terminationtermination right, Landlord and Tenant shall immediately surrender cooperate in good faith to repair and restore such damage or destruction, including, without limitation, obtaining Overlandlord's approval for any repair or restoration work, and to the Premises to Landlordextent Overlandlord's insurance proceeds are not available. Tenant shall bear any costs associated with repair and restoration of the Premises.
(b) 14.3 In the event the Building is so badly damaged that any repair or injured by fire restoration work undertaken pursuant to Article 14.1 or other casualty, even though the Premises may 14.2 cannot be affected, that Landlord decides, completed within ninety (90) days after the appliable casualty, and provided that (i) the Premises have been rendered substantially untenantable by such destructioncasualty, and (ii) said casualty has not to rebuild arisen out of the willful act or repair the Building (such decision being vested exclusively in the discretion of Landlord)negligence Of Tenant, its employees, agents or contractors, then in such event Tenant shall have the right to cancel and terminate this Agreement by written notice given to Landlord shall so notify Tenant in writing and this Lease shall terminate as within ten (10) days after the expiration of the date of damage aforesaid ninety (90) day period.
14.4 Except as otherwise specifically provided in the notice from this Article 14, in no event shall Landlord have any liability or obligation to Tenant, and the Tenant shall pay rent hereunder apportioned with respect to the date repair or restoration of damage and shall pay all the Premises or any other obligations property of Tenant owing on the date of damage, and Tenant shall immediately surrender located upon the Premises due to Landlord.
(c) any fire or other occurrence, nor shall any damage to or destruction of the Premises or the Silicones Building cause any reduction or abatement of rent or additional rent. In the event the Lease this Agreement is not terminatedcancelled pursuant to Article 14.2 or 14.3, Landlord then Tenant shall commence and proceed with reasonable diligence remain obligated promptly to repair and restore the Building and/or remove or eliminate any nuisance or dangerous, harmful or unhealthful condition then existing on or about the Premises due to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDits use thereof.
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Fire and Casualty. (a) Section 16.01. If the Demised Premises are damaged by fire or other insurable casualty, then subject to provisions of Section 16.02, this Lease shall remain in full force and effect and, subject to the adequacy and availability of insurance proceeds, Tenant shall promptly repair such damage at its expense (subject to Excusable Delay).
Section 16.02. If, in the reasonable opinion of Landlord, the Demised Premises are damaged by fire or other casualty within the last two (2) years of the term, to such an extent that the damage cannot be repaired or restored within one hundred twenty (120) days from the date of such occurrence, then in such event Landlord shall, in its sole discretion, either (i) enter and make or Tenant shall have the necessary repairs without affecting this Lease, or (ii) option to terminate this Lease by giving written notice thereof given within thirty (30) days after such occurrence. If the Lease is terminated as provided for in this Section, Tenant shall remain liable for the Rent and Additional Rent that is due until the date of termination. Additionally, Tenant shall be responsible for the clearing of any remaining structure or debris on the Demised Premises. If Landlord terminates pursuant to this Section, Tenant may, within thirty (30) days of receipt of the Landlord’s notice of termination, negate the Landlord’s termination by exercising a right to renew the Lease. If the Landlord does not terminate the Lease, or if the Tenant negates the termination, as provided above, this Lease shall continue in full force and effect.
Section 16.03. If the Demised Premises or any portion of the Shopping Center are damaged by fire or other casualty due to any act or failure to act on the part of Tenant, its agents, servants or employees, then, subject to the provisions of Article XXX, Landlord shall have the option to terminate this Lease and shall have and retain any and all rights which it may then have in law or equity against Tenant on account of such damage.
Section 16.04. Within sixty (60) days of such fire or other casualty in which event Tenant shall pay following the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTLandlord’s Work, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant shall complete its work on the Demised Premises.
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Fire and Casualty. (a) If 14.1 In case of any damage to or destruction of the Premises are damaged Building by fire or other casualty then in such event Landlord occurring during the term of this lease which is not covered by the insurance required to be carried by Article 9.1, or which occurs during the last two (2) years of the lease term, the term hereby created shall, in its sole discretionat the option of the Landlord, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the Tenant, within sixty thirty (6030) days of such fire or other casualty casualty, cease and become null and void from the date of such destruction or damage. In the case of damage to or destruction of the Building which cannot be repaired within one hundred eighty (180) days from the happening of such casualty, then, in which event such event, the term hereby created shall, at the option of the Tenant, upon written notice to the landlord within thirty (30) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. However, if the Tenant shall not elect to cancel this lease within the thirty (30) day period hereinabove provided (and provided that Landlord has not cancelled this lease as hereinabove permitted), the Landlord shall thereupon repair and restore the Building with reasonable speed and dispatch, and the Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Building is restored. Landlord, in any event, shall within thirty (30) days of such casualty advise Tenant in writing as to whether or not the Building can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be obligated to restore the Building only to the extent of such cost as will be equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as in Article 9 provided. If the insurance proceeds are not sufficient to restore the Building to substantially the same condition which they were in prior to the casualty, then the Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless the Landlord and Tenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this Article, the Tenant shall immediately surrender the Leased Premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage destruction or damage, in which event, the Landlord may re-enter and shall pay repossess the Leased Premises thus discharged from this lease and may remove all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlordparties therefrom.
(b) 14.2 In the event the Building is so badly damaged or injured by fire or of any other insured casualty, even though the Premises may not which shall be affected, that Landlord decides, repairable within ninety one hundred eighty (90180) days after from the happening of such destructiondamage or casualty, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or with reasonable speed and dispatch, and the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent Rent shall xxxxx for and be equitably apportioned as the case may be as to any portion of the Premises that is Building which shall be unfit for occupancy by the Tenant, or which cannot usable be used by the Tenant from the date of damage until substantial completion so as to conduct its business. The Rent, however, shall accrue and recommence immediately upon restoration of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDBuilding.
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Samples: Lease Agreement (Adams Respiratory Therapeutics, Inc.)
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises untenantable or unfit for occupancy, which damage cannot be repaired within 120 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then in such event Landlord the term hereby created shall, in its sole discretionat the option of either of the parties, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of terminationTotal Destruction. However, and Tenant shall immediately surrender the Premises to Landlord.
(b) In in the event of Total Destruction if the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, parties shall elect not to rebuild or repair cancel this lease within the Building (such decision being vested exclusively in 15 day period the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises same to substantially the same condition as existed immediately it was prior to the date of damagedamage or destruction, with reasonable speed and dispatch. All The rent shall xxxxx not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after restoration of the Leased Premises to “Substantial Completion” as hereinbefore defined. In any case where Landlord must restore, consideration shall be given for delays which would justify non-performance under the Force Majeure paragraph in this Lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to substantially the condition as they were prior to the damage or destruction, with reasonable speed and dispatch. The rent shall axxxx or be equitable apportioned as to any portion of the Leased Premises that which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct it business. The rent shall recommence immediately after restoration of the Leased Premises to “Substantial Completion” as hereinbefore defined. Initial: Landlord ___
11.3 In the event of any uninsured casualty (which is not usable by uninsured as a result of Landlord’s failure to renew a policy), the Landlord may elect to treat the casualty as though it had insurance or it may terminate the lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant from the date of damage until substantial completion within 15 days of the repairs casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to be made by forthwith remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord pursuant to this Paragraphexpedite the construction. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDThe Tenant shall assume at its sole risk the responsibility for damage to or security of such fixtures and equipment in the event that any portion of the building area has been damaged and is not secure.
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Samples: Lease Agreement (Xenogen Corp)
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the Tenant within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage and shall pay all other obligations of Tenant owing on the date of terminationTotal Destruction. However, and Tenant shall immediately surrender the Premises to Landlord.
(b) In in the event of Total Destruction if the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, shall elect not to rebuild or repair cancel this Lease within the Building (such decision being vested exclusively in 15 day period the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately it was prior to the date damage or destruction, with reasonable speed and dispatch. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of damagea CO/CA by municipal authorities. All rent In any case where Landlord must restore, consideration shall xxxxx be given for delays under the Force Majeure paragraph in this Lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to Initial: Landlord _______________ Tenant _________________ Lease Version Date: 03-03-11
21. substantially the same condition as they were prior to the damage or destruction, with reasonable speed and dispatch. Such repairs will not exceed 180 days from the issuance of a construction permit. The Rent shall axxxx or shall be equitably apportioned as to any portion of the Leased Premises that is which shall be unfit for occupancy by the Tenant, or which cannot usable be used by the Tenant from the date of damage until to conduct its business. The Rent shall recommence immediately upon substantial completion restoration of the repairs and restoration required to be made Leased Premises as evidenced by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDthe issuance of a CO/CA by municipal authorities.
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Fire and Casualty. (a) 19.1 If the Leased Premises are or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building Complex shall be damaged by fire or other casualty then in such event Landlord shalland any of the following applies: (a) substantial alteration or reconstruction of the Building Complex is, in its sole discretionLandlord's reasonable opinion, either required (iwhether or not the Leased Premises shall have been damaged by such fire or other casualty), (b) enter and make any mortgagee under a mortgage or deed of trust covering the necessary repairs without affecting this LeaseBuilding Complex requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, (c) the Building Complex is damaged as a result of a risk that is not covered by Landlord's insurance, or (iid) the Leased Premises is materially damaged during the last year of the Term, then Landlord may, at its option, terminate this Lease by giving written notice thereof to notifying Tenant in writing of such termination within sixty thirty (6030) days after the date of such fire damage or other casualty casualty, in which event Tenant the Rent hereunder shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate abated as of the date of such notice. In cases of less than such substantial damage in and upon receipt of the notice insurance proceeds for the damage, Landlord shall restore and repair the Leased Premises.
19.2 If Landlord elects not to terminate this Lease as herein provided, then within forty-five (45) days from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and Landlord shall pay all other obligations provide Tenant with an estimate, from Landlord's general contractor, of the time it will take to substantially restore the damage. If the estimate is that it will take more than six (6) months, then Tenant owing on shall have the date of damageright, by written notice to Landlord within (7) business days after receiving the estimate, to terminate this Lease. If Tenant fails to so terminate this Lease, and the damage is not thereafter substantially restored on or before the day that is the number of days of the estimate, plus sixty (60) days, after the end of the seven (7) business day period, (excepting that Landlord shall not be responsible for delays brought about by force majeure, as described in Article 10 hereof), this Lease may be immediately terminated by Tenant shall immediately surrender the Premises to by serving written notice upon Landlord.
(c) In 19.3 To the event extent of the Lease is not terminatedinsurance proceeds available to Landlord therefor, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building Complex and/or the Leased Premises to substantially the same condition as existed in which they were immediately prior to the date fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of damageTenant's furniture, fixtures, furnishings, or equipment or any alterations, additions, or improvements made by Tenant to the Leased Premises pursuant to Article 15 of this Lease. All Landlord's repair or restoration work shall not exceed the scope of work done in originally constructing the Building Complex and the Leased Premises. Landlord shall not be liable for any inconvenience, annoyance, or injury done to the business of Tenant resulting in any way from such damage or the repair thereof and Tenant's obligations to pay rent shall xxxxx continue unabated, except Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Leased Premises are unfit for occupancy, save for Tenant's fault or negligence hereinbelow described.
19.4 If the portion Leased Premises or the Building Complex shall be totally or partially damaged by fire or other casualty resulting from the fault or negligence of Tenant, or its agents, employees, licensees, or invitees, such damage shall be repaired by and at the Premises expense of Tenant (to the extent that such destruction or damage is not usable covered by Tenant from the date of damage until substantial completion of the repairs fire and restoration required to be made extended coverage insurance carried by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTas provided herein), MARKED BY BRACKETSunder the direction and supervision of Landlord, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDand Rent shall continue without abatement.
Appears in 1 contract
Fire and Casualty. (a) 19.1 If the Premises are or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Project shall be damaged by fire or other casualty then in such event Landlord shalland any of the following applies: (a) substantial alteration or reconstruction of the Project is, in its sole discretionLandlord’s reasonable opinion, either required (iwhether or not the Premises shall have been damaged by such fire or other casualty), (b) enter and make any mortgagee under a mortgage or deed of trust covering the necessary repairs without affecting this LeaseProject requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire all or any portion of the mortgage debt, (c) the Project is damaged as a result of a risk that is not covered by Landlord’s insurance or the net insurance proceeds received by Landlord is insufficient to pay for the restoration of the damage in full, or (iid) the Premises is materially damaged during the last year of the Term, then Landlord may, at its option, terminate this Lease by giving written notice thereof to notifying Tenant in writing of such termination within sixty thirty (6030) days after the date of such fire damage or other casualty casualty, in which event Tenant the Rent hereunder shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate abated as of the date of such notice. In cases of less than such substantial damage and upon receipt of the insurance proceeds sufficient to pay for the restoration of the damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminatedfull, Landlord shall commence restore and proceed with reasonable diligence repair the Premises, provided, Landlord shall not be required to repair (i) any damage caused by Tenant, (ii) any of Tenant’s trade fixtures, personal property, machinery or equipment or (iii) any alterations installed by Tenant.
19.2 If Landlord elects not to terminate this Lease as herein provided and if repairs have not been substantially completed within one (1) year (as extended for delays brought about by Force Majeure Events), this Lease may be immediately terminated by Tenant by serving written notice upon Landlord prior to substantial completion.
19.3 To the extent of the insurance proceeds available to Landlord (net of collection costs) therefor, Landlord shall repair and restore the Building Project and/or the Premises to substantially the same condition as existed in which they were immediately prior to the date fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of damageTenant’s furniture, fixtures, furnishings, or equipment or any alterations, additions, or improvements made by Tenant to the Premises pursuant to Article 15 of this Lease. All Landlord’s repair or restoration work shall not exceed the scope of work done in originally constructing the Project and the Premises. Landlord shall not be liable for any inconvenience, annoyance, or injury done to the business of Tenant resulting in any way from such damage or the repair thereof and Tenant’s obligations to pay Rent shall continue unabated, except Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Premises are unfit for occupancy and not occupied by Tenant, save for Tenant’s fault or negligence herein below described.
19.4 If the Premises or the Project shall be totally or partially damaged by fire or other casualty resulting from the fault or negligence of Tenant, or its agents, employees, licensees, or invitees, such damage shall be repaired by and at the expense of Tenant (to the extent that such destruction or damage is not covered by the fire and extended coverage insurance carried by Landlord as provided herein), under the direction and supervision of Landlord, and Rent shall continue without abatement, except to the extent Landlord actually receives proceeds of rent shall xxxxx for the abatement insurance attributable to Tenant’s lease.
19.5 The provisions of this Lease, including this Article 19, constitute an express agreement between Landlord and Tenant with respect to damage to, or destruction of, all or any portion of the Premises that is not usable by Tenant from or the date of damage until substantial completion Project, and any statute or regulation of the repairs State of California, including without limitation Sections 1932 and restoration required 1933(4) of the California Civil Code, with respect to be made by Landlord pursuant any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties (and any other statute or regulation now or hereafter in effect with respect to such rights or obligations), shall have no application to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDLease or to any damage or destruction to all or any portion of the Premises or the Project.
Appears in 1 contract
Fire and Casualty. (a) If the Premises are damaged by fire or other ----------------- casualty and if such damage is not susceptible of repair within 180 days (as estimated, as soon as reasonably practicable after the occurrence of such damage, by an architect of recognized good reputation selected by Landlord), then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease at the option of Landlord exercised by giving written notice thereof to Tenant within sixty (60) 30 days after receipt of a certificate of the architect so selected, shall terminate as of the date of such fire or other casualty in which event loss, and Tenant shall pay the rent hereunder apportioned to the time of such damage loss and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) If the damage described above is susceptible of repair within 180 days, or if the damage is not susceptible of repair within 180 days but Landlord fails to exercise its option to terminate this Lease, Landlord shall enter and make the necessary repairs without affecting this Lease, but the rent hereunder shall be reduced or abated as shall be equitable, in the good faith judgment of Landlord, until such repairs are made, unless such damage has been so slight that Tenant's occupancy of the Premises is not materially interfered with, in which case the rent hereunder shall not be abated or reduced. Notwithstanding the foregoing, Landlord shall have the option to terminate this Lease and shall not be obligated to repair the Premises or the Building if the damage is not covered by insurance or if Landlord's mortgagee applies any portion of the insurance proceeds to the unpaid balance of its loan.
(c) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) 90 days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the Landlord's written notice from Landlord to TenantTenant effecting its decision not to rebuild, and the Tenant shall pay rent hereunder apportioned to the date of damage such notice (subject to subparagraph (b) immediately above) and shall pay all other obligations of Tenant owing on the date of damagetermination, and Tenant shall immediately surrender the Premises to Landlord.
(cd) In Notwithstanding the event the Lease is not terminatedforegoing provisions of this Paragraph 18, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or Tenant agrees that if the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the or any other portion of the Premises that Building is not usable damaged by Tenant fire or other casualty resulting from the date fault or negligence of damage until substantial completion Tenant or any of its agents, employees, or invitees, then there shall be no abatement of rent before or during the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDrepair of such damage.
Appears in 1 contract
Samples: Lease Agreement (Entrust Inc)
Fire and Casualty. (a) Substantial Damage If the Subleased Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured should be totally destroyed by fire or other casualty, even though or if the Subleased Premises may should be so damaged so that rebuilding cannot reasonably be affected, that Landlord decides, completed within ninety two hundred seventy five (90275) days after such the date of written notification by Sublessee to Sublessor of the destruction, this Sublease shall terminate, and if such damage shall not have been caused by the fault or neglect of Sublessee, its agents, employees, invitees, or those for whom Sublessee is responsible, the rent shall be abated for the unexpired portion of the Sublease, effective as of the date of the written notification.
(b) Partial Damage If the Subleased Premises should be partially damaged by fire or other casualty, and rebuilding or repairs can reasonably be completed within two hundred seventy five (275) working days from the date of written notification by Sublessee to Sublessor of the destruction, this Sublease shall not terminate, but Sublessor may proceed with reasonable diligence to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all or other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises improvements to substantially the same condition as conditions in which they existed immediately prior to the date of damage. All If the Subleased Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Sublessee, its agents, employees, invitees or those for whom Sublessee is responsible, the rent payable under this Sublease during the period for which the Subleased Premises are untenantable shall xxxxx for be adjusted to such an extent as may be fair and reasonable under the portion of circumstances and mutually agreed upon by both the Premises Sublessee and Sublessor. In event that is not usable by Tenant Sublessor fails to complete the necessary repairs or rebuilding within two hundred ninety (290) working days from the date of damage until substantial completion written notification by Sublessee to Sublessor of the repairs destruction (the “Guaranteed Completion Date”), Sublessee may at its option terminate this Sublease by delivering written notice of termination to Sublessor within ten (10) days after the Guaranteed Completion Date, whereupon all rights and restoration required obligations under this Sublease shall cease to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDexist.
Appears in 1 contract
Samples: Commercial Subsublease Agreement (HealthWarehouse.com, Inc.)
Fire and Casualty. (a) 19.1. If the Leased Premises are or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. If the Building Complex shall be damaged by fire or other casualty then in such event Landlord shalland any of the following applies: (a) substantial alteration or reconstruction of the Building Complex is, in its sole discretionLandlord's reasonable opinion, either required (iwhether or not the Leased Premises shall have been damaged by such fire or other casualty), (b) enter and make any mortgagee under a mortgage or deed of trust covering the necessary repairs without affecting this LeaseBuilding Complex requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt, (c) the Building Complex is damaged as a result of a risk that is not covered by Landlord's insurance, or (iid) the Leased Premises is materially damaged during the last year of the Term, then Landlord may, at its option, terminate this Lease by giving written notice thereof notifying Tenant in writing of such termination within thirty (30) days after the date of such damage or casualty, in which event the Rent hereunder shall be abated as of the date of such notice. In cases of less than such substantial damage and upon receipt of the insurance proceeds for the damage, Landlord shall restore and repair the Leased Premises.
19.2. If Landlord elects not to Tenant terminate this Lease as herein provided and if repairs have not been commenced within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and thereafter completed within six (6) months (excepting that Landlord shall pay all other obligations of not be responsible for delays brought about by force majeure, as described in Article 10 hereof), this Lease may be immediately terminated by Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to by serving written notice upon Landlord.
(c) In 19.3. To the event extent of the Lease is not terminatedinsurance proceeds available to Landlord therefor, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building Complex and/or the Leased Premises to substantially the same condition as existed in which they were immediately prior to the date fire or other casualty, except that Landlord shall not be required to rebuild, repair, or replace any part of damageTenant's furniture, fixtures, furnishings, or equipment or any alterations, additions, or improvements made by Tenant to the Leased Premises pursuant to Article 15 of this Lease. All Landlord's repair or restoration work shall not exceed the scope of work done in originally constructing the Building Complex and the Leased Premises. Landlord shall not be liable for any inconvenience, annoyance, or injury done to the business of Tenant resulting in any way from such damage or the repair thereof and Tenant's obligations to pay rent shall xxxxx continue unabated, except Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Leased Premises are unfit for occupancy, save for Tenant's fault or negligence hereinbelow described.
19.4. If the portion Leased Premises or the Building Complex shall be totally or partially damaged by fire or other casualty resulting from the fault or negligence of Tenant, or its agents, employees, licensees, or invitees, such damage shall be repaired by and at the Premises expense of Tenant (to the extent that such destruction or damage is not usable covered by Tenant from the date of damage until substantial completion of the repairs fire and restoration required to be made extended coverage insurance carried by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTas provided herein), MARKED BY BRACKETSunder the direction and supervision of Landlord, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDand Rent shall continue without abatement.
Appears in 1 contract
Samples: Lease Agreement (Kroll Inc)
Fire and Casualty. (a) 11.01 If all or part of the Premises are damaged is rendered untenantable by damage from fire or other casualty then which in Landlord's opinion can be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and governmental regulations within 180 days from the date on which Landlord receives the insurance proceeds relating to such event casualty, Landlord shall, in but only to the extent that insurance proceeds are available therefor, repair such damage other than damage to improvements, furniture, chattels or trade fixtures which do not belong to Landlord, which shall be repaired forthwith by Tenant at its sole discretion, either (i) enter and make own expense.
11.02 If all or part of the necessary repairs without affecting this Lease, or (ii) terminate this Lease Premises is rendered untenantable by giving written notice thereof to Tenant within sixty (60) days of such damage from fire or other casualty which in which event Tenant shall pay the rent hereunder apportioned to the time of such damage Landlord's opinion cannot be substantially repaired (employing normal construction methods without overtime or other premium) under applicable laws and shall pay all other obligations of Tenant owing on governmental regulations within 180 days from the date of termination, and Tenant shall immediately surrender on which Landlord receives the Premises insurance proceeds relating to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other such casualty, even though the Premises then either Landlord or Tenant may not be affected, that Landlord decides, within ninety (90) days after such destruction, not elect to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and terminate this Lease shall terminate as of the date of damage in the such casualty by written notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned delivered to the date of other not more than ten days after such determination by Landlord. If neither party exercises its right to terminate, Landlord shall, but only to the extent that insurance proceeds are available therefor, repair such damage and other than damage to improvements, furniture, chattels or trade fixtures which do not belong to the Landlord, which shall pay all other obligations of be repaired forthwith by Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordat its own expense.
(c) In the event the Lease 11.03 If Landlord is not terminated, Landlord shall commence and proceed with reasonable diligence required to repair and restore the Building and/or the Premises damage to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion all or part of the Premises that is not usable under Section 11.01 or 11.02, the Base Rent payable by Tenant shall be proportionately reduced to the extent that the Premises are thereby rendered untenantable from the date of damage such casualty until substantial five days after completion by Landlord of the repairs and restoration required to be made the Premises (or the part thereof rendered untenantable) or until Tenant again uses the Premises (or the part thereof rendered untenantable in its business, whichever first occurs.
11.04 Notwithstanding anything to the contrary in Section 11.01, if all or a substantial part (whether or not including the Premises) of the Building is rendered untenantable by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.damage from
Appears in 1 contract
Samples: Office Lease (Iphysician Net Inc)
Fire and Casualty. (a) 11.2.1 If less than a substantial portion of the Premises are (as described in Section 11.2.5) is partially damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord Lessor shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or damaged portion of the Premises to substantially the same condition as existed immediately prior to such fire or other casualty within one hundred eighty (180) days after the date of such destruction or damage, except that Lessor shall not be required to repair or restore any leasehold improvements installed in the Premises by Lessee. All rent If Lessor fails to repair and restore the Premises within one hundred eighty (180) days after the date of such damage or destruction, then Lessee may elect (1) to make or complete such repairs, and Lessor shall xxxxx reimburse Lessee promptly upon demand for the any costs thereof, or (2) terminate this Lease after having provided thirty (30) days prior notice of such termination.
11.2.2 If all or a substantial portion of the Premises is damaged, destroyed or rendered unfit for occupancy as a result of fire or other casualty such that it is reasonably determined by Lessor that the Premises can be restored to substantially its condition prior to the casualty within one hundred eighty (180) days after the casualty date, Lessor may elect, by giving written notice to Lessee within thirty (30) days after the casualty date (i) to terminate this Lease as of the casualty date; or (ii) to repair and restore the Premises. If the Premises or a substantial portion thereof is so damaged, destroyed or rendered unfit such that Lessor determines that it cannot usable be restored to substantially its condition prior to such casualty within one hundred eighty (180) days after the casualty date, or if the insurance proceeds are insufficient to restore the Premises to substantially its condition prior to the casualty, either party may elect, by Tenant from giving written notice to the other within thirty (30) days after the casualty date, to terminate this Lease. If this Lease has not been terminated by a party having the right to do so in accordance with this Section 11.2.2 by the date thirty (30) days after the casualty date, then Lessor shall with due diligence repair and restore the Premises to substantially its condition prior to the casualty. If Lessor fails to repair and restore the Premises as specified above within one hundred eighty (180) days after the casualty date, then Lessee may elect to terminate this Lease. If this Lease is terminated in accordance with this Section 11.2.2, the Rent and all additional charges shall be prorated as of the date of damage the casualty.
11.2.3 All Rent, until substantial completion such repairs as Lessor elects or is required to undertake are substantially completed, shall be abated according to a pro-rata calculation in proportion to the part of the Premises which is not tenantable by Lessee, as determined in Lessee's reasonable discretion.
11.2.4 If this Lease is not terminated pursuant to Section 11.2.2, Lessee shall as promptly as practicable after the occurrence of any damage or destruction make such repairs and restoration required replacements in the Premises as are necessary to restore Lessee's leasehold improvements, as determined by Lessee.
11.2.5 A substantial portion of the Premises for the purposes of this Article 13 shall be made by Landlord pursuant deemed to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDmean (1) that Lessee is unable to use forty percent (40%) or more of the space in the Premises for the operation of Lessee's business or (2) material damage to the mechanical systems that service the Premises.
Appears in 1 contract
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence ("Total Destruction") then in such event Landlord the term hereby created shall, in its sole discretionat the option of either party, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned to the time of such Total Destruction. However, in the event of Total Destruction if neither party shall elect to cancel this lease within the 15 day period the Landlord shall repair and restore the same to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The rent shall pay all other obligations not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the premises are restored as evidenced by the issuance of Tenant owing on a CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays which would justify non-performance under the date of termination, and Tenant shall immediately surrender the Premises to LandlordForce Majeure paragraph in this Lease.
(b) 11.2 In the event the Building is so badly damaged or injured by fire or of any other casualty, even though the Premises may casualty which shall not be affected, that Landlord decides, within ninety (90) days after such destruction, not tantamount to rebuild or repair Total Destruction the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, with reasonable speed and dispatch. All The rent shall xxxxx for the or be equitably apportioned as to any portion of the Leased Premises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The rent shall recommence immediately upon restoration of the Leased Premises as evidenced by the issuance of a CO/CA by municipal authorities.
11.3 In the event of any uninsured casualty, the Landlord may elect to treat the casualty as though it had insurance or it may terminate the lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant within 15 days of the casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord to expedite the construction. The Tenant shall assume at its sole risk the responsibility for damage to or security of such fixtures and equipment in the event that any portion of the building area has been damaged and is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDsecure.
Appears in 1 contract
Samples: Lease Agreement (Enamelon Inc)
Fire and Casualty. A. Landlord shall maintain standard fire and extended coverage insurance covering the building at which the Demised Premises are a part in an amount of not less than eighty (a80%) percent (or for such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the "replacement cost" thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto. Such coverage shall insure against the perils of fire, lightning, and extended coverage, 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 Iowa. Subject to the other provisions in this Paragraph 13, such insurance shall be for the sole benefit of Landlord and under its sole control.
B. If the Demised Premises are should be damaged or destroyed by fire fire, wind or other casualty then casualty, Tenant shall give Landlord immediate written notice thereof. If the Demised Premises have been destroyed, or in such event Landlord's sole judgment damaged beyond usability, Landlord shallmay, in its sole discretion, either terminate this Lease and the rent shall be abated during the unexpired portion of this Lease (ieffective upon the date of the occurrence of such damage or destruction). No damages shall be payable to Tenant if Landlord so terminates.
C. If Landlord does not choose to terminate, but rather decides to repair or rebuild the Demised Premises, the rent payable hereunder during the period in which the Demised Premises are not tenantable shall be reduced to such extent as may be fair and reasonable under all the circumstances during such period of repair or rebuilding. At the completion of such repair or rebuilding, rent shall resume for the full amount herein set forth for the remainder of the term of the Lease.
D. If holder of an instrument (defined at Paragraph 20 herein) enter and make requires that the necessary repairs without affecting this Leaseinsurance proceeds be applied to pay off the indebtedness evidenced by that instrument, or (ii) Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (6015) days of after such fire or other casualty in which event requirement is made by any such holder. In such event, all rights and obligations hereunder shall cease and terminate, except for any payments previously due and owing from Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
E. To the extent that either party has insurance payable to it under any policy of insurance (b) In directly or by subjugation), the event the Building other party is so badly damaged hereby released from any claim for loss or injured damage to property caused by fire or other casualtyperil, even though but only if the Premises may releaser's insurance policy (or policies) contains a clause or endorsement to the effect that any such release shall not be affected, that Landlord decides, within ninety adversely affect or impair the policy (90including increased premiums) days after such destruction, not to rebuild or repair prejudice the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as right of the date releaser to recover under the policy. This release shall be effective even if the loss or damage is caused by fault or negligence of damage in the notice from Landlord to Tenantparty released, and the Tenant shall pay rent hereunder apportioned or anyone for whom it is responsible, but this release is effective only to the date of damage extent and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion limit of the Premises that is not usable by Tenant from proceeds payable under the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDreleaser's insurance policy.
Appears in 1 contract
Fire and Casualty. (a) If the Premises are damaged by fire or a portion of the building other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender than the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured should be totally destroyed by fire or other casualty, even though or if the Premises may or a portion of the building other than the Premises should be so damaged so that rebuilding cannot reasonably be affectedcompleted within one hundred and twenty (120) fifty (150) working days after the date of written notification by Lessee to Lessor of the destruction, that Landlord decidesthis Lease shall terminate and the rent shall be abated for the unexpired portion of the Lease, effective as of the date of the written notification.
(b) If the Premises should be partially damaged by fire or other casualty, and rebuilding or repairs can reasonably be completed within ninety one hundred twenty (90120) working fifty (150) days after such from the date of written notification by Lessee to Lessor of the destruction, this Lease shall not terminate, but Lessor shall at its sole risk and expense proceed with reasonable diligence to rebuild or repair the Building building or other improvements (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease than improvements which Lessor is not terminated, Landlord shall commence and proceed with reasonable diligence obligated to repair and restore the Building and/or the Premises insure pursuant to Paragraph-18) to substantially the same condition as w\in which they existed immediately prior to the date of damage. All rent shall xxxxx for the portion of If the Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Lessee, its agents, employees, invitees or those for whom Lessee is responsible, the rent payable under this Lease during the period for which the Premises are untenantable shall be adjusted to such an extent as may be fair and reasonable under the circumstances. In the event that is not usable by Tenant Lessor fails to complete the necessary repairs or rebuilding within one hundred twenty (120) working fifty (150) days from the date of damage until substantial completion written notification by Lessee to Lessor of the destruction plus the number of days by which such repairs or rebuilding are delayed by reason of acts of God or force majeure, Lessee may at its option terminate this Lease by delivering written notice of termination to Lessor, whereupon all rights and restoration required obligations under this Lease shall cease to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDexist.
Appears in 1 contract
Samples: Lease (Adherex Technologies Inc)
Fire and Casualty. (a) If Except as hereafter provided, if the Premises are wholly or partially destroyed or damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though Landlord shall restore the Premises may not be affectedwith reasonable diligence; provided, however, that Landlord decidesshall have no obligation to restore improvements not originally provided by Landlord or to replace any of Tenant's fixtures, within ninety (90) days after such destructionfurnishings, equipment or personal property. Landlord need not commence repairs until insurance proceeds are available. Proceeds of insurance payable with respect to rebuild a fire or repair the Building (such decision being vested exclusively in the discretion of other casualty shall be received and held by Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) . In the event the Premises are destroyed or damaged by any fire or casualty not covered by the insurance maintained by Landlord or to the extent of not less than twenty-five percent of the replacement cost thereof, or if the fire or casualty occurs within the last year of the Term of the Lease, then Landlord or Tenant shall have the option to terminate this Lease is not terminatedby giving notice to the other party within sixty days after the occurrence of such damage or destruction, in which case Landlord shall commence and proceed retain all insurance proceeds with reasonable diligence respect to repair and restore the Building and/or the Premises as its own property. If Landlord does not terminate this Lease as provided above, this Lease shall continue in full force and effect, but Base Rent shall be equitably abated as determined in Landlord's reasonable discretion until the restoration is substantially complete. The provisions of this Lease shall govern when this Lease shall be terminable as a result of a fire or casualty, and no other rule or statute on the subject shall apply. Notwithstanding anything in this Article 13, if, due to substantially fire or other casualty, Tenant is unable to use the same condition as existed immediately prior Premises for conduct of Tenant's business and the fire or casualty damage, in the parties' reasonable estimation, cannot be repaired and the Premises restored to Tenant within 60 days after the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable casualty, Tenant may terminate this Lease by Tenant from notice to Landlord within 30 days after the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDcasualty.
Appears in 1 contract
Samples: Office Lease (Pac-West Telecomm Inc)
Fire and Casualty. (a) If less than a Substantial Portion of the Premises are Land is damaged by fire or other casualty ("Casualty"), Landlord shall repair and restore the damaged portion of the Land to substantially the same condition prior to such Casualty within one hundred eighty (180) days after the date of such Casualty, except that Landlord shall not be required to repair or restore any leasehold improvements installed in the Land by Tenant. If Landlord fails to repair and restore the Land within one hundred eighty (180) days after the date of such Casualty, then Tenant may, at any time after expiration of said one hundred eighty (180) day period and before such repair and restoration is completed by Landlord, elect to terminate this Lease by written notice thereof to Landlord or to make or complete such repairs and restoration, and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. To the extent that Landlord fails to reimburse Tenant within ten (10) days from the date Tenant has made a written demand for such reasonable costs, Tenant shall have the right to set off such unreimbursed costs against Rent. Notwithstanding the foregoing, to the extent Landlord's failure to timely repair and restore the Land is the result of the acts or omissions of Landlord or Landlord's agents, employees or contractors, the exercise by Tenant of the foregoing right to terminate or the right to restore on Landlord's behalf shall not preclude or otherwise prevent Tenant from pursuing any other rights or remedies which are available at law or in equity. If the entire Land or a Substantial Portion thereof is damaged by a Casualty such event that it cannot be restored to substantially its condition prior to such Casualty within one hundred eighty (180) days (as determined by mutual agreement of Landlord shalland Tenant) after the Casualty date, in its sole discretion, either or if the Casualty occurs during the last twelve (i12) enter and make months of the necessary repairs without affecting term of this Lease, or (ii) terminate this Lease if the insurance proceeds received by Landlord are insufficient to restore the Land to substantially its condition prior to the Casualty, then either party hereto may elect, by giving written notice thereof to Tenant the other within sixty (60) days of such fire or other casualty in which event Tenant shall pay after the rent hereunder apportioned Casualty date, to the time of such damage and shall pay all other obligations of Tenant owing on terminate this Lease. If this Lease has not been terminated by the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
sixty (b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9060) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord)Casualty date, then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable due diligence to repair and restore the Building and/or the Premises Land to substantially the same its condition as existed immediately prior to the date of damageCasualty. All rent Rent shall xxxxx for the be abated equitably with respect to that portion of the Premises that Land which is not usable by Tenant rendered untenantable as a result of a Casualty and/or as a result of repair and restoration activities in connection with a Casualty from the date of damage casualty until substantial completion of the repairs and restoration required date on which the Land have been restored to be made by Landlord substantially its condition prior to such Casualty. If this Lease is not terminated pursuant to this ParagraphSection 13, Tenant shall as promptly as practicable after the occurrence of any damage or destruction make such repairs and replacements in the Land as are necessary to restore Tenant's leasehold improvements. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTA "Substantial Portion" of the Land, MARKED BY BRACKETSfor the purposes of Section 12 and 13 of this Lease, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDshall be deemed to mean that Tenant is unable to use thirty-five percent (35%) or more of the space on the Land for expansion of its business from the First Premises to the Land as contemplated by this Lease.
Appears in 1 contract
Samples: Lease (Cintech Solutions Inc)
Fire and Casualty. The parties hereto mutually agree that if the Premises or Project are partially or totally destroyed by fire or other casualty, then Landlord may, at Landlord's option, repair and restore the Premises and Project, to substantially the same condition in which the Premises and Project were before such damage, or it may terminate the Lease; provided, however, that in the event the Premises or Project are completely destroyed or so badly damaged that in Landlord's reasonable estimation, repairs cannot be commenced within ninety (a90) If days and completed within six (6) months thereafter, then Landlord shall so notify Tenant and this Lease shall be terminable as of the date of the occurrence of the damage or destruction, by either party hereto by serving written notice upon the other within thirty (30) days after such notice; and provided further, that in any event if repairs have not been commenced within ninety (90) days from the date of said damage and thereafter completed within nine (9) months from commencement, this Lease may be immediately terminated by Tenant as of the date of occurrence of the damage or destruction, by serving notice upon the Landlord at any time prior to commencement of construction if the grounds for termination is failure to commence construction within ninety (90) days, or at any time prior to completion of construction if termination is based upon the failure to complete construction within nine (9) months. In the event the Premises are completely destroyed or so damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter that it cannot reasonably be used by Tenant for the purposes herein provided and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease is not terminated as above provided, then there shall be a total abatement of Rent until the Premises are made usable. In the event the Premises are partially destroyed or damaged by giving written notice thereof fire or other hazard so that such Premises can be only partially used by Tenant for the purpose herein provided, then there shall be a partial abatement in the Rent corresponding to the time and extent which the Promises cannot be used by Tenant. Landlord shall not be obligated in any way or manner to insure any personal property (including, but not limited to, any fixtures, furniture, machinery, goods, supplies or improvements) of Tenant or which Tenant may have upon or within sixty (60) days the Premises or any fixtures installed by or paid for by Tenant upon or within the Premises. Except as provided in Section 20 below, if any portion of such the, Property shall be damaged by fire or other casualty in which event Tenant shall pay resulting from the rent hereunder apportioned to fault or negligence of Tenant, or the time agents, employees, licensees, or invitees of Tenant, such damage shall be repaired by and shall pay all other obligations at the expense of Tenant owing on under the date direction and supervision of terminationLandlord, and Tenant Rent shall immediately surrender the Premises to Landlordcontinue without abatement.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Fire and Casualty. (a) If the Premises are damaged by Upon a fire or other casualty then in such event Landlord shallaffecting the Building, in its sole discretionLandlord, either with commercially reasonable diligence and promptness, shall restore the Building. Notwithstanding the foregoing, if (i) enter and make all or a substantial part of the necessary repairs without affecting this Lease, Premises or the Building is rendered untenantable by reason of fire or other casualty or (ii) a fire or casualty occurs during the last 12 months of the Term (taking into account any Extension Option [as hereinafter defined] that has been exercised prior to date of the fire or casualty), Landlord may, at its option, either restore the Premises and the Building, or terminate this Lease by giving effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice thereof within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to Tenant within sixty (60) days so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. Provided Landlord has carried the property insurance required to be carried by Landlord pursuant to Section 10B, Landlord shall not be obligated to restore the Premises if Landlord does not receive insurance proceeds in an amount sufficient to pay all of the costs of such restoration (in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that case if Landlord decides, within ninety (90) days after such destruction, elects not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord)restore, then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from fire or casualty). If Landlord elects to Tenantrestore, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent Rent shall xxxxx for the portion that part of the Premises that which is not usable by Tenant untenantable on a per diem basis from the date of damage such fire or other casualty until substantial completion Landlord has substantially completed its repair and restoration work and obtained a certificate of occupancy relating to its work (if required), provided that Tenant does not occupy such part of the repairs and restoration Premises during said period. Notwithstanding anything contained in this Section 12 to the contrary, within 60 days after the date of any fire or other casualty which renders all or a substantial part of the Premises or the Building untenantable, Landlord shall provide to Tenant in writing Landlord's good faith estimate of the time required by Landlord to restore the Premises. If Landlord's good faith estimate of the time required to be made restore the Premises exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord pursuant within 15 days after delivery of Landlord's good faith estimate, to terminate this ParagraphLease as of the date of such fire or other casualty. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTNotwithstanding the foregoing, MARKED BY BRACKETSTenant shall have no right to terminate this Lease if the fire or other casualty was caused, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933in whole or in part, AS AMENDEDby the negligence or intentional misconduct of Tenant or Tenant's agents, employees, contractors, invitees, subtenants or assigns.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Fire and Casualty. (a) A. If the 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 it should be so damaged thereby that rebuilding or repairs cannot, in Landlord's estimation, be completed within one-hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Landlord shall have the option to terminate this Lease. If this Lease is so terminated, 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 any peril covered by the insurance maintained by Landlord, but only to such extent that rebuilding or repairs can, in Landlord's estimation, be completed within one-hundred eighty (180) days after the date on which landlord is notified by Tenant of such damage, this Lease shall not terminate, and Landlord shall, to the extent of insurance proceeds received, then proceed with reasonable diligence to rebuild and repair the Building. Landlord shall not be required, however, 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 or on behalf of Tenant as a part of Tenant finish out. If the Leased 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 may be fair and reasonable under all of the circumstances. If Landlord should fail to complete such repairs and rebuilding within one-hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under this Lease shall then cease. Notwithstanding the foregoing provisions of this Paragraph C, Tenant agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty then in such event Landlord shallcaused by the fault or negligence of Tenant or Tenant's agents, in its sole discretionemployees or invitees, either (i) enter and make the necessary repairs without affecting Tenant shall have no option to terminate this Lease, even if the damage cannot be repaired within one-hundred eighty (180) days, and the rent shall not be abated or (ii) reduced before or during the repair period.
D. Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is made. All rights and obligations under this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordthen cease.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Fire and Casualty. (a) If all or a substantial part of the Premises are damaged or the Building is rendered untenantable by reason of fire or other casualty then in such event casualty, Landlord shallmay, in at its sole discretionoption, either (i) enter restore the Premises and make the necessary repairs without affecting this LeaseBuilding, or (ii) terminate this Lease by giving effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice thereof to Tenant within sixty (60) days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If the Lease is terminated pursuant to this Section, Rent shall be paid through and apportioned as of the date of such fire or other casualty. Unless Landlord is entitled to terminate the Lease as set forth herein, if the Building (including the Premises) is damaged in part or whole from any fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on can be substantially repaired and restored within one hundred twenty (120) days after the date of termination, such casualty using standard working methods and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminatedprocedures, Landlord shall commence at its expense promptly and proceed with reasonable diligence to diligently repair and restore the Building and/or the and Premises to substantially the same condition as existed immediately prior before the damage. If Landlord elects to restore or, is otherwise obligated to restore, Landlord’s obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of damagesuch fire or other casualty which were made at Landlord’s expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant’s expense. All Upon a casualty, rent shall xxxxx (a) for that part of the Premises which is untenantable on a per diem basis from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the Premises for conduct of its business during said period or (b) for the entire Premises from the date of such fire or other casualty until Landlord has substantially completed its repair and restoration work in the event that it is commercially impractical for Tenant to conduct its business in a portion of the Premises while another part of the business operation relocates to temporary space due to such damage (or Landlord’s restoration activities). Notwithstanding any of the foregoing, upon such a fire or other casualty, Tenant may terminate the Lease in the event that (a) Landlord elects not to restore the Premises or the Building or the restoration cannot be or is not usable by Tenant from otherwise completed within one hundred eighty (180) days following the date of damage until substantial completion such fire or other casualty, (b) any mortgagee of the repairs Building does not allow insurance proceeds to be used for repair and restoration required or any such insurance proceeds are not in an amount sufficient to be made complete the restoration or (c) a substantial part of the Premises or the Building is rendered untenantable by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDreason of fire or other casualty and such damage occurs during the final 365 days of the Term.
Appears in 1 contract
Samples: Office Lease (Telvent Git S A)
Fire and Casualty. (a) SECTION 16.01. If the Demised Premises are damaged by fire or other insurable casualty, then subject to provisions of Section 16.02, this Lease shall remain in full force and effect, there shall be no rent abatement and, subject to the adequacy and availability of insurance proceeds, Tenant shall promptly repair such damage at its expense (subject to Excusable Delay).
SECTION 16.02. If, in the reasonable opinion of Landlord, the Demised Premises are damaged by fire or other casualty within the last two (2) years of the term, to such an extent that the damage cannot be repaired or restored within one hundred twenty (120) days from the date of such occurrence, then in such event Landlord shall, in its sole discretion, either (i) enter and make or Tenant shall have the necessary repairs without affecting this Lease, or (ii) option to terminate this Lease by giving written notice thereof given within thirty (30) days after such occurrence; provided, however, that Tenant may, within thirty (30) days, negate a termination by Landlord hereunder by exercising a right to renew the Lease. If the above option is not or may not be exercised by Landlord, then this Lease shall continue in full force and effect. If the Lease is terminated as provided for in this Section, Tenant within shall remain liable for the Rent and Additional Rent which is due until the end of the Term. Additionally, Tenant shall be responsible for the clearing of any remaining structure or debris on the Demised Premises.
SECTION 16.03. If the Demised Premises or any portion of the Building are damaged by fire or other casualty due to any act or failure to act on the part of Tenant, its agents, servants or employees, then, subject to the provisions of Article XXX, Landlord shall have and retain any and all rights which it may then have in law or equity against Tenant on account of such damage.
SECTION 16.04. If the Demised Premises or any portion of the Building are damaged by fire or other casualty due to any act or failure to act on the part of Tenant, its agents, servants or employees, then, in addition to the option to terminate this Lease, Landlord shall have and retain any and all rights which it may then have in law or equity against Tenant on account of such damage.
SECTION 16.05. Within sixty (60) days of such fire or other casualty in which event Tenant shall pay following the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTLandlord's Work, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant shall complete its work on the Demised Premises.
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Samples: Lease (Yardville National Bancorp)
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence ("Total Destruction") then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the Tenant within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage and shall pay all other obligations of Tenant owing on the date of terminationTotal Destruction. However, and Tenant shall immediately surrender the Premises to Landlord.
(b) In in the event of Total Destruction if the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, shall elect not to rebuild or repair cancel this Lease within the Building (such decision being vested exclusively in 15 day period the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of a CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure Initial: Landlord Tenant (SNS) Lease Version Date: July 31, 2006 paragraph in this Lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, with reasonable speed and dispatch. All rent The Rent shall xxxxx for the abate or shall be equitably apportioned as to any portion of the Leaxxx Xremises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The Rent shall recommence immediately upon substantial restoration of the Leased Premises that as evidenced by the issuance of a CO/CA by municipal authorities.
11.3 In the event of any casualty caused by an event which is not usable covered by Landlord's insurance policy; the Landlord may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant from the date of damage until substantial completion within 15 days of the repairs casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to be made by forthwith remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord pursuant to this Paragraphexpedite the construction. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDThe Tenant shall assume at its sole risk the responsibility for damage to or security of such fixtures and equipment in the event that any portion of the Building area has been damaged and is not secure.
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Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Premises are damaged Building by fire or other casualty occurring during the term of this Lease (or previous thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence ("Total Destruction") then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord or Tenant, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other party within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage and shall pay all other obligations Total Destruction. However, in the event of Tenant owing on the date of termination, and Total Destruction if neither Landlord nor Tenant shall immediately surrender elect to cancel this Lease within the Premises to Landlord.
(b) In 15 day period the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of a CO/CA by municipal authorities. Issuance of a CO/CA shall not relieve Landlord of its obligations to complete the repairs and restorations of the Building in order to put the Building in substantially the same condition as it was prior to the damage or destruction. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease (Paragraph 22). Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, with reasonable speed and dispatch. All rent The Rent shall xxxxx for the abate or shall be equitably apportioned as to any portion of the Leaxxx Xremises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The Rent shall recommence immediately upon substantial restoration of the Leased Premises that is as evidenced by the issuance of a CO/CA by municipal authorities. Issuance of a CO/CA shall not usable by Tenant from the date relieve Landlord of damage until substantial completion of its obligations to complete the repairs and restoration required restorations of the Building in order to be made put the Building is substantially the same condition as it was prior to the damage or destruction.
11.3 In the event of any casualty caused by an event which is not covered by Landlord's insurance policy; the Landlord pursuant may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of this Paragraphparagraph shall apply. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTThe Landlord shall serve a written notice upon the Tenant within 15 days of the casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, MARKED BY BRACKETSthe Tenant agrees, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933at its cost and expense, AS AMENDEDat Landlord's reasonable request, to move or remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord to expedite the construction. The Tenant shall assume at its sole risk the responsibility for damage to or security of Tenant's equipment, fixtures, stock and personal property in the event that any portion of the Building area has been damaged and is not secure.
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Fire and Casualty. (a) If the Premises are damaged by Upon a fire or other casualty then in such event affecting the Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if all or a substantial part of the Premises or the Building is rendered untenantable by reason of fire or other casualty, Landlord shallmay, in at its sole discretionoption, either (i) enter restore the Premises and make the necessary repairs without affecting Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or (ii) terminate this Lease by giving written notice thereof other casualty. If Landlord elects to Tenant within sixty (60) days restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in which event Tenant shall pay the rent hereunder apportioned or to the time Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of such damage and shall pay all other obligations of Tenant owing the Premises which is untenantable on a per diem basis from the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by such fire or other casualtycasualty until Landlord has substantially completed its repair and restoration work, even though provided that Tenant does not occupy such part of the Premises may not be affected, that Landlord decidesduring said period. Notwithstanding anything contained in this Section 12 to the contrary, within ninety (90) 60 days after such destruction, not to rebuild the date of any fire or repair other casualty which renders all or a substantial part of the Premises or the Building (such decision being vested exclusively in the discretion of Landlord)untenantable, then in such event Landlord shall so notify provide to Tenant in writing and Landlord's good faith estimate of the time required by Landlord to restore the Premises ("Landlord's Restoration Estimate"). If Landlord's Restoration Estimate exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's Restoration Estimate, to terminate this Lease shall terminate as of the date of damage in the notice from such fire or other casualty. Furthermore, if neither party elects to terminate this Lease as provided above and Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises fails to substantially complete the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion restoration of the Premises that is not usable within 60 days after the time period set forth in Landlord's Restoration Estimate (subject to delays caused by or attributable to Tenant from or its agents, employees or contractors or to events of the date of damage until type described in Section 25J), as Tenant's sole and exclusive remedy for such delay in substantial completion of the repairs and restoration required restoration, Tenant shall have the right, exercisable by written notice to be made Landlord within 15 days after the expiration of such 60-day period, to terminate this Lease as of the date of such fire or other casualty. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease if the fire or other casualty was caused, in whole or in part, by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTthe negligence or intentional misconduct of Tenant or Tenant's agents, MARKED BY BRACKETSemployees, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933contractors, AS AMENDEDinvitees, subtenants or assigns.
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Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Fire and Casualty. (a) If 13.1 In case of any damage to or destruction to the Premises are damaged leased premises by fire or other casualty then in such event Landlord shallcasualty, in tantamount to substantial destruction, so that Tenant cannot use its sole discretionleased premises for its intended business purposes, either (i) enter and make occurring during the necessary repairs without affecting term of this Leaselease which is not covered by the insurance required to be carried by Article 8, or (ii) terminate this Lease by giving written notice thereof to Tenant which cannot be repaired within sixty (60) days sixty (60) from the happening of such casualty, then, in such event, the term hereby created shall, at the option of either party, upon written notice to the other by certified mail, return receipt requested, within fifteen (15) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. The party terminating shall certify to the other casualty in connection with its notice such facts upon which event it has determined that reconstruction of the building cannot be accomplished within the sixty (60) day period hereinabove provided. In such event, the Tenant shall immediately surrender the leased premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay the rent hereunder apportioned to the time of such destruction or damage in which event, the Landlord may re-enter and repossess the leased premises thus discharged from this lease and may remove all parties therefrom. However, if neither party shall pay all other obligations of Tenant owing on elect to cancel this lease within the thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the leased premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage from the date of terminationon which Tenant is unable to use its Leased Premises for its intended business purposes, and while the repairs and restorations are being made, but shall recommence immediately after said premises are restored.
13.2 In the event of any other insured casualty, which shall be repairable within thirty (30) days from the happening of such damage or casualty, the Landlord shall repair and restore the leased premises with reasonable speed and dispatch, and the rent shall xxxxx and be equitably apportioned as the case may be as to any portion of the leased premises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant so as to conduct its business substantially in the same manner as conducted by Tenant prior to such fire or casualty as shall be determined by the reasonable judgment of the Tenant. The rent, however, shall accrue and recommence immediately upon restoration of the leased premises and delivery of the Certificate of Occupancy by Landlord to Tenant.
13.3 Nothing hereinabove contained with respect to the Tenant's right to xxxxx rent as in this Article 13 provided shall be construed to limit or affect the Landlord's right to payment under any claim for damages covered by any rent insurance policy pursuant to the contract therefor.
13.4 For the purposes of this Paragraph 13, in determining what constitutes reasonable speed and dispatch, consideration shall be given for delays which would be excuses for non-performance as in Paragraph 23 hereinafter provided (Force Majeure).
13.5 In the event of such fire or casualty as above provided, wherein the Landlord shall rebuild, the Tenant agrees, at its cost and expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property as the same may be required to permit Landlord to expedite rebuilding and/or repair. In any event, the Tenant shall immediately surrender assume at its sole risk the Premises responsibility for damage or security with respect to Landlord.
(b) In such fixtures and equipment in the event the Building area where the same may be located has been damaged, until the Building shall be restored and made secure. The Landlord agrees, however, that it will cooperate with Tenant in order to take all reasonable steps to protect and/or make secure Tenant's fixtures, goods or equipment during such period of reconstruction.
13.6 Anything in this Article 13 to the contrary notwithstanding, it is so badly damaged expressly understood and agreed that wherever reconstruction shall be undertaken, in the event of damage or injured by fire casualty as in this Article 13 provided, the Landlord shall prosecute such reconstruction with reasonable speed and dispatch. In the event, however, such reconstruction or other casualty, even though the Premises may repair shall not be affected, that Landlord decides, completed within ninety sixty (9060) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion casualty (such time period of sixty (60) days shall be extended for such reasonable period of time as is required by reasons of Force Majeure or if occasioned by default on the part of the repairs Tenant) then, in that event, the Tenant shall have the option at the expiration of the sixty (60) day period (as the same may be extended as hereinabove provided) to terminate the lease. In the event of such termination, neither party shall have any further liability, one to the other, in accordance with the terms and conditions of the lease. The Landlord during such period of reconstruction shall give the Tenant reasonable notice at least fifteen (15) days in advance of the date on which the Building shall be ready for re-occupancy. Rent shall recommence upon restoration required to be made of the leased premises and delivery of the Certificate of Occupancy by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant.
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Fire and Casualty. A. Landlord shall maintain standard fire and extended coverage insurance covering the building at which premises are a part in an amount of not less than eighty (a80%) percent (or for such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the "replacement cost" thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto. Such coverage shall insure against the perils of fire, lightning, and extended coverage, such coverages and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for New York State. Subject to the other provisions in this paragraph 14, such insurance shall be for the sole benefit of Landlord and under its sole control.
B. If the Premises are premises should be damaged or destroyed by fire fire, wind or other casualty then casualty, Tenant shall give Landlord immediate written notice thereof. If premises have been destroyed, or in such event Landlord's sole judgment damaged beyond usability, Landlord shallmay, in its sole discretion, either terminate this lease and the rent shall be abated during the unexpired portion of this lease (ieffective upon the date of the occurrence of such damage or destruction). No damages shall be payable to Tenant if Landlord so terminates.
C. If Landlord does not choose to terminate, but rather decides to repair or rebuild premises, the rent payable hereunder during the period in which premises are not tenantable shall be reduced to such extent as may be fair and reasonable under all the circumstances during such period of repair or rebuilding. At the completion of such repair or rebuilding, rent shall resume for the full amount herein set forth for the remainder of the term of the lease.
D. If holder of an instrument (defined at paragraph 21 herein) enter and make requires that the necessary repairs without affecting this Leaseinsurance proceeds be applied to pay off the indebtedness evidenced by that instrument, or (ii) Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (6015) days of after such fire or other casualty in which event requirement is made by any such holder. In such event, all rights and obligations hereunder shall cease and terminate, except for any payments previously due and owing from Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
E. To the extent that either party has insurance payable to it under any policy of insurance (b) In directly or by subrogation), the event the Building other party is so badly damaged hereby released from any claim for loss or injured damage to property caused by fire or other casualtyperil, even though but only if the Premises may releaser's insurance policy (or policies) contains a clause or endorsement to the effect that any such release shall not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild adversely effect or repair impair the Building (such decision being vested exclusively in policy or prejudice the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as right of the date releaser to recover under the policy. This release shall be effective even if the loss or damage is caused by fault or negligence of damage in the notice from Landlord to Tenantparty released, and the Tenant shall pay rent hereunder apportioned or anyone for whom it is responsible, but this release is effective only to the date of damage extent and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion limit of the Premises that is not usable by Tenant from proceeds payable under the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDreleaser's insurance policy.
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Fire and Casualty. If the Building or the Premises is damaged and made substantially untenantable by fire or other casualty, and Landlord shall determine not to restore the same or not to require Tenant to restore the Premises if Tenant causes the fire or other casualty, Landlord may, by notice to Tenant given within one hundred twenty (a120) If days after such damage, terminate this Lease. Such termination shall become effective as of the date of such damage if the Premises are so damaged, otherwise as of the date one hundred twenty (120) days following the service of such notice of termination. Unless the Lease is terminated as herein above provided, if the Premises are damaged by fire or other casualty then casualty, not caused in such event whole or in part by Tenant, Landlord shall, in its sole discretion, either (i) enter and make shall restore the necessary repairs without affecting this Leasesame substantially to their prior condition, or to a similar condition of substantially equal or better utility, at Landlord’s expense, with reasonable promptness. Unless the Lease is terminated as hereinabove provided, if 50% or more of the Premises are made untenantable, (iiother than as a result of fire or casualty caused in whole or in part by Tenant) and if Landlord fails, within one hundred twenty (120) days after Landlord is enabled to take possession of the Premises, to substantially restore the Premises Tenant may terminate this Lease as of the end of said one hundred twenty (120) day period by giving written notice thereof to Tenant within sixty Landlord not later than thirty (6030) days after the expiration of said one hundred twenty (120) day period. During any such period, Landlord will permit Tenant, at no cost to Landlord, to maintain temporary banking quarters about the Premises during any period of rebuilding. Said temporary quarters shall in no way interfere with any construction and repair work and shall not interfere with the operation of the “Cyclery” east of the Tenant’s space. If the Premises are damaged or destroyed by fire or other casualty caused in which event Tenant whole or in part by Tenant, and if Landlord does not elect to terminate this Lease as aforesaid, this Lease shall remain in full force and effect and Tenant’s obligations to pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations sums hereunder shall continue unabated. In such event, Tenant promptly and diligently shall restore the Premises (in accordance with the other provisions of Tenant owing this Lease, including, but not limited to, the Section on “Alterations”); or, at Landlord’s election, Landlord may restore the date of terminationPremises, and Tenant shall immediately surrender pay all costs incurred in connection therewith, including fifteen percent (15%) of the Premises to total restoration cost for Landlord.
(b) ’s administrative expense. In the event of termination of this Lease pursuant to this Section XII, rent shall be prorated on a per diem basis and shall be paid to the Building is so badly damaged or injured by date of the fire or other casualty, even though unless a portion of the Premises may not shall be affectedtenantable and reasonably accessible, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord which case rent shall so notify Tenant in writing be prorated on a per diem basis and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned be payable to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the termination. If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore terminated in the Building and/or event of a fire or other casualty but the Premises to substantially the same condition as existed immediately prior to the date of damage. All are rendered wholly untenantable or are not reasonably accessible, rent shall xxxxx for the portion of the Premises that is not usable by Tenant axxxx on a per diem basis from the date of damage the fire or other casualty until substantial completion the Premises are ready for occupancy and reasonably accessible to Tenant. If part of the Premises are rendered untenantable, rent shall be prorated on a square footage basis in accordance with the part of the Premises which is usable by Tenant (as measured by Landlord) until termination or the damaged part is ready for Tenant’s occupancy as the case may be. In all cases, due allowance shall be made for delays caused by adjustment of the insurance claim, strikes, labor difficulties, material shortages, weather conditions, and any other causes beyond Landlord’s reasonable control; and in no case shall Landlord be liable to Tenant, shall Tenant be entitled to terminate this Lease or shall Tenant be relieved of any obligation (other than as expressly provided above) by virtue of any delay in completing repairs and restoration restoration. Notwithstanding anything to the contrary herein set forth, there shall be no rent abatement or proration if the loss or damage is due to the fault, neglect or violation of any provision of this Lease by Tenant or its employees, agents, contractors, customers or invitees; and in no event shall Landlord be required to be made repair or restore any decorating, installations, alterations, additions or improvements in or to the Premises which were not provided initially by Landlord pursuant at its cost. Landlord covenants to this Paragraphmaintain adequate casualty insurance covering the Building, with replacement cost endorsement. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant should have the right to self-insure with respect to plate glass replacement.
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Fire and Casualty. (a) A. In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part, Rent shall xxxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall have a right to terminate this Lease Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice of its decisions, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, Landlord may elect to extend the expiration date of the Term of this Lease Agreement for the period of the abatement.
B. Notwithstanding anything in this Lease Agreement to the contrary, if the Leased Premises are damaged by fire or other casualty then resulting from the fault or negligence of Tenant, or the agents, employees, licensees, customers or invitees of Tenant, such damage shall be repaired by and at the expense of Tenant under the direction and supervision of Landlord, and Rent shall continue without abatement.
C. Notwithstanding anything contained in such event Landlord shallthis Section 13, in its sole discretionno event shall Landlord be required to expend more to reconstruct, either (i) enter restore and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively than the amount actually received by Landlord from the proceeds of the property insurance carried by Landlord and Landlord shall have no duty to repair or restore any portion of any alterations, additions, installation or improvements in the discretion Leased Premises or the decorations thereto except to the extent that the proceeds of the insurance carried by Tenant are timely received by Landlord). If Tenant desires any other additional repairs or restoration, then in such event and if Landlord consents thereto, it shall be done at Tenant’s sole cost and expense subject to all of the applicable provisions of this Lease Agreement. Tenant acknowledges that Landlord shall so notify Tenant in writing and be entitled to the full proceeds of any insurance coverage whether carried by Landlord or Tenant, for damage to any alterations, addition, installation, improvements or decorations which would become the Landlord’s property upon the termination of this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to LandlordAgreement.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Lease Agreement (Georesources Inc)
Fire and Casualty. (a) If the Building should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate verbal and written notice thereof to Landlord.
(b) If the Building should be totally destroyed by fire, tornado, or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, at the option of either Landlord or Tenant, this Lease shall terminate, and the Rent shall be abated during the unexpired portion of this Lease effective upon the date of occurrence of such damage.
(c) If the Building should be damaged by any peril that will be wholly compensated (subject to deductibles) by the insurance maintained by Landlord or if Landlord, in its sole discretion, so chooses notwithstanding a deficiency in such proceeds, and if rebuilding or repairs can reasonably be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate, and Landlord shall then proceed with reasonable diligence to rebuild and repair the Building to substantially the same condition in which it existed prior to such damage. Landlord shall not be required, however, to rebuild, repair, or replace Tenant's furniture, fixtures, Alterations, inventory or other personal property. If the Leased Premises are untenantable in whole or in part during restoration, the Rent payable hereunder during the period in which they are untenantable shall be reduced by the amount of business or rent interruption insurance proceeds actually received by Landlord. If Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under the Lease shall then cease. Notwithstanding the foregoing provisions of this Paragraph 18(c), Tenant agrees that if the Leased COMMERCIAL LEASE AGREEMENT - PAGE 16 -------------------------- LEASE 2 Premises, the Building and/or Project are damaged by fire or other casualty caused by the fault or negligence of Tenant or Tenant's Representatives, Tenant shall have no option to terminate this Lease even if the damage cannot be repaired within one hundred eighty (180) days, and the Rent shall not be abated or reduced before or during the repair period.
(d) Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such indebtedness, then in such event Landlord shall, in its sole discretion, either (i) enter and make shall have the necessary repairs without affecting this Lease, or (ii) right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is imposed. All rights and obligations under this Lease shall terminate then cease. If Landlord does not receive insurance proceeds sufficient for restoration (such as when its mortgagee does not allow the proceeds to be used for such purposes) and if restoration is economically reasonably feasible, Tenant will have the option of the date of damage in the notice from Landlord supplementing available proceeds to Tenantallow restoration, and the Tenant shall pay Tenant's actual costs will be reimbursed through a monthly prorata credit against rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to beginning after Landlord's mortgage has been paid in full.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
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Fire and Casualty. (a) If the Leased Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured should be totally destroyed by fire or other casualty, even though or if the Leased Premises may should be damaged so that rebuilding reasonably cannot be affected, that Landlord decides, completed within ninety one hundred eight (90180) working days after such the date of written notification by Lessee to Lessor of the destruction, this Lease shall terminate and rent shall be abated for the unexpired portion of the Lease, effective as of the date of the casualty.
(b) If the Leased Premises should be partially damaged by fire or other casualty, and rebuilding or repairs can reasonably be completed within one hundred eight (180) working days from the date of written notification by Lessee to Lessor of the destruction, this Lease shall not terminate, but Lessor shall at its sole risk and expense proceed with reasonable diligence to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all or other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises improvements to substantially the same condition as in which they existed immediately prior to the date of damage. All If the Lease Premises are to be contributed by actor negligence of Lessee, its agents, employees, invitees or those for whom Lessee is responsible, the rent payable under this Lease during the period for which the Leased Premises are untenantable shall xxxxx for be adjusted to such an extent as may be fair and reasonable under the portion of circumstances. In the Premises event that is not usable by Tenant Lessor fails to complete the necessary repairs or rebuilding within one hundred eighty (180) working days from the date of damage until substantial completion written notification by Lessee to Lessor of the repairs destruction, Lessee may at its option terminate this Lease by delivering written notice of termination to Lessor, whereupon all rights and restoration required obligations under this Lease shall crease to be made exist.
(1) Material (2) causing delays (3) with the understanding that Lessor will notify Lessee of any such material changes which will cause delay so Lessee may elect to forego such changes (4) except to the extent caused by Landlord pursuant the negligence of Lessor, its agents or employees (5) provided that should any other tenant in the Building in the reasonable opinion of the Lessor, use a substantially disproportionate amount of water in its operation, Lessor shall reallocate the cost to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDreflect such disproportionate usage.
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Fire and Casualty. (a) In the event of partial or total destruction of the Building or the Premises by reason of fire or any other cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of the same and Landlord shall promptly restore and rebuild the Building or the Premises at Landlord’s expense (but only to the extent of the insurance proceeds covering such damage), unless Landlord elects by notice to Tenant within ninety (90) days of such destruction not to restore and rebuild the Building or the Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Premises are damaged not restored within two hundred seventy (270) days of the casualty (subject to Excusable Delays), or if more than fifty percent (50%) of the Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Premises are totally or materially destroyed during the last two (2) years of the Term or last two (2) years of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than two (2) years, either Landlord or (ii) terminate Tenant shall have the right to cancel this Lease by giving providing written notice thereof to Tenant the other of such cancellation within sixty ten (6010) days of such fire or other casualty in which event Tenant destruction, time being of the essence with respect to such notice, and such termination shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on be effective thirty (30) days after the date of terminationsuch notice. If Landlord is obligated to restore and rebuild the Premises or, if it is not obligated, Landlord elects to restore and rebuild the Premises, then during the period of restoration of any such area, and, if any portion of Premises are rendered untenantable by such damage, Tenant shall immediately surrender be relieved of the obligation to pay that portion of the Base Rent, Additional Rent, Tenant Electric Charge and Supplemental Electric Charge herein reserved which relates to such untenantable area until such time as Tenant is able to reoccupy the Premises to Landlordfor the regular conduct of its business therein.
(b) In Unless this Lease is terminated as herein above provided, Landlord shall proceed with due diligence to restore, repair and replace the event Premises and the Building is so badly damaged to the same condition as they were in as of the Commencement Date. From and after the date of such damage to date of completion of such repairs, replacements and restorations, a just proportion of the Base Rent, Additional Rent, Tenant Electric Charge and Supplemental Electric Charge shall axxxx according to the extent the full use and enjoyment of the Premises are rendered untenantable by reason of such damage. Landlord shall be under no duty to restore any alterations, improvements or injured additions made by Tenant, including, but not limited to, repairing any injury or damage by fire or other casualtycause, even though or making any repairs or replacements of any panels, decoration, office fixtures, railing, ceiling, floor covering, partitions, or any other property installed in the Premises may not by Tenant. In all cases, due allowance shall be affectedgiven to Landlord for any reasonable delays caused by adjustment of insurance loss, that Landlord decidesstrikes, within ninety (90) days after such destruction, not to rebuild labor difficulties or repair the Building (such decision being vested exclusively in the discretion of any cause beyond Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord’s control.
(c) In Tenant waives the benefit of N.J.S.A 46:8-6 and N.J.S.A. 46:8-7 and any similar or successor law. Except as specifically provided for in this Section 19, Tenant agrees that it shall not be relieved of its obligations to pay Base Rent, Additional Rent, Tenant Electric Charge, Supplemental Electric Charge or any other items of Rent in the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore of damage or destruction of the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the or any portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDthereof.
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Samples: Lease Agreement (Pdi Inc)
Fire and Casualty. (a) If the Premises are damaged by fire or other casualty then casualty, upon notice thereof given to Landlord by Tenant, the damages shall be repaired by Landlord utilizing the insurance proceeds provided for in Article VIII, and all rent until such event Landlord shallrepairs are made shall be reduced in the proportion which the part of the Premises which is not usable by Tenant bears to the rentable space in the Premises, provided, if so much of Tenant's useable space in the Premises is so taken so that the remaining portion, in Tenant's reasonable judgment, is unsuitable for its continued occupation, Tenant may elect to vacate the Premises, in which case all rent shall so xxxxx. Landlord shall not be obligated to repair damage to or to replace alterations or ·additions owned by Tenant or any fixtures, furniture, furnishings, equipment or other property of Tenant. Such repairs and replacements shall be made by and at the sole discretioncost and expense of Tenant. If the Premises are rendered wholly untenantable, either all rent shall xxxxx from the date of such damage. If the Premises shall be so damaged, that in Landlord's opinion, more than twenty-five percent (i25 %) enter and make of the necessary repairs without affecting Premises shall require alteration, demolition or reconstruction, then Landlord may, not later than thirty (30) 9ays following the damage, give Tenant notice in writing terminating this Lease. If Landlord elects to restore the Premises, then Landlord shall give Tenant notice of such intent within thirty (30) days following the damage, and Landlord shall promptly thereafter commence such reconstruction and diligently pursue such reconstruction in good faith, and shall complete such repairs, subject to matters beyond its control, within a reasonable time but no later than one hundred and eighty (180) days after such damage If Landlord does not give such notice of intent within thirty (30) days or complete such repairs within one hundred eighty (ii180) days, Tenant shall have the right to terminate this Lease by giving written notice thereof to Tenant within sixty Landlord at the end of said thirty (6030) days or at the end of such the one hundred eighty (180) day period if repairs are not substantially completed. If Tenant so terminates this Lease, rent hereunder, to the extent not otherwise abated, shall be due from Tenant to Landlord up to the date Tenant vacated the Premises. If any Tenant improvements are so damaged by fire or other casualty and the same are owned in which event whole or in part by Tenant, Tenant shall pay the rent hereunder apportioned contribute to any repair or replacement therefor in proportion to Tenant's ownership. Tenant shall be responsible for all rent, damage or casualty to the time premises not covered by insurance and which is caused by the acts, omissions or negligence of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordits employees or agents.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Industrial Building Lease (Griffin Capital Essential Asset REIT II, Inc.)
Fire and Casualty. (a) 19.1 If the Premises are or Building should be damaged or destroyed by fire or other casualty then in casualty, Tenant shall give immediate written notice to Landlord. Within thirty (30) days after receipt from Tenant of such event written notice, Landlord shall, in its sole discretion, either (i) enter and make shall notify Tenant whether the necessary repairs without affecting can reasonably be made: (a) within ninety (90) days; (b) in more than ninety (90) days but in less than one hundred eighty (180) days; or (c) in more than one hundred eighty (180) days, in each case after the date of the issuance of permits for the necessary repair or reconstruction of the portion of the Premises or Building which was damaged or destroyed. If Landlord is obligated or elects to rebuild or repair, Landlord shall use commercially reasonable efforts to obtain the permits for the necessary repair or reconstruction as soon as reasonable possible.
19.1.1 If the Premises or Building should be damaged only to such extent that rebuilding or repairs can reasonably be completed within ninety (90) days after the issuance of permits for the necessary repair or reconstruction of the portion of the Premises which was damaged or destroyed, this LeaseLease shall not terminate and, provided that insurance proceeds are available to pay for the full repair of all damage, Landlord shall repair the Premises or Building, except that Landlord shall not be required to rebuild, repair or replace Tenant’s furniture, fixtures, furnishings, or equipment (iicollectively, “Tenant’s Property”) which may have been placed in, on or about the Premises by or for the benefit of Tenant or the Tenant Improvements, and Tenant shall restore the Tenant Improvements at Tenant’s sole cost and expense. If Tenant is required to vacate all or a portion of the Premises during Landlord’s repair thereof, the Base Rent payable hereunder shall be abated proportionately on the basis of the size of the area of the Premises that is damaged (i.e., the number of square feet of rentable area of the Premises that is damaged compared to the total square footage of the rentable area of the Premises) from the date (and only so long as) Tenant vacates all or a portion of the Premises that was damaged only to the extent rental abatement insurance proceeds are received by Landlord and only during the period the Premises are unfit for occupancy.
19.1.2 If the Premises or Building should be damaged only to such extent that rebuilding or repairs can reasonably be completed in more than ninety (90) days but in less than one hundred eighty (180) days after the issuance of permits for the necessary repair or reconstruction of the portion of the Premises which was damaged or destroyed, then Landlord shall have the option of: (a) terminating the Lease effective upon the occurrence of such damage, in which event the Base Rent shall be abated from the date (and only so long as) Tenant vacates the Premises and Tenant shall pay to Landlord the cost to repair and restore the Tenant Improvements; or (b) electing to repair the Premises, provided insurance proceeds are available to pay for the full repair of all damage (except that Landlord shall not be required to rebuild, repair or replace Tenant’s Property), and Tenant shall restore the Tenant Improvements at Tenant’s sole cost and expense. If Tenant is required to vacate all or a portion of the Premises during Landlord’s repair thereof, the Base Rent payable hereunder shall be abated proportionately on the basis of the size of the area of the Premises that is damaged (i.e., the number of square feet of rentable area of the Premises that is damaged compared to the total square footage of the rentable area of the Premises) from the date (and only so long as) Tenant vacates all or a portion of the Premises that was damaged only to the extent rental abatement insurance proceeds are received by Landlord and only during the period the Premises are unfit for occupancy. If Landlord should fail to substantially complete such repairs within one hundred eighty (180) days after the issuance of permits for the necessary repair or reconstruction of the portion of the Premises which was damaged or destroyed (such period to be extended for delays caused by Tenant or because of any Force Majeure Events), and Tenant has not reoccupied the Premises, Tenant shall have the right, as Tenant’s exclusive remedy, within ten (10) days after the expiration of such one hundred eighty (180) day period, and provided that such repairs have not been substantially completed within such ten (10) day period, to terminate this Lease by delivering written notice to Landlord, whereupon all rights of Tenant hereunder shall cease and terminate thirty (30) days after Landlord’s receipt of such notice.
19.1.3 If the Premises or Building should be so damaged that rebuilding or repairs cannot be completed within one hundred eighty (180) days after the issuance of permits for the necessary repair or reconstruction of the portion of the Premises or Building which was damaged or destroyed, either Landlord or Tenant may terminate this Lease by giving written notice thereof to Tenant within sixty ten (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9010) days after notice from Landlord specifying such destructiontime period of repair, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate (but without limitation on those obligations under this Lease which expressly survive termination or expiration) and the Rent shall be abated from the date Tenant vacates the Premises and Tenant shall pay to Landlord the cost to repair and restore the Tenant Improvements. In the event that neither party elects to terminate this Lease, Landlord shall commence and prosecute to completion the repairs to the Premises or Building, provided insurance proceeds are available to pay for the repair of all damage (except that Landlord shall not be required to rebuild, repair or replace Tenant’s Property), and Tenant shall restore the Tenant Improvements at its sole expense. If Tenant is required to vacate all or a portion of the Premises during Landlords repair thereof, the Base Rent payable hereunder shall be abated proportionately on the basis of the size of the area of the Premises that is damaged (i.e., the number of square feet of rentable area of the Premises that is damaged compared to the total square footage of the rentable area of the Premises), from the date (and only so long as) Tenant vacates all or a portion of the Premises that was damaged only to the extent rental abatement insurance proceeds are received by Landlord and only during the period that the Premises are unfit for occupancy.
19.1.4 Notwithstanding any other provisions hereof, if the Premises or Building shall be damaged within the last year of the Lease Term, and if the cost to repair or reconstruct the portion of the Premises or Building which was damaged or destroyed shall exceed $100,000, then, irrespective of the time necessary to complete such repair or reconstruction, Landlord shall have the right, in its sole and absolute discretion, to terminate the Lease effective upon the occurrence of such damage, in which event the Base Rent shall be abated from the date Tenant vacates the Premises and Tenant shall pay to Landlord the cost to repair and restore the Tenant Improvements. The foregoing right shall be in addition to any other right and option of Landlord under this Article 19.
19.2 Tenant shall be responsible for and shall pay to Landlord Tenant’s Percentage of any deductible or retention amount payable under the property insurance for the Building as part of Operating Expenses. If the Premises or any portion of the Building is damaged to the extent Tenant is unable to use the Premises and Landlord does not receive insurance proceeds sufficient to pay for repair and restoration in full or in the event that the holder of any indebtedness secured by the Premises requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right at Landlord’s option, in Landlord’s sole and absolute discretion, either (i) to repair such damage as soon as reasonably possible at Landlord’s expense, or (ii) to give written notice to Tenant within thirty (30) days after the date of the occurrence of such damage of Landlord’s intention to terminate this Lease as of the date of damage the occurrence of such damage. If Landlord elects to terminate this Lease, Tenant shall have the right within ten (10) days after receipt of such notice to give written notice to Landlord of Tenant’s commitment to pay the cost of repair of such damage, in the notice from Landlord to Tenantwhich event this Lease shall continue in full force and effect, and Landlord shall make such repairs as soon as reasonably possible subject to the following conditions: Tenant shall pay rent hereunder apportioned deposit with Landlord Landlord’s estimated cost of such repairs not later than five (5) business days prior to Landlord’s commencement of the repair work. If the cost of such repairs exceeds the amount deposited, Tenant shall reimburse Landlord for such excess cost within ten (10) business days after receipt of an invoice from Landlord. Any amount deposited by Tenant in excess of the cost of such repairs shall be refunded within thirty (30) days of Landlord’s final payment to Landlord’s contractor. If Tenant does not give such notice within the ten (10) day period, or fails to make such deposit as required, Landlord shall have the right, in Landlord’s sole and absolute discretion, to immediately terminate this Lease to be effective as of the date of damage and shall pay all other obligations the occurrence of Tenant owing on the date of damage, and Tenant shall immediately surrender pay to Landlord the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence sum necessary to repair and restore the Building and/or the Premises Tenant Improvements.
19.3 The provisions of this Lease, including this Article 19, constitute an express agreement between Landlord and Tenant with respect to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the damage to, or destruction of, all or any portion of the Premises that is not usable by Tenant from or the date of damage until substantial completion Project, and any statute or regulation of the repairs State of California, including without limitation Sections 1932(2) and restoration required 1933(4) of the California Civil Code, with respect to be made by Landlord pursuant any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties (and any other statute or regulation now or hereafter in effect with respect to such rights or obligations), shall have no application to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDLease or to any damage or destruction to all or any portion of the Premises or the Project.
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Fire and Casualty. (a) A. In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part, Rent shall axxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damages to or destruction of the Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall have a right to terminate this Lease Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice of its decisions, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, Landlord may elect to extend the expiration date of the Term of this Lease Agreement for the period of the abatement.
B. If the Leased Premises are damaged by fire or other casualty then resulting from the fault or negligence of Tenant, or the agents, employees, licensees, customers or invitees of Tenant, Rent shall continue without abatement, except to the extent Landlord receives insurance proceeds covering the same.
C. Notwithstanding anything contained in such event Landlord shallthis Section 13, in its no event shall Landlord be required to expend more to reconstruct, restore and repair the Building than the amount actually received by Landlord from the proceeds of the property insurance carried by Landlord and Landlord shall have no duty to repair or restore any portion of any alterations, additions, installation or improvements in the Leased Premises or the decorations thereto except to the extent that the proceeds of the insurance carried by Tenant are timely received by Landlord. If Tenant desires any other additional repairs or restoration, and if Landlord consents thereto, it shall be done at Tenant’s sole discretion, either (i) enter cost and make expense subject to all of the necessary repairs without affecting this Lease, or (ii) terminate applicable provisions of this Lease by giving written notice thereof to Agreement. Tenant within sixty (60) days of such fire or other casualty in which event Tenant acknowledges that Landlord shall pay the rent hereunder apportioned be entitled to the time full proceeds of any insurance coverage whether carried by Landlord or Tenant, for damage to any alterations, addition, installation, improvements or decorations which would become the Landlord’s property upon the termination of this Lease Agreement, but with respect to insurance carried by Tenant, unless this Lease Agreement is terminated pursuant to this Section 13, Landlord’s rights to such damage and proceeds shall pay all other obligations of Tenant owing on be to the date of terminationextent, and Tenant shall immediately surrender but only to the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affectedextent, that Landlord decidesuses such proceeds to restore the alterations, within ninety (90) days after such destructionadditions, not to rebuild or repair the Building (such decision being vested exclusively installations and improvements in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to LandlordLeased Premises.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
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Fire and Casualty. (a) If A. In the Premises are damaged by event of a fire or other casualty then in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. In the event such event Landlord shall, in its sole discretion, a fire or other casualty occurs during the last five (5) years of the initial ten (10) year Term or during either of the Extended Terms and (i) enter and make results in total or substantial damages to or destruction of the necessary repairs without affecting this LeaseImprovements, or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a contractor reasonably approved by Landlord and Tenant as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises exceeds six (6) months from the time such work is commenced, then in either event, Tenant shall have a right to terminate this Lease Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by giving Tenant. Subject to reasonable delays for insurance adjustments, Tenant shall give Landlord written notice thereof to Tenant of its decisions, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction.
B. Any net insurance proceeds payable with respect to the casualty shall be paid directly to Tenant and may be used by Tenant only for the repair or reconstruction of the Improvements to a like or better condition than existed prior to such fire damage or other casualty in which event Tenant shall pay the rent hereunder apportioned to destruction; provided, however, that if an Event of Default has occurred and is continuing at the time of such damage casualty or at any time thereafter, all such insurance proceeds shall be paid directly to Landlord and disbursed, subject to terms and conditions that Landlord in its sole discretion deems appropriate given the circumstances, to Tenant for the repair or reconstruction of the Improvements. Notwithstanding anything contained in this Section 13, Tenant shall pay all other obligations not be required to expend more to reconstruct, restore and repair the Improvements than the amount actually received (plus deductibles) from the proceeds of the property insurance carried by Tenant, so long as (i) Tenant owing on has maintained policies of insurance consistent with the terms and conditions of this Lease and (ii) Tenant delivers to Landlord written notice thereof at least thirty (30) days prior to commencing the reconstruction, restoration and repair of the Improvements. In the event Tenant will not reconstruct, restore and repair the Improvements to its condition prior to the casualty, Landlord shall have the right to terminate this Lease Agreement upon delivery of written notice to Tenant, delivered within thirty (30) days following the date Tenant delivers to Landlord written notice of terminationthe amount of available insurance proceeds and the condition to which Tenant desires to reconstruct, restore and repair the Improvements. If such proceeds are more than sufficient to reconstruct, restore and repair the Improvements to its condition prior to the casualty, the surplus shall belong to and be returned to Tenant; provided, however, that if a monetary Event of Default or Event of Default that could be cured with the payment of money exists at such time, Landlord shall direct such surplus to cure such Event(s) of Default and any surplus remaining after the cure thereof shall be delivered to Tenant. Should Landlord or Tenant terminate this Lease Agreement in accordance with the terms of this Section 13.B., the insurance proceeds shall belong to Landlord and Tenant shall immediately surrender have no claim to such proceeds, except proceeds attributable to the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualtytrade fixtures, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion equipment and personal property of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant provided that in no event shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the any portion of the Premises that is Improvements be considered the trade fixtures, equipment and personal property of Tenant for purposes of such an allocation of proceeds. If Tenant desires any other additional repairs or restoration, and if Landlord consents thereto which consent shall not usable by Tenant from the date of damage until substantial completion be unreasonably withheld, it shall be done at Tenant’s sole cost and expense subject to all of the repairs applicable provisions of this Lease Agreement.
C. Tenant shall not have any right under this Lease Agreement, and restoration required hereby waives all rights under applicable law, if any, to be made xxxxx, reduce or offset Rent by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDreason of any damage or destruction of the Leased Premises by reason of an insured or uninsured casualty.
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Samples: Build to Suit Lease Agreement (Cardiovascular Systems Inc)
Fire and Casualty. (a) If 14.1 In case of any damage to or destruction of the Building or the Leased Premises are damaged by fire or other casualty then occurring during the term of this Lease which is not covered by the insurance required to be carried by Article 9.1, or which cannot be repaired within two hundred ten (210) days from the happening of such casualty, or in the event that less than three (3) months will remain in the Term (inclusive of any exercised renewal options) upon completion of such repair, then, in such event Landlord event, the term hereby created shall, in its sole discretionat the option of either party, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other by certified mail, return receipt requested, within sixty thirty (6030) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage casualty, cease and shall pay all other obligations of Tenant owing on become null and void from the date of termination, and such destruction or damage. Landlord shall notify Tenant shall immediately surrender within thirty (30) days from the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by happening of such fire or other casualtycasualty as to whether or not the Leased Premises can be restored within the aforementioned two hundred ten (210) day period. However, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not if neither party shall elect to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and cancel this Lease shall terminate as of within the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
thirty (c30) In the event the Lease is not terminatedday period hereinabove provided, Landlord shall commence and proceed with reasonable diligence to thereupon repair and restore the Building and/or Leased Premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after said Leased Premises are restored. Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that Landlord shall be obligated to restore the Leased Premises only to the extent of such cost as will be equivalent to the proceeds received by Landlord pursuant to the fire insurance coverage to be provided to Landlord as in Article 9 provided. If the insurance proceeds are not sufficient to restore the Leased Premises to substantially the same condition as existed immediately which they were in prior to the date casualty, then Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created unless Landlord and Tenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this Article, Tenant shall immediately surrender the Leased Premises and Tenant's interest in said Lease to Landlord, and Tenant shall only pay rent to the time of such destruction or damage. All , in which event, Landlord may re-enter and repossess the Leased Premises thus discharged from this Lease and may remove all parties therefrom.
14.2 In the event of any other insured casualty, which shall be repairable within two hundred ten (210) days from the happening of such damage or casualty, Landlord shall repair and restore the Leased Premises with reasonable speed and dispatch, and the rent shall xxxxx abate and be equitably apportioned as the case may be as to any portxxx xf the Leased Premises which shall be unfit for the portion occupancy by Tenant, or which cannot be used by Tenant so as to conduct its business. The payment of rent, however, shall recommence immediately upon restoration of the Premises Leased Premises.
14.3 Nothing hereinabove contained with respect to Tenant's right to abate rent under proper conditions shall be construed to limit or affect Landlord's right to payment under any claim for damages covered by the rent insurance policy pursuant to the contract therefor required to be provided pursuant to Article 9 of this Lease.
14.4 For the purposes of this Article 14, in determining what constitutes reasonable speed and dispatch, consideration shall be given for delays which would be excuses for non-performance as in Article 27 hereinafter provided (Force Majeure).
14.5 In the event of such fire or casualty as above provided, wherein Landlord shall rebuild, Tenant agrees, at its cost and expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property as the same may be required to permit Landlord to expedite rebuilding and/or repair. In any event, Tenant shall assume at its sole risk the responsibility for damage or security with respect to such property in the event the Building area where the same may be located has been damaged, until the Building shall be restored and made secure.
14.6 Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that is wherever reconstruction shall be undertaken, in the event of damage or casualty as in this Article 14 provided, Landlord shall prosecute such reconstruction with reasonable speed and dispatch. In the event, however, such reconstruction or repair shall not usable by Tenant be completed within seven (7) months from the date of such damage until substantial completion or casualty, then, in that event, Tenant shall have the option at the expiration of the repairs seven (7) month period to terminate the Lease by notice in writing by Tenant to Landlord by certified mail, return receipt requested. In the event of such termination, neither party shall thereafter have any further liability, one to the other, in accordance with the terms and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDconditions of the Lease.
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Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render the laboratory substantially untenantable or unfit for occupancy or at least 1/3 of the floor area of the Leased Premises or the Building is untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord or Tenant, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other party within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage and shall pay all other obligations Total Destruction. However, in the event of Tenant owing on Total Destruction if the date of termination, Landlord and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, elect not to rebuild or repair cancel this Lease within the Building (such decision being vested exclusively in 15 day period, the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The Rent shall equitably xxxxx after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of a CO/CA by municipal authorities. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to substantially the same condition as existed immediately they were prior to the date damage or destruction, but not Tenant’s personal property, furnishings, inventory, fixtures or equipment, with reasonable speed and dispatch. Such repairs will not exceed 180 days from the issuance of damagea construction permit. All rent The Rent shall xxxxx for the or shall be equitably apportioned as to any portion of the Leased Premises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The Rent shall recommence immediately upon substantial restoration of the Leased Premises as evidenced by the issuance of a CO/CA by municipal authorities.
11.3 In the event of any casualty caused by an event which is not covered by Landlord’s insurance policy; the Landlord may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant within 15 days of the casualty specifying the election which it chooses to make. Landlord shall be responsible to maintain insurance consistent with other buildings in the Office Park which shall include coverage that is not usable customarily maintained by reasonable landlords of comparable properties in the Cranbury/Princeton market area.
11.4 In the event the Landlord rebuilds, the Tenant from agrees, at its cost and expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property in order to permit Landlord to expedite the date construction. The Tenant shall assume at its sole risk the responsibility for damage to or security of damage until substantial completion such fixtures and equipment in the event that any portion of the repairs Building area has been damaged and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDis not secure.
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Fire and Casualty. (a) If If, the Premises are damaged Building is totally destroyed by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Leasecasualty, or if the Building is damaged so that rebuilding cannot reasonably be completed within one hundred twenty (ii120) working days after the date of written notification by Tenant to Landlord of the destruction, Landlord and Tenant shall have the right to terminate this Lease by giving written notice thereof from one party to the other effective as of the date Landlord received Tenant's written notification of such casualty. If neither Landlord or Tenant provides written notice of its election to terminate this Lease within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time date Landlord received Tenant's written notification of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall not terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence at its sole cost and expense proceed with reasonable diligence to rebuild or repair and restore the Building and/or the Premises to substantially the same condition as they existed immediately prior to the damage, provided, however, Landlord shall have no obligation to restore or repair any alterations or improvements made by either Landlord or Tenant to the Premises at Tenant's cost beyond the Tenant Improvements.
(b) If the Premises are partially damaged by fire or other casualty, and rebuilding or repairs can reasonably be completed within one hundred twenty (120) working days from the date of written notification by Tenant to Landlord of the destruction, this Lease shall not terminate and Landlord will at its sole cost and expense proceed with reasonable diligence to rebuild or repair the Premises to substantially the same condition they existed prior to the damage, provided, however, Landlord shall have no obligation to restore or repair any alterations or improvements made by either Landlord or Tenant to the Premises at Tenant's cost. All If the Premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, the rent payable under this Lease during the period for which the Premises are untenantable shall xxxxx be prorated. In the event Landlord fails to substantially complete the necessary repairs or rebuilding within one hundred twenty (120) working days from the date of written notification by Tenant to Landlord of the destruction, Tenant may terminate this Lease by delivering written notice of termination to the Landlord.
(c) Whenever Landlord shall be required by the terms of this Lease or otherwise to make any improvements or repairs, to furnish any services, to repair or reconstruct the Premises or to fulfill any other obligation hereunder, and Landlord shall be delayed in or prevented from so doing for reasons beyond Landlord's reasonable control, Landlord shall not be deemed thereby to be in default and this Lease and the obligation of Tenant to pay rent hereunder and to perform all of the other covenants and agreements hereunder on the part of Tenant to be performed shall in no way be affected, impaired, or excused, and any time limit herein fixed for Landlord's performance thereof shall be extended by length of delay, if and so long as Landlord's nonperformance, delay or default shall be caused by reason of governmental controls, war, riots or civil disturbances, strikes, labor disputes, power shortages, acts of God, or any other cause beyond Landlord's reasonable control.
(d) To the extent that any portion of the Premises is rendered untenantable due to fire or other casualty, all rent provided hereunder shall xxxxx, proportionately, from the portion of the Premises that is not usable by Tenant from the date of damage so rendered untenantable, until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDrestored as provided above.
Appears in 1 contract
Samples: Lease Agreement (Drugstore Com Inc)
Fire and Casualty. (a) If the Premises are damaged by fire or other casualty and if such damage is not susceptible of repair within 180 days from such casualty (as estimated, as soon as within 30 days after the occurrence of such damage, by an architect of recognized good reputation selected by Landlord, a copy of which estimate shall be promptly delivered to Tenant), then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, at the option of Landlord or (ii) terminate this Lease Tenant exercised by giving written notice thereof to Tenant the other within sixty (60) 30 days after receipt of a certificate of the architect so selected, shall terminate as of the date of such fire or other casualty in which event loss, and Tenant shall pay the rent hereunder apportioned to the time of such damage loss and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) If the damage described above is susceptible of repair within 180 days, or if the damage is not susceptible of repair within 180 days but neither Landlord nor Tenant exercises its option to terminate this Lease, Landlord shall enter and make the necessary repairs without affecting this Lease, but the rent hereunder shall be reduced or abated as shall be equitable, in the good faith judgment of Landlord, until such repairs are made, unless such damage has been so slight that Tenant’s occupancy of the Premises is not materially interfered with, in which case the rent hereunder shall not be abated or reduced. Notwithstanding the foregoing, Landlord shall have the option to terminate this Lease and shall not be obligated to repair the Premises or the Building if the damage is not covered by insurance or if Landlord’s mortgagee applies any material portion of the insurance proceeds to the unpaid balance of its loan.
(c) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) 30 days after such destructionreceipt of the estimate referred to in subparagraph (a), not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenantsuch loss, and the Tenant shall pay rent hereunder apportioned to the date of damage such loss and shall pay all other obligations of Tenant owing on the date of damagetermination, and Tenant shall immediately surrender the Premises to Landlord.
(cd) In Notwithstanding the event the Lease is not terminatedforegoing provisions of this Paragraph 18, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or Tenant agrees that if the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the or any other portion of the Premises that Building is not usable damaged by Tenant fire or other casualty resulting from the date fault or negligence of Tenant or any of its agents, employees, or invitees, then the cost of restoring the damage until substantial completion in excess of any property damage insurance proceeds paid to Landlord (or the repairs and restoration proceeds that Landlord would have received had Landlord carried the insurance required to be made maintained by Landlord pursuant to under this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTLease) shall be repaired at the sole cost and expense of Tenant, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDand there shall be no abatement of rent before or during the repair of such damage.
Appears in 1 contract
Fire and Casualty. (a) If the Premises are or the Building or any substantial part of either is damaged or destroyed by fire or other casualty then in casualty, cause or condition whatsoever, and such event damage or destruction cannot be repaired within nine (9) months, Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting or Tenant may terminate this Lease, by written notice to the other given within thirty (30) days after such damage. If the Premises are damaged or destroyed or access thereto or use thereof is affected by the damage, then termination shall be effective as of the date of such damage; otherwise said termination shall be effective thirty (ii30) days after such notice.
(b) If the Common Areas in the Building are damaged or destroyed by fire or other casualty, cause or condition whatsoever, to such an extent as to substantially interfere with Tenant's use of the Premises or if the Premises or a substantial part thereof are made untenantable, and such damage or destruction cannot be repaired within one hundred twenty (120) days, then Tenant may terminate this Lease by giving written notice thereof to Tenant Landlord within sixty thirty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9030) days after such destructiondamage, not said termination to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate be effective as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of such damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the If this Lease is not terminatedterminated pursuant to SUBSECTION A OR B, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises and/or other common areas (provided that Landlord shall not be required to restore any unleased premises in the Building) to substantially the same condition they were in immediately prior to the happening of the casualty. If such restoration is not substantially completed within nine (9) months after such fire or other casualty, then Tenant shall have the right to terminate this Lease by giving not less than thirty (30) days' prior written notice of its intention to so terminate to Landlord, which notice must be sent within thirty (30) days after the expiration of said nine (9) month period, and this Lease shall terminate as existed immediately of the date specified in such notice with the same effect as if such date were the scheduled expiration date of this Lease. Notwithstanding the foregoing, if Tenant sends such a notice of termination and Landlord, prior to the date of damagetermination specified in such notice, substantially completes such restoration, then Tenant's notice shall be without force or effect and this Lease shall continue in full force and effect. All rent When repairs to the Premises have been completed by Landlord, Tenant shall xxxxx for complete the restoration or replacement of the Premises and all of Tenant's property necessary to permit Tenant's reoccupancy of the Premises, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant's ability to pay such cost (which may include insurance proceeds paid or to be paid to Tenant) prior to Landlord's commencement of repair and restoration of any portion of the Premises.
(d) Notwithstanding SUBSECTIONS A AND B AND C, (i) Landlord shall have no duty to restore, rebuild, or replace Tenant's alterations, personal property, and trade fixtures; and (ii) Landlord's and Tenant's obligations to repair, rebuild, or restore the Building or the Premises or other common areas shall exist only to the extent that insurance proceeds are actually received by Landlord and Tenant in connection with the casualty which gave rise to Landlord's and Tenant's obligations to repair. rebuild, or restore.
(e) Base Rental shall abatx xx proportion to the portion of the Premises that not useable by Tenant as a result of any casualty, as of the date on which the Premises becomes unusable. Landlord shall retain, at Landlord's sole cost and expense, a licensed Florida contractor (reasonably accepted to Tenant) who shall undertake an inspection of the Premises and advise Landlord and Tenant in writing within sixty (60) days of the subject casualty as to what percentage of the Premises is not usable useable by Tenant from the date as a result of damage until substantial completion caused by such casualty. The opinion of such contractor shall be binding on all parties. Landlord shall not be liable to Tenant for any delay in restoring the Premises or any inconvenience or annoyance to Tenant or injury to Tenant's business resulting in any way from such casualty or the repair thereof, Tenant's sole remedy being such right to an abatement of Base Rental.
(f) Landlord and Tenant hereby waive the provisions of any law in effect during the Lease Term relating to the effect upon leases of partial or total destruction of leased property, it being the intention of the repairs and restoration required parties that their respective rights in the event of any damage to or destruction of the Premises shall be made by Landlord pursuant to those specifically set forth in this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDsection.
Appears in 1 contract
Fire and Casualty. (a) 19.1 If the Leased Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice to Landlord. If (i) in Landlord's reasonable opinion the insurance proceeds available to Landlord are not insufficient for restoration, or (ii) in Landlord's reasonable opinion the Building shall be so damaged by fire or other casualty then in that substantial alteration or reconstruction of the Building shall be required (whether or not the Leased Premises shall have been damaged by such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Leasefire or other casualty), or (iiiii) if any mortgagee under a mortgage or deed of trust covering the Building requires that the insurance proceeds payable as a result of said fire or other casualty be used to retire the mortgage debt; then Landlord, at its option, may terminate this Lease by giving written notice thereof to notifying Tenant in writing of such termination within sixty (60) days after the date of such fire damage or other casualty casualty, in which event Tenant the Rent shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate abated proportionately as of the date of damage such damage, based upon the extent the Leased Premises are rendered unfit for occupancy.
19.2 If Landlord does not elect to terminate this Lease as provided in the notice from Landlord to TenantSection 19.1, and the Tenant shall pay rent hereunder apportioned to if repairs have not been commenced within ninety days from the date of such damage and shall pay all other obligations of thereafter completed within nine months (excluding delays caused by force majeure events, as described in Section 10), then Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises may terminate this Lease upon thirty days written notice to Landlord.; provided, however, that if Landlord completes repairs within thirty days' after receipt of Tenant's termination notice (or such longer period of time as it reasonably required because the delays were due to force majeure events), then Tenant's exercise of its termination right shall be void and this Lease shall continue in effect
(c) In 19.3 To the event extent of the Lease is not terminatedinsurance proceeds available to Landlord therefor, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Leased Premises to substantially the same condition as existed in which they were immediately prior to the date fire or other casualty, except that Landlord shall not be required to rebuild, repair or replace any part of damageTenants Alterations, trade fixtures, office supplies and materials, furniture and equipment. All rent Landlord shall xxxxx not be liable for any inconvenience, annoyance, or injury done to the business of Tenant resulting in any way from such damage or the repair thereof, except Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Leased Premises are unfit for occupancy, save for Tenant's fault or negligence described in Section 19.4.
19.4 If the Leased Premises or the Building shall be totally or partially damaged by fire or other casualty resulting from the fault or negligence of Tenant, or its agents, employees, licensees, or invitees, such damage shall be repaired by and at the expense of Tenant (to the extent that such destruction or damage is not covered by the fire and extended coverage insurance carried by Landlord as provided in Section 12), under the direction and supervision of Landlord, and Rent shall continue without abatement.
19.5 The provisions of this Lease, including this Section 19, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Leased Premises, the Building or any other portion of the Premises that is not usable by Tenant from the date of damage until substantial completion Real Property, and any statute or regulation of the repairs State of California, including without limitation, Sections 1932(2) and restoration required 1933(4) of the California Civil Code, with respect to be made by Landlord pursuant any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties and any other statute or regulation, now or subsequently in effect, shall have no application to this ParagraphLease or any damage or destruction to all or any part of the Premises, the Building or any other portion of the Real Property. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant hereby specifically waives all rights to terminate this Lease under said Civil Code sections or any similar provisions of law.
Appears in 1 contract
Samples: Office Lease (Digital Island Inc)
Fire and Casualty. 17.1 Within fifteen (a) If the Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (6015) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on from the date of terminationany fire or casualty including, and Tenant shall immediately surrender without limitation, a force majeure type of event that renders the Premises untenantable, the Tenant to Landlord.
(b) In the event the Building is so badly damaged or injured by give Landlord notice of any fire or other casualty, even though the Premises may Landlord shall obtain from its Architect, or if its Architect shall not be affectedin existence from any AIA architect of reputation in the office-industrial building field, a certification certifying in his opinion the time within which the building can be restored and constructed under standard construction conditions (hereinafter called the "Restoration Time"). Landlord shall promptly deliver such certification to the Tenant (hereinafter referred to as "Landlord's Notice"), and in the event the damage be so substantial that Landlord decidesthe Building cannot be restored within one hundred twenty(120) days from the date of such fire or casualty based on the certified Restoration Time hereinabove referred to, then in that event the Tenant shall have the right within ninety thirty (9030) days after receipt of such destructionnotice to advise Landlord that it elects to terminate the Lease. Except as provided in Section 17.2 hereof, not nothing herein contained, however, shall obligate the Landlord in any event to rebuild or repair restore the Building (such decision being vested exclusively Premises and Landlord shall have the right to terminate the Lease at its sole election in the discretion of Landlord), then in such event the Premises cannot be restored within the one hundred twenty (120) day period. In the event Landlord or Tenant so elects then tenant shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises forthwith, provided that Tenant shall continue to Landlordpay pro-rata Annual Basic Rent and Additional Rent for any portion of the Premises which it continues to occupy and conduct business pending such surrender of the Premises. Rent shall abate frox xxx date of casualty or damage with respect to that portion of the Premises the Tenant cannot occupy for its business purposes until the Premises is restored.
(c) 17.2 In the event the Lease is not terminatedsuch damage or casualty can be restored within 120 days then, Landlord shall commence and proceed with reasonable diligence to diligently repair and restore the Premises, Building and/or and improvements within the Premises to substantially the same condition as existed immediately prior to Restoration Time and during such Restoration Time Annual Basic Rent and Additional Rent shall abate proxxxxxonately from the date of damage. All rent shall xxxxx such damage or casualty during the period of reconstruction for the any portion of the Premises that is which Tenant cannot usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDoccupy.
Appears in 1 contract
Samples: Lease Agreement (Computer Outsourcing Services Inc)
Fire and Casualty. (a) If the Building should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate verbal and written notice thereof to Landlord.
(b) If the Building should be totally destroyed by fire, tornado, or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage at the option of either Landlord or Tenant, this Lease shall terminate, and the Rent shall be abated during the unexpired portion of this Lease effective upon the date of occurrence of such damage.
(c) If the Building should be damaged by any peril that will be wholly compensated (subject to deductibles) by the insurance maintained by Landlord or if Landlord, in its sole discretion, so chooses notwithstanding a deficiency in such proceeds, and if rebuilding or repairs can reasonably be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate, and Landlord shall then proceed with reasonable diligence to rebuild and repair the Building to substantially the same condition in which it existed prior to such damage. Landlord shall not be required, however, to rebuild, repair or replace Tenant's furniture, fixtures, Alterations, inventory or other personal property. If the Leased Premises are untenantable in whole or in part during restoration, the Base Rent payable hereunder OFFICE LEASE AGREEMENT - Page - 20 ---------------------- during the period in which they are untenantable shall be reduced by a dollar amount in proportion to the proportionate share of the square footage of the Leased Premises damaged to the original square footage of the Leased Premises. If Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under the Lease shall then cease. Notwithstanding the foregoing provisions of this Paragraph 18(c), Tenant --------------- agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty then caused by the fault or negligence of Tenant or Tenant's Representatives, Tenant shall have no option to terminate this Lease even if the damage cannot be repaired within one hundred eighty (180) days, and the Rent shall not be abated or reduced before or during the repair period, except to the extent of the amount of business or rent interruption insurance proceeds actually received by Landlord.
(d) Notwithstanding anything herein to the contrary, if the holder (as qualified in Paragraph 17(d) above) of any indebtedness secured by a mortgage or --------------- deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such event Landlord shallindebtedness and the proceeds are so applied, unless Landlord, in its sole discretion, either (i) enter and make discretion shall elect to provide the necessary repairs without affecting this Leasefunds for restoration, then either Tenant or (ii) Landlord shall have the right to terminate this Lease by giving delivering written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned termination to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
within fifteen (b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is imposed. All rights and obligations under this Lease shall terminate then cease. If Landlord does not receive insurance proceeds sufficient for restoration (such as when its mortgagee does not allow the proceeds to be used for such purposes) and if restoration is economically reasonably feasible, Tenant shall have the option of the date of damage in the notice from Landlord supplementing available proceeds to Tenantallow restoration, and the Tenant shall pay rent hereunder apportioned to the date of damage Tenant's actual costs will be reimbursed through a monthly prorata credit against Base Rent after all monthly Operating Costs and shall pay all other obligations of Tenant owing sums due on the date of damage, and Tenant shall immediately surrender the Premises to or under Landlord's mortgage have been paid in full.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Fire and Casualty. (a) If the Premises are damaged by Upon a fire or other casualty then in such event affecting the Building, Landlord, with reasonable diligence, shall restore the Building. Notwithstanding the foregoing, if all or a substantial part of the Premises or the Building is rendered untenantable by reason of fire or other casualty, Landlord shallmay, in at its sole discretionoption, either (i) enter restore the Premises and make the necessary repairs without affecting Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or (ii) terminate this Lease by giving written notice thereof other casualty. If Landlord elects to Tenant within sixty (60) days restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in which event Tenant shall pay the rent hereunder apportioned or to the time Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of such damage and shall pay all other obligations of Tenant owing the Premises which is untenantable on a per diem basis from the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by such fire or other casualtycasualty until Landlord has substantially completed its repair and restoration work, even though provided that Tenant does not occupy such part of the Premises may not be affected, that Landlord decidesduring said period. Notwithstanding anything contained in this Section 12 to the contrary, within ninety (90) 60 days after such destruction, not to rebuild the date of any fire or repair other casualty which renders all or a substantial part of the Premises or the Building (such decision being vested exclusively in the discretion of Landlord)untenantable, then in such event Landlord shall so notify provide to Tenant in writing and Landlord's good faith estimate of the time required by Landlord to restore the Premises. If Landlord's good faith estimate of the time required to restore the Premises exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord within 15 days after delivery of Landlord's good faith estimate, to terminate this Lease shall terminate as of the date of damage in such fire or other casualty. Notwithstanding the notice from Landlord to Tenantforegoing, and the Tenant shall pay rent hereunder apportioned have no right to terminate this Lease if the date of damage and shall pay all fire or other obligations casualty was caused, in whole or in part, by the negligence or intentional misconduct of Tenant owing on the date of damageor Tenant's agents, and Tenant shall immediately surrender the Premises to Landlordemployees, contractors, invitees, subtenants or assigns.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or portions of the building required for Tenant’s use of the Leased Premises untenantable or unfit for occupancy, which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence (“Total Destruction”) then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the Tenant within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction. In such event the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage and shall pay all other obligations of Tenant owing on the date of terminationTotal Destruction. However, and Tenant shall immediately surrender the Premises to Landlord.
(b) In in the event of Total Destruction if the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, shall elect not to rebuild or repair cancel this Lease within the Building (such decision being vested exclusively in 15 day period the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the Leased Premises are substantially restored as evidenced by the issuance of a TCO/CO/CA by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease, but such delays shall not impact Tenant’s rent abatement or termination rights hereunder, if any. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all property insurance proceeds payable as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to substantially the same condition as existed immediately they were prior to the date damage or destruction, but not Tenant’s personal property, furnishings, inventory, fixtures or equipment, with reasonable speed and dispatch. Such repairs will not exceed 180 days from the issuance of damagea construction permit. All rent The Rent shall xxxxx for the or shall be equitably apportioned as to any portion of the Leased Premises that which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business. The Rent shall recommence immediately upon substantial restoration of the Leased Premises as evidenced by the issuance of a TCO/CO/CA by municipal authorities.
11.3 In the event of any casualty to the Leased Premises or portion of the Building required for Tenant’s use of the Leased Premises caused by an event which is not usable covered by Tenant from Landlord’s insurance policy required under this Lease, the date restoration of damage until substantial completion which would cost more than ten percent (10%) of the repairs replacement cost of the Building; the Landlord may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of paragraph 11.2 shall apply. The Landlord shall serve a written notice upon the Tenant within 15 days of the casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to be made forthwith remove any and all of its equipment, fixtures, stock and personal property as needed in order to permit Landlord to expedite the construction. The Tenant shall assume at its sole risk the responsibility for damage to or security of such fixtures and equipment in the event that any portion of the Building area has been damaged and is not secure.
11.5 If the Leased Premises are damaged by any peril and Landlord does not terminate this Lease, then Tenant shall have the option to terminate this Lease if the Leased Premises cannot be, or are not in fact, fully restored by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDtheir prior condition within one hundred eighty (180) days after the damage.
Appears in 1 contract
Fire and Casualty. (a) If 10.2.1 Except as provided in Section 10.2.2, if the Building or the Premises are partially damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though Lessor shall repair and restore the damaged portion of the Building and Premises to substantially their condition prior to such fire or other casualty, except that Lessor shall not be required to repair or restore the Tenant Improvements or any other leasehold improvements installed in the Premises by Lessee, nor shall Lessor be required to expend sums in excess of the insurance proceeds available for such purposes.
10.2.2 If all or a substantial portion of the Premises, the Building or the Common Areas is damaged, destroyed or rendered unfit for occupancy as a result of fire or other casualty, Lessor may not be affectedelect, that Landlord decides, by giving written notice to Lessee within ninety (90) days after such destruction, not the casualty date (i) to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and terminate this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
casualty date; or (cii) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or or the Common Areas. If after such damage or destruction Lessor elects to repair and restore the Building or the Common Areas, and the same shall not have been repaired and restored to substantially their condition prior to the casualty (except for repairs and restoration of the Tenant Improvements or any other leasehold improvements installed in the Building by Lessee or other tenants) within 180 days after the date of giving of Lessor's notice to Lessee (subject to Section 16), either party shall have the right to terminate this Lease, as of the casualty date, by giving written notice to the other within ten (10) days after the expiration of such 180 day period, and the Base Rent and all additional charges shall be prorated as of the date of the casualty.
10.2.3 The Base Rent, until such repairs as Lessor elects to undertake are substantially completed, shall be abated in proportion to the part of the Premises which is not tenantable by Lessee.
10.2.4 If this Lease is not terminated pursuant to substantially Section 10.2.2, Lessee shall as promptly as practicable after the same occurrence of any damage or destruction make such repairs and replacements in the Premises as are necessary to restore Lessee's leasehold improvements, including without limitation Tenant Improvements, to their condition as existed immediately prior to the date occurrence of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDsuch casualty.
Appears in 1 contract
Samples: Office Space Lease Agreement (Able Laboratories Inc)
Fire and Casualty. (a) If the Building should be damaged or destroyed by fire, tornado, or other casualty, Tenant shall give immediate verbal and written notice thereof to Landlord.
(b) If the Building should be totally destroyed by fire, tornado, or other casualty, or if it should be so damaged thereby that rebuilding or repairs cannot reasonably be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, at the option of either Landlord or Tenant, this Lease shall terminate, and the Rent shall be abated during the unexpired portion of this Lease effective upon the date of occurrence of such damage.
(c) If the Building should be damaged by any peril that will be wholly compensated (subject to deductibles) by the insurance maintained by Landlord or if Landlord, in its sole discretion, so chooses notwithstanding a deficiency in such proceeds, and if rebuilding or repairs can reasonably be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate, and Landlord shall then proceed with reasonable diligence to rebuild and repair the Building to substantially the same condition in which it existed prior to such damage. Landlord shall not be required, however, to rebuild, repair, or replace Tenant's furniture, fixtures, Alterations, inventory or other personal property. If the Leased Premises are untenantable in whole or in part during restoration, the Rent payable hereunder during the period in which they are untenantable shall be reduced by untenantable portion in both Tenant and Landlords reasonable discretion. If Landlord should fall to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under the Lease shall then cease. Notwithstanding the foregoing provisions of this Paragraph 18(c), Tenant agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty caused by the fault or negligence of Tenant or Tenant's Representatives, Tenant shall have no option to terminate this Lease even if the damage cannot be repaired within one hundred eighty (180) days, and the Rent shall not be abated or reduced before or during the repair period.
(d) Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such indebtedness, then in such event Landlord shall, in its sole discretion, either (i) enter and make shall have the necessary repairs without affecting this Lease, or (ii) right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is imposed. All rights and obligations under this Lease shall terminate then cease. If Landlord does not receive insurance proceeds sufficient for restoration (such as when its mortgagee does not allow the proceeds to be used for such purposes) and if restoration is economically reasonably feasible, Tenant will have the option of the date of damage in the notice from Landlord supplementing available proceeds to Tenantallow restoration, and the Tenant shall pay Tenant's actual costs will be reimbursed through a monthly prorata credit against rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to beginning after Landlord's mortgage has been paid in full.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Fire and Casualty. (a) If A. In the event of partial damage to or destruction of the Premises are damaged during the term hereof, which does not render the Premises untenantable by fire Lessee, Lessor at its sole cost and expense will, within a reasonable time, restore, repair, replace, rebuild or other casualty then in alter the same to their condition immediately prior to such event Landlord shalldamage or destruction or as near thereto as is reasonably possible. Lessor will be entitled to apply the proceeds of Lessor's insurance coverage to the cost of such restoration and repair.
B. If such damage or destruction is total or renders the Premises untenantable by Lessee and if it does not appear to be feasible, in its sole discretionLessor's determination for Lessor to complete such restoration, either (i) enter repair and make replacement work within "a reasonable period" after the necessary repairs without affecting this Leasedate of such damage or destruction, or (ii) then Lessor will have the right to terminate this Lease by giving delivery of written notice thereof to Tenant Lessee within sixty thirty (6030) days after the date of such damage or destruction.
C. If Lessor plans to restore, repair, and replace the Premises to their condition immediately prior to such damage or destruction, or as near thereto as is reasonably possible, within the reasonable period provided for above, Lessor will deliver its statement to that effect to Lessee within thirty (30) days after the date of such damage or destruction. Upon receipt of said statement, in the event that Lessee determines that, in its opinion, the period for restoration, repair and replacement work is not reasonable, Lessee has the right to terminate this Lease by delivery of written notice thereof to Lessor within fifteen (15) days of receipt by Lessee of said statement from Lessor.
D. Lxxxxx'x xxxigation to restore the Premises is limited in every instance to the insurance proceeds actually paid to it for such purpose as a result of damage or casualty to the Premises. However, Lessor shall restore the Premises to a condition similar to that condition in which the Premises were in prior to the damage or destruction.
E. During any time that any portion of the Premises are untenantable, in whole or in part, the rent provided for herein will abatx, xx proportion to the extent the Premises have become untenantable, from the date the Premises become untenantable. However, if such damage resulted from or was contributed to by the act, fault or neglect of Lessee, Lessee's employees, invitees or agents, there will be no abatement of rent.
F. In case of the initial destruction of the Building by fire or other casualty in which event Tenant shall pay otherwise, or so much thereof that Lessor desires to raze the Building (whether or not the Premises be affected), the rent hereunder apportioned will be paid up to the time of such damage and shall pay all other obligations of Tenant owing on the date of terminationdestruction, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and from thenceforth this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordwill terminate.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Fire and Casualty. (a) If the 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 it should be so damaged thereby that rebuilding or repairs cannot in Landlord's estimation be completed within one hundred eighty (180) days after the date on 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 occurrence of such damage.
(c) If the Building should be damaged by any peril covered by the insurance maintained by Landlord, but only to such extent that rebuilding or repairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate and Landlord shall, to the extent of insurance proceeds received, then proceed with reasonable diligence to rebuild and repair the Building to substantially the same condition in which it existed prior to such damage. Landlord shall not be required, however, 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 Lease Premises by Tenant. If the Leased 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 may be fair and reasonable under all of the circumstances. If Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under this Lease shall then cease. Notwithstanding the foregoing provisions of this subparagraph (c), Tenant agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty then in such event Landlord shallcaused by the fault or negligence of Tenant or Tenant's agents, in its sole discretion, either (i) enter and make the necessary repairs without affecting employees or invitees. Tenant shall have no option to terminate this Lease, even if the damage cannot be repaired within one hundred eighty (180) days, and the Rent shall not be abated or reduced before or during the repair period.
(iid) Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is made. All rights and obligations under this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordthen cease.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Commercial Lease Agreement (Monitronics International Inc)
Fire and Casualty. (a) If less than a Substantial Portion of the Premises are is damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord"Casualty"), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or damaged portion of the Premises to substantially the same condition prior to such Casualty within one hundred eighty (180) days after the date of such Casualty, except that Landlord shall not be required to repair or restore any leasehold improvements installed in the Premises by Tenant. If Landlord fails to repair and restore the Premises within one hundred eighty (180) days after the date of such Casualty, then Tenant may, at any time after expiration of said one hundred eighty (180) day period and before such repair and restoration is completed by Landlord, elect to terminate this Lease by written notice thereof to Landlord or to make or complete such repairs and restoration, and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. To the extent that Landlord fails to reimburse Tenant within ten (10) days from the date Tenant has made a written demand for such reasonable costs, Tenant shall have the right to set off such unreimbursed costs against Rent. Notwithstanding the foregoing, to the extent Landlord's failure to timely repair and restore the Premises is the result of the acts or omissions of Landlord or Landlord's agents, employees or contractors, the exercise by Tenant of the foregoing right to terminate or the right to restore on Landlord's behalf shall not preclude or otherwise prevent Tenant from pursuing any other rights or remedies which are available at law or in equity. If the entire Premises or a Substantial Portion thereof is damaged by a Casualty such that it cannot be restored to substantially its condition prior to such Casualty within one hundred eighty (180) days (as existed immediately determined by mutual agreement of Landlord and Tenant) after the Casualty date, or if the Casualty occurs during the last twelve (12) months of the term of this Lease, or if the insurance proceeds received by Landlord are insufficient to restore the Premises to substantially its condition prior to the Casualty, then either party hereto may elect, by giving written notice to the other within sixty (60) days after the Casualty date, to terminate this Lease. If this Lease has not been terminated by the date of damagesixty (60) days after the Casualty date, then Landlord shall with due diligence repair and restore the Premises to substantially its condition prior to the Casualty. All rent Rent shall xxxxx for the be abated equitably with respect to that portion of the Premises that which is not usable by Tenant rendered untenantable as a result of a Casualty and/or as a result of repair and restoration activities in connection with a Casualty from the date of damage casualty until substantial completion of the repairs and restoration required date on which the Premises have been restored to be made by Landlord substantially its condition prior to such Casualty. If this Lease is not terminated pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTSection 16, MARKED BY BRACKETSTenant shall as promptly as practicable after the occurrence of any damage or destruction make such repairs and replacements in the Premises as are necessary to restore Tenant's leasehold improvements (except the Building Improvements, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDand the Exterior Sign which shall be the responsibility of Landlord as provided above).
Appears in 1 contract
Samples: Lease (Cintech Solutions Inc)
Fire and Casualty. (a) If the Premises are damaged by fire shall be partially or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly totally damaged or injured destroyed by fire or other casualty, even though then whether or not the Premises may damage or destruction shall have resulted from the fault or neglect of Tenant, or its employees, agents or visitors, and if this Lease shall not be affectedhave been terminated as in this Section 14 hereinafter provided, then Landlord shall repair the damage and restore and rebuild the Premises, without limiting the rights of Landlord under any other provisions of this Lease, with reasonable dispatch after notice to it of the damage or destruction; provided, however, that Landlord decidesshall not be required to repair or replace any of Tenant's personal property or any leasehold improvements made after the Commencement Date.
(b) If the Premises shall be partially damaged or partially destroyed by fire or other casualty, then whether or not such fire or damage shall have resulted from the negligence of Tenant, the rents payable hereunder shall be abated to the extent that the Premises shall have been rendered untenantable and are in fact not occupied by Tenant for the period from the date of such damage or destruction to the date the damage shall be repaired or restored. If the Premises or a major part thereof shall be totally (which shall be deemed to include substantially totally) damaged or destroyed and rendered completely (which shall be deemed to include substantially completely) untenantable on account of fire or other casualty, the rents shall abatx xx of the date of the damage or destruction and until Landlord shall repair, restore and rebuild the Building and the Premises; provided, however, that should Tenant reoccupy a portion of the Premises during the period the restoration work is taking place and prior to the date that the same are made in all material respects tenantable, rents allocable to such portion shall be payable by Tenant from the date of such occupancy.
(c) If the Premises shall be totally damaged or destroyed by fire or other casualty, or if the Premises shall be so damaged or destroyed by fire or other casualty as to require a reasonably estimated expenditure of more than forty percent (40%) of the full insurable value of the Building immediately prior to the casualty, or if there shall be damage to the Premises resulting from a risk other than an insured risk to an extent greater than twenty-five percent (25%) of the replacement cost of the Premises above the foundation, then in any such case Landlord may terminate this Lease by giving Tenant notice to such effect within ninety (90) days after such destructionthe date of the casualty. In case of any damage or destruction mentioned in this Section 14, if Landlord has not substantially completed the making of the required repairs and restored and rebuilt the Premises and access thereto for any reason other than Force Majeure Delay or Tenant Delay within three hundred sixty-five (365) days from the date of the commencement of the restoration work, then Tenant may terminate this Lease upon not less than thirty (30) days' written notice to rebuild or repair Landlord given at any time prior to substantial completion of the Building (such decision being vested exclusively restoration work; provided, however, in the discretion of Landlord), then in such event Landlord substantially completes the repairs and restoration of the Premises and access thereto within the thirty (30) day period following Landlord's receipt of Tenant's written notice electing to terminate this Lease, Tenant's termination notice shall so notify Tenant in writing be void and of no force or effect and this Lease shall continue in full force and effect for the remainder of the Term, unless earlier terminated pursuant to any other provision of this Lease. In the case of any damage or destruction to the Premises occurring during the last twelve (12) months of the Term of this Lease, either Landlord or Tenant may terminate this Lease by written notice to the other if Landlord reasonably estimates that more than sixty (60) days shall be required to substantially complete the making of the required repairs and restore and rebuild the Premises.
(d) In the case of any damage or destruction mentioned in Section 14, Landlord, within sixty (60) days after such damage or destruction, or within such longer period as may be reasonably required, shall deliver to Tenant an estimate (the "Estimate") of the time (the "Estimated Time") required to repair or restore the damage or destruction, prepared by an independent contractor or architect selected by Landlord. In addition to Tenant's rights to terminate this Lease as provided in Section 14(c), if the Estimated Time set forth in the Estimate exceeds three hundred sixty-five (365) days from the date of damage in the Estimate, Tenant may terminate this Lease by notice from to Landlord to delivered by Tenant within ten (10) days after Tenant, and 's receipt of the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to LandlordEstimate.
(ce) In the event the Lease is not terminatedNo damages, compensation or claim shall be payable by Landlord shall commence and proceed with reasonable diligence to for inconvenience, loss of business, annoyance or otherwise arising from any repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date or restoration of damage. All rent shall xxxxx for the any portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this ParagraphSection 14(c) above.
(f) Landlord will not carry separate insurance of any kind on Tenant's property or improvements constructed after the Commencement Date, and shall not be obligated to repair any damage thereto or replace the same. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTTenant shall maintain insurance on Tenant's property and on any improvements made after the Commencement Date, MARKED BY BRACKETSand Landlord shall not be obligated to repair any damage thereto or replace the same.
(g) Landlord and Tenant shall each look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty.
(h) Landlord agrees to include in its fire insurance policies appropriate clauses pursuant to which the insurance companies (i) waive all right of subrogation against Tenant with respect to losses payable under such policies and/or (ii) agree that such policies shall not be invalidated should the insured waive in writing prior to a loss any or all right of recovery against any party for losses covered by such policies. Tenant agrees to include in its fire insurance policy or policies on its furniture, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933furnishings, AS AMENDED.fixtures and other property removable by Tenant under the provisions of this Lease appropriate clauses pursuant to which the insurance company or companies (i) waive the right of subrogation against Landlord with respect to losses payable under such policy or policies, and/or (ii) agree that such policy or policies shall not be invalidated should the insured waive in writing prior to a loss any or all right of recovery against any party for losses covered by such policy or policies. Provided that Landlord's right of full recovery under its policy or policies aforesaid is not adversely affected or prejudiced thereby, Landlord hereby waives any and all right of recovery which it might otherwise have against Tenant, its servants, agents and employees, for loss or damage occurring to the Building and the fixtures, appurtenances and equipment therein, to the extent the same is covered by Landlord's insurance, notwithstanding that such loss or damage may result from the negligence or fault of Tenant, its servants, agents or employees. Provided that Tenant's right of full recovery under its aforesaid policy or policies is not adversely affected or prejudiced thereby, Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord, its servants, agents and employees, for loss or damage to Tenant's furniture, furnishings, fixtures and other property removable by Tenant under the provisions hereof to the extent that same is covered by Tenant's insurance, or would have been covered by Tenant's insurance had Tenant complied with Tenant's insurance obligations under this Lease, notwithstanding that such loss or damage may result from the negligence or fault of Landlord, its servants, agents or employees, or such other tenant and the servants, agents or employees thereof. Landlord and Tenant hereby agree to advise the other promptly if the clauses to be included in their respective insurance policies pursuant to this
Appears in 1 contract
Samples: Lease Agreement (Serologicals Corp)
Fire and Casualty. (a) If 14.1 In case of any damage to or destruction of any of the Premises are damaged building or the leased premises by fire or other casualty then occurring during the term of this lease which is not covered by the insurance required to be carried by Article
9.1 ( but Landlord recognizes its obligation to maintain full replacement cost coverage), or which cannot be repaired within one hundred eighty (180) days from the happening of such casualty, then, in such event Landlord event, the term hereby created shall, in its sole discretionat the option of either party, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other by certified mail, return receipt requested, within sixty thirty (6030) days of such fire or other casualty casualty, cease and become null and void from the date of such destruction or damage. However, if neither party shall elect to cancel this lease within the thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the leased premises with reasonable speed and dispatch, and the rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence immediately after the leased premises are restored to substantially the same condition existing prior to such casualty. Landlord, in any event, shall advise Tenant in writing, within the aforementioned thirty (30) day period, as to whether or not the leased premises can be restored within the one hundred eighty (180) day period from the date of such casualty. Anything in this Article 14 to the contrary notwithstanding, it is expressly understood and agreed that the Landlord shall be obligated to restore the leased premises and the building only to the extent of such cost as will be equivalent to the proceeds received by Landlord pursuant to the fire insurance and extended coverage to be provided to Landlord as in Article 9 provided (but Landlord recognizes its obligation to maintain full replacement cost coverage). If the insurance proceeds are not sufficient to restore the leased premises and the building to substantially the same condition which event they were in prior to the casualty, then the Landlord shall have a period of thirty (30) days within which to determine whether to terminate the term hereby created, unless the Landlord and Tenant shall mutually agree to the funding of any such excess construction costs. In the event of cancellation in accordance with this paragraph, the Tenant shall promptly surrender the leased premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay the rent hereunder apportioned to the time of such damage destruction or damage, in which event, the Landlord may re-enter and shall pay repossess the leased premises thus discharged from this lease and may remove all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlordparties therefrom.
(b) 14.2 In the event of any insured casualty which shall be repairable within one hundred eighty (180) days from the Building is so badly damaged happening of such damage or injured by fire or other casualty, even though and which repair and replacement is fully covered by insurance proceeds, the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or leased premises with reasonable speed and dispatch, and the Premises rent shall abate and be equitably apportioned as the case may be as to substantially any portxxx xf the leased premises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant so as to conduct its business. The rent, however, shall accrue and recommence immediately upon restoration of the leased premises.
14.3 Nothing hereinabove contained with respect to the Tenant's right to abate rent under proper conditions shall be construed to limit or afxxxx the Landlord's right to payment from its insurance company under any claim for damages covered by the rent insurance policy pursuant to the contract therefor required to be provided pursuant to Article 9 of this lease.
14.4 For the purposes of this Article 14, in determining what constitutes reasonable speed and dispatch, consideration shall be given for delays which would be excuses for non-performance as in Article 27 hereinafter provided (Force Majeure), but in no event shall the delay cause the excuse of performance for more than sixty (60) days.
14.5 In the event of such fire or casualty as above provided, wherein the Landlord shall rebuild, the Tenant agrees, at its cost and expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property as the same condition as existed immediately prior may be required to permit Landlord to expedite rebuilding and/or repair. In any event, the Tenant shall assume at its sole risk the responsibility for damage or security with respect to such equipment, fixtures, stock and personal property in the event the building area where the same may be located has been damaged, until the building shall be restored and made secure.
14.6 Anything in this Article 14 to the date contrary notwithstanding, it is expressly understood and agreed that wherever reconstruction shall be undertaken, in the event of damagedamage or casualty as in this Article 14 provided, the Landlord shall prosecute such reconstruction with reasonable speed and dispatch. All rent In the event, however, such reconstruction or repair shall xxxxx for the portion of the Premises that is not usable by Tenant be completed within two hundred ten (210) days from the date of such damage until substantial completion or casualty, then, in that event, the Tenant shall have the option at the expiration of the repairs two hundred ten (210) day period to terminate the lease by notice in writing by Tenant to Landlord by certified mail, return receipt requested. In the event of such termination, neither party shall thereafter have any further liability, one to the other, in accordance with the terms and restoration required to conditions of the lease. The Landlord during such period of reconstruction shall give the Tenant reasonable notice of the date on which the leased premises shall be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDready for re-occupancy.
Appears in 1 contract
Samples: Lease Agreement (Andrx Corp)
Fire and Casualty. (a) If Landlord shall at all times during the Premises are damaged term of this Lease carry fire, casualty, and extended coverage insurance on the building, including the structural components (foundations, floors, walls, windows, structural supports, roof, HVAC, electrical systems, and plumbing) thereof. Landlord shall be under no obligation to maintain insurance on any improvements installed by fire or other casualty then in such event for the benefit of Tenant's use of the premises. Landlord shallmay elect to self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems appropriate, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In If the event demised premises shall be damaged, destroyed, or rendered untenantable, in whole or in part, by or as the Building is so badly damaged result or injured by consequence of fire or other casualtycasualty during the term hereof, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant repair and restore the same to a good tenantable condition with reasonable dispatch. During such period of repair, the rent herein provided for in writing and this Lease shall terminate as abatx (x) entirely in case all of the date demised premises are untenantable; and (ii) proportionately if only a portion of damage in the notice demised premises is untenantable and Tenant is able to economically conduct its business from Landlord to Tenantthe undamaged portion of the demised premises. The abatement shall be based upon a fraction, the numerator of which shall be the square footage of the damaged and unusable area of the demised premises and the Tenant denominator shall pay rent hereunder apportioned be the total square footage of the demised premises. Said abatement shall cease at such time as the demised premises shall be restored to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlorda tenantable condition.
(c) In the event the demised premises, because of such damage or destruction, are not repaired and restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord may, at their option, terminate this Lease is not terminatedwithin sixty (60) days following such one hundred fifty (150) day period but prior to the repair and restoration of same by giving prior written notice to the other party and thereupon Landlord and Tenant shall be released from all future liability and obligations under this Lease.
(d) If one-third (1/3) or more of the ground floor area of the demised premises are damaged or destroyed during the last two (2) years of the original or any extended term of this Lease, Landlord shall commence have the right to terminate this Lease by written notice to Tenant within sixty (60) days following such damage or destruction, unless Tenant shall, within thirty (30) days following receipt of such notice, offer to extend the term of this Lease for an additional period of five (5) years from the date such damage or destruction is repaired and proceed restored. If Tenant makes said offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension within thirty (30) days thereafter or Tenant's offer shall not be deemed to prevent Landlord from canceling this Lease. If such terms and conditions have been mutually agreed to by the parties, then Landlord shall accept Tenant's offer and shall repair and restore the demised premises with reasonable diligence dispatch thereafter.
(e) If Landlord is required or elects to repair and restore the Building and/or the Premises to substantially the same condition demised premises as existed immediately prior to the date of damage. All rent herein provided, Tenant shall xxxxx repair or replace its stock in trade, trade fixtures, furniture, furnishings and equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall promptly reopen for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDbusiness.
Appears in 1 contract
Samples: Lease Agreement (Value City Department Stores Inc /Oh)
Fire and Casualty. If the Building or the Premises is damaged and made substantially untenable by fire or other casualty, and Landlord shall determine not to restore the same or not to require Tenant to restore the Premises if Tenant causes the fire or other casualty, Landlord may, by notice to Tenant given within one hundred twenty (a120) If days after such damage, terminate this Lease. Such termination shall become effective as of the date of such damage if the Premises are so damaged, otherwise as of the date one hundred twenty (120) days following the service of such notice of termination. Unless the Lease is terminated as herein above provided, if the Premises are damaged by fire or other casualty then casualty, not caused in such event whole or in part by Tenant, Landlord shall, in its sole discretion, either (i) enter and make shall restore the necessary repairs without affecting this Leasesame substantially to their prior condition, or to a similar condition of substantially equal or better utility, at Landlord's expense, with reasonable promptness. Unless the Lease is terminated as herein above provided, if 50% or more of the Premises are made untenable, (iiother than as a result of fire or casualty caused in whole or in part by Tenant) and if Landlord falls, within one hundred twenty (120) days after Landlord is enabled to take possession of the Premises, to substantially restore the Premises Tenant may terminate this Lease as of the end of said one hundred twenty (120) day period by giving written notice thereof to Tenant within sixty Landlord not later than thirty (6030) days after the expiration of said one hundred twenty (120) day period. During any such period, Landlord will permit Tenant, at no cost to Landlord, to maintain temporary banking quarters about the Premises during any period of rebuilding. Said temporary quarters shall in no way interfere with any construction and repair work and shall not interfere with the operation of the "Cyclery" east of the Tenant's space. If the Premises are damaged or destroyed by fire or other casualty caused in which event Tenant whole or in part by Tenant, and if Landlord does not elect to terminate this Lease as aforesaid, this Lease shall remain in full force and effect and Tenant's obligations to pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations sums hereunder shall continue unabated. In such event, Tenant promptly and diligently shall restore the Premises (in accordance with the other provisions of Tenant owing this Lease, including, but not limited to, the Section on "Alterations"); or, at Landlord's election, Landlord may restore the date of terminationPremises, and Tenant shall immediately surrender pay all costs incurred in connection therewith, including fifteen percent (15%) of the Premises to total restoration cost for Landlord.
(b) 's administrative expense. In the event of termination of this Lease pursuant to this Section XII, rent shall be prorated on a per diem basis and shall be paid to the Building is so badly damaged or injured by date of the fire or other casualty, even though unless a portion of the Premises may not shall be affectedrentable and reasonably accessible, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord which case rent shall so notify Tenant in writing be prorated on a per diem basis and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned be payable to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the termination. If this Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore terminated in the Building and/or event of a fire or other casualty but the Premises to substantially the same condition as existed immediately prior to the date of damage. All are rendered wholly untenable or are not reasonably accessible, rent shall xxxxx for the portion of the Premises that is not usable by Tenant on a per diem basis from the date of damage the fire or other casualty until substantial completion the Premises are ready for occupancy and reasonably accessible to Tenant. If part of the Premises are rendered untenable, rent shall be prorated on a square footage basis in accordance with the part of the Premises which is usable by Tenant (as measured by Landlord) until termination or the damaged part is ready for Tenant's occupancy as the case may be. In all cases, due allowance shall be made for delays caused by adjustment of the insurance claim, strikes, labor difficulties, material shortages, weather conditions, and any other causes beyond Landlord's reasonable control; and in no case shall Landlord be liable to Tenant, shall Tenant be entitled to terminate this Lease or shall Tenant be relieved of any obligation (other than as expressly provided above) by virtue of any delay in completing repairs and restoration restoration. Notwithstanding anything to the contrary herein set forth, there shall be no rent abatement or proration if the loss or damage is due to the fault, neglect or violation of any provision of this Lease by Tenant or its employees, agents, contractors, customers or invitees; and in no event shall Landlord be required to be made repair or restore any decorating, installations, alterations, additions or improvements in or to the Premises which were not provided initially by Landlord pursuant at its cost. Landlord covenants to this Paragraphmaintain adequate casualty insurance covering the Building, with replacement cost endorsement. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant should have the right to self-insure with respect to plate glass replacement.
Appears in 1 contract
Fire and Casualty. If less than a Substantial Portion (aor defined in the last paragraph of this Section) If of the Premises are is damaged by fire or other casualty, Landlord shall repair and restore the damaged portion of the Premises with the proceeds of insurance required to be maintained under this Lease to substantially the same condition prior to such fire or other casualty then in within two hundred seventy (270) days after the date of such event destruction or damage, except that Landlord shall, in its sole discretion, either (i) enter and make shall not be required to repair or restore the necessary repairs without affecting this LeaseTenant Improvements, or (ii) terminate any other leasehold improvements installed in the Premises by Tenant. If Landlord fails to repair and restore the Premises with the proceeds of insurance required to be maintained under this Lease within two hundred seventy (270) days after the date of such damage or destruction, subject to reasonable extension for Force Majeure, then Tenant may elect to make or complete such repairs and Landlord shall reimburse Tenant promptly upon demand for the reasonable costs thereof. If the entire Premises or a Substantial Portion thereof is damaged such that they cannot be reasonably restored to substantially their condition prior to such casualty within twelve (12) months after the casualty date, or if the casualty occurs during the last twelve (12) months of the term of this Lease (including any outstanding Renewal Terms exercised by Tenant) then Landlord or Tenant may elect, by giving written notice thereof to Tenant the other party within sixty (60) days of such fire or other after the casualty in which event Tenant shall pay the rent hereunder apportioned date, to the time of such damage and shall pay all other obligations of Tenant owing on terminate this Lease. If this Lease has not been terminated by the date of terminationsixty (60) days after the casualty date, then Landlord shall with due diligence repair and Tenant shall immediately surrender restore the Premises to Landlord.
(b) In substantially their condition prior to the event casualty with the Building is so badly damaged or injured by fire or other casualty, even though proceeds of insurance required to be maintained under this Lease. If Landlord fails to repair and restore the Premises as specified above within twelve (12) months after the casualty date with the proceeds of insurance, subject to reasonable extension for Force Majeure, then, in addition to any other remedy available at law or equity, Tenant may not be affected, that Landlord decides, within ninety (90) days after such destruction, not elect to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and terminate this Lease by written notice to Landlord. If this Lease is terminated in accordance with this Section 16, Rent shall terminate be prorated as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the casualty. If this Lease is not terminatedterminated pursuant to this Section 16, Landlord Tenant shall commence as promptly as practicable after the occurrence of any damage or destruction and proceed with reasonable diligence Landlord’s completion of its repairs and restorations make such repairs and replacements in the Premises as are necessary to repair and restore the Building and/or Tenant Improvements and other leasehold improvements previously installed by Tenant. Further, Base Rent shall be equitably abated during the Premises to substantially the same condition as existed immediately prior period of Landlord’s and Tenant’s restoration work to the date of damage. All rent shall xxxxx for the portion extent of the Premises that is are not usable reasonably occupiable by Tenant, provided Tenant from shall have a maximum of sixty (60) days to complete Tenant Improvements after Landlord delivers the date of damage until substantial completion Premises to Tenant with Landlord Improvements completed. A “Substantial Portion” of the repairs Premises for the purposes of Sections 15 and restoration required 16 of this Lease shall be deemed to be made mean that Tenant is unable to (i) use fifty percent (50%) or more of the space in the Building for the operation of Tenant’s business at the Premises, or (ii) as to Section 15, both of the access curb cuts from Innovation Way to the Land are closed or more than thirty percent (30%) of the parking spaces for the Premises are taken and no longer available for use by Tenant, and Landlord pursuant fails to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDprovide reasonable replacement parking or access within a reasonable time.
Appears in 1 contract
Samples: Lease Agreement (AtriCure, Inc.)
Fire and Casualty. (a) If the Premises are damaged by Upon a fire or other casualty then in such event affecting the Premises or the Building, Landlord, with reasonable diligence, shall restore the Premises or the Building, as applicable. Notwithstanding the foregoing, if 25% or more of the rentable area of the Premises or all or a substantial part of the Building is rendered untenantable by reason of fire or other casualty, Landlord shallmay, in at its sole discretionoption, either (i) enter restore the Premises and make the necessary repairs without affecting Building, or terminate this Lease effective as of the date of such fire or other casualty. Landlord agrees to give Tenant written notice within 60 days after the occurrence of any such fire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, Rent shall be paid through and apportioned as of the date of such fire or (ii) terminate this Lease by giving written notice thereof other casualty. If Landlord elects to Tenant within sixty (60) days restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the Premises existing as of the date of such fire or other casualty which were made at Landlord's expense and shall exclude any furniture, equipment, fixtures, additions, alterations or improvements in which event Tenant shall pay the rent hereunder apportioned or to the time Premises which were made at Tenant's expense. If Landlord elects to restore, Rent shall xxxxx for that part of such damage and shall pay all other obligations of Tenant owing the Premises which is untenantable (as defined in Section 5F) on a per diem basis from the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by such fire or other casualtycasualty until Landlord has substantially completed its repair and restoration work, even though provided that Tenant does not occupy such part of the Premises may not be affected, that Landlord decidesduring said period. Notwithstanding anything contained in this Section 12 to the contrary, within ninety (90) 60 days after such destruction, not to rebuild the date of any fire or repair other casualty which renders all or a substantial part of the Premises or the Building (such decision being vested exclusively in the discretion of Landlord)untenantable, then in such event Landlord shall so notify provide to Tenant in writing and Landlord's good faith estimate of the time required by Landlord to restore the Premises ("Landlord's Restoration Estimate"). If Landlord's Restoration Estimate exceeds 270 days from the date of such fire or casualty, then Tenant shall have the right, exercisable by written notice to Landlord within 15 business days after delivery of Landlord's Restoration Estimate, to terminate this Lease shall terminate as of the date of damage in the notice from such fire or other casualty. Furthermore, if neither party elects to terminate this Lease as provided above and Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises fails to substantially complete the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion restoration of the Premises that is not usable within the time period set forth in Landlord's Restoration Estimate (subject to delays caused by or attributable to Tenant from or its agents, employees or contractors or to events of the date of damage until type described in Section 25I), as Tenant's sole and exclusive remedy for such delay in substantial completion of the repairs and restoration required restoration, Tenant shall have the right, exercisable by written notice to be made Landlord within 15 business days after the expiration of the time period set forth in Landlord's Restoration Estimate, to terminate this Lease as of the date of such fire or other casualty. Notwithstanding the foregoing, Tenant shall have no right to terminate this Lease if the fire or other casualty was caused, in whole or in part, by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTthe negligence or intentional misconduct of Tenant or Tenant's agents, MARKED BY BRACKETSemployees, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933contractors, AS AMENDEDinvitees, subtenants or assigns.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Fire and Casualty. (a) The Contributors shall cause the Project Entities ----------------- to maintain in effect until the Closing Date all insurance policies currently in force with respect to the Completed Properties including liability insurance and fire and extended coverage insurance. If at any time prior to the Premises are Closing Date any portion of any of the Completed Properties is destroyed or damaged by as a result of fire or any other casualty then in such event Landlord shall(a "Casualty"), in the Contributors shall -------- promptly give written notice (a "Casualty Notice") thereof to the Partnership. --------------- If a Completed Property is the subject of a Casualty, the Partnership shall have the right, at its sole discretionoption, either of terminating this Agreement (by written notice to the Contributors given within thirty (30) days after receipt of the Casualty Notice from the Contributors) as to that Completed Property unless:
(A) (i) enter all such damage or destruction is repaired at the sole cost and make expense of the necessary repairs without affecting this LeaseContributors prior to Closing to substantially the condition existing immediately prior to such damage or destruction, or (ii) the cost to fully repair or restore such damage is less than Two Hundred Fifty Thousand Dollars ($250,000) and either (x) insurance proceeds sufficient to restore fully such damage are available and the insurance company issuing the Contributors' insurance policies has confirmed in writing prior to the expiration of such thirty (30) day period that such Casualty is covered by such policies and that no defense to payment of the claim on account thereof exists, or (y) the Contribution Value of that Completed Property is reduced by an amount equal to the deficiency in any insurance proceeds described in clause (x); and (B) such Casualty (i) does not result in any Tenant terminating its Lease or asserting a right to terminate its Lease, and (ii) would not entitle any Tenant to terminate its Lease after Closing if such Tenant has not waived such right as of Closing. If a Casualty Notice is given to the Partnership less than thirty (30) days prior to Closing, at the Partnership's option Closing shall be postponed to a date not earlier than thirty (30) days after the Partnership's receipt of the Casualty Notice. If the Partnership terminates this Agreement pursuant to this Section as to a Completed Property, then this Agreement shall terminate and the parties hereto shall have no further rights or obligations hereunder as to that Completed Property, except for those obligations which by their express provisions are to survive termination. If the Partnership does not terminate this Lease by giving written notice thereof Agreement as to Tenant within sixty (60) days that Completed Property, the proceeds of such fire or other casualty in which event Tenant any insurance with respect to that Completed Property paid between the date of this Agreement and the Closing Date, shall pay be paid to the rent hereunder apportioned to Partnership at the time of such Closing and all unpaid claims and rights in connection with property damage and to that Completed Property shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned assigned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to LandlordPartnership at Closing.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Contribution Agreement (Weeks Corp)
Fire and Casualty. (a) If the Premises are damaged by fire or other casualty and if such damage is not susceptible of repair within 180 days (as estimated, as soon as reasonably practicable after the occurrence of such damage, by an architect of recognized good reputation selected by Landlord), then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease at the option of Landlord exercised by giving reasonable written notice thereof to Tenant within sixty (60) 30 days after receipt of a certificate of the architect so selected, shall terminate as of the date of such fire or other casualty in which event loss, and Tenant shall pay the rent hereunder apportioned to the time of such damage loss and shall pay all other undisputed obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) If the damage described above is susceptible of repair within 180 days, or if the damage is not susceptible of repair within 180 days but Landlord fails to exercise its option to terminate this Lease, Landlord shall enter and make the necessary repairs without affecting this Lease, but the rent hereunder shall be reduced or abated as shall be equitable, in the good faith judgment of Landlord, until such repairs are made, unless such damage has been so slight that Tenant's occupancy of the Premises is not materially interfered with, in which case the rent hereunder shall not be abated or reduced. Notwithstanding the foregoing, Landlord shall have the option to terminate this Lease and shall not be obligated to repair the Premises or the Building if the damage is not covered by insurance or if Landlord's mortgagee applies any portion of the insurance proceeds to the unpaid balance of its loan.
(c) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) 90 days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so reasonably notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenantsuch loss, and the Tenant shall pay rent hereunder apportioned to the date of damage such loss and shall pay all other undisputed obligations of Tenant owing on the date of damagetermination, and Tenant shall immediately surrender the Premises to Landlord.
(cd) In Notwithstanding the event the Lease is not terminatedforegoing provisions of this Paragraph 18, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or Tenant agrees that if the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the or any other portion of the Premises that Building is not usable damaged by Tenant fire or other casualty resulting from the date fault or negligence of Tenant or any of its agents, employees, or invitees, then the cost of restoring the damage until substantial completion in excess of any property damage insurance proceeds paid to Landlord shall be repaired at the repairs sole cost and restoration required to expense of Tenant, and there shall be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDno abatement of rent before or during the repair of such damage.
Appears in 1 contract
Fire and Casualty. (a) If the Premises are and/or the Building shall be damaged or destroyed by fire or other casualty then in casualty, and if it appears that the Premises and/or the Building may be repaired or restored within one hundred eighty (180) days after such event damage, and provided the Landlord's mortgagees allow sufficient insurance proceeds for the cost of said repair or restoration, the Landlord shallshall commence to repair or restore the Premises and/or the Building as soon as reasonably possible and diligently complete said repairs and restoration with reasonable promptness. Notwithstanding anything to the contrary herein contained, in its sole discretionLandlord shall have no duty pursuant to this Section 19. to repair or restore any portion of the alterations, either (i) enter and make the necessary repairs without affecting this Leaseadditions, or improvements in the Premises or the decorations thereto, except to the extent that same were provided by Landlord at Landlord's cost, i.e., the Tenant Improvements. If Tenant wants any other or additional repairs, restorations, additions, or alterations, and if Landlord consents thereto, the same shall be done by Landlord at the Tenant's expense. If the damage renders the Premises untenantable in whole or in part and it cannot reasonably be repaired or restored within one hundred eighty (ii180) days after the damage, or if Landlord elects to demolish the Building or cease its operation, then Landlord shall have the right to cancel and terminate this Lease as of the date of such damage by giving written notice thereof to Tenant at any time within sixty (60) days after such damage shall have occurred. If the damage had not been caused by the intentional act or neglect of such fire the Tenant, and if this Lease was not cancelled or other casualty terminated in which event Tenant accordance with the provisions in this Section 19., then Rental shall pay xxxxx during the rent hereunder apportioned to period beginning with the time date of such damage and shall pay all other obligations of Tenant owing on ending with the date of termination, and Tenant shall immediately surrender when the Premises and/or the Building are again rendered tenantable; however such abatement shall be limited to Landlord.
(b) the ratio that the untenantable portion of the Premises bears to the entirePremises, should only a portion of the Premises be untenantable. In the event the Building Premises is so badly damaged not restored or injured repaired within one hundred and eighty (180) days, the Tenant shall have the right to terminate the Lease upon notice to the Landlord. Should the damage be caused by fire the intentional or other casualtywilful acts of the Tenant or its agents or employees, even though Rental shall not xxxxx nor shall the Tenant have a right to cancel this Lease, and the Tenant shall continue to be liable therefor regardless that the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordhabitable.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Lease Agreement (Delphi Information Systems Inc /De/)
Fire and Casualty. If all or any part of the Premises is damaged by fire, the elements or any other casualty, Tenant shall give immediate written notice thereof to Landlord.
a. Except as provided in this Section 12, if fire or other casualty renders the whole or any material part of the Premises untenantable and Landlord determines (ain Landlord's reasonable discretion) If that it can make the Premises tenantable within 180 days after the date of the casualty, then Landlord will notify Tenant that Landlord will repair and restore the Premises to as near their condition prior to the casualty as is reasonably possible within the 180-day period (subject to delays caused by Tenant or matters not within the reasonable control of Landlord). Landlord will provide the notice within 45 days after the date of the casualty. In such case, this Lease shall remain in full force and effect, but Base Rent for the period during which the Premises are damaged untenantable shall abate proportionately.
b. If fire or other casualty renders the whole or any material part of the Premises untenantable and Landlord determines (in Landlord's reasonable discretion) that it cannot make the Premises tenantable within 180 days after the date of the casualty, then Landlord will so notify Tenant within 45 days after the date of the casualty and may, in such notice, terminate this Lease effective on the date of Landlord's notice.
c. If Landlord does not terminate this Lease as provided in this subsection, or if Landlord fails to notify Tenant of its election to rebuild or repair under Section 12a within 45 days after the casualty, Tenant may terminate this Lease by notifying Landlord within 60 days after the date of the casualty.
d. Notwithstanding any contrary language in this Section 12, if this Section 12 obligates Landlord to repair damage to the Premises caused by fire or other casualty then in such event and Landlord shall, in its sole discretion, either (i) enter and make does not receive sufficient insurance proceeds to repair all of the necessary repairs without affecting this Leasedamage, or (ii) if Landlord's lender does not allow Landlord to use sufficient proceeds to repair all of the damage, then Landlord, at Landlord's option, by notifying Tenant within 90 days after the casualty, may terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing effective on the date day of termination, and Tenant shall immediately surrender the Premises to Landlord's notice.
(b) In the event the Building e. If this Lease is so badly damaged or injured by not terminated under Sections 12.b. through 12.d. following a fire or other casualty, even though then Landlord will repair and restore the Premises may to as near their condition prior to the fire or other casualty as is reasonably possible with all commercially reasonable diligence and speed (subject to delays caused by Tenant or matters not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion reasonable control of Landlord).
f. In the event such destruction or damage shall make the Premises uninhabitable, then all Base Rent paid in such event Landlord advance shall so notify Tenant in writing be apportioned and this Lease shall terminate rebated as of the date of the destruction or damage in the notice from Landlord to Tenant, and the Tenant Base Rent thereafter accruing shall pay rent hereunder apportioned be equitably and proportionately suspended and adjusted according to the date nature, extent and duration of damage and shall pay all other obligations of Tenant owing on the date of destruction or damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In pending completion of repairs, except that in the event the Lease destruction or damage is so extensive as to make it unfeasible for Tenant to conduct its business on the Premises, Base Rent shall be completely abated until Tenant resumes the conduct of its business on the Premises or 30 days after the repairs are complete, whichever event first occurs. Such adjustment, suspension or abatement of Base Rent shall not terminatedextend beyond the period of coverage nor reduce the amount otherwise payable hereunder by more than the amount of the rent-loss and rental value insurance then in effect pursuant to Section 9 hereof, it being the intention that Landlord shall commence and proceed with reasonable diligence continue to repair and restore receive full rental payments from Tenant or such insurer throughout the Building and/or the Premises to substantially the same condition as existed immediately prior to the date period of damageany such work. All rent In no event shall xxxxx Additional Rent be abated.
g. Landlord shall not be responsible for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTrepairing or restoring Tenant's leasehold improvements, MARKED BY BRACKETSpersonal property, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDmachinery or equipment.
Appears in 1 contract
Fire and Casualty. (a) If all or a substantial part of the Premises are damaged or the Building is rendered untenantable by reason of fire or other casualty then in such event casualty, Landlord shallmay, in at its sole discretionoption, either (i) enter restore the Premises and make the necessary repairs without affecting this LeaseBuilding, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days effective as of the date of such fire or other casualty in which event casualty. Landlord agrees to give Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, written notice within ninety (90) days after the occurrence of any such destructionfire or other casualty designating whether Landlord elects to so restore or terminate this Lease. If Landlord elects to terminate this Lease, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord Rent shall so notify Tenant in writing be paid through and this Lease shall terminate apportioned as of the date of damage such fire or other casualty. If Landlord elects to restore, Landlord's obligation to restore the Premises shall be limited to restoring those improvements in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to Premises existing as of the date of damage such fire or other casualty which were made at Landlord's expense and shall pay all other obligations of Tenant owing on the date of damageexclude any furniture, and Tenant shall immediately surrender equipment, fixtures, additions, alterations or improvements in or to the Premises which were made at Tenant's expense. If Landlord elects to Landlord.
(c) In the event the Lease is not terminatedrestore, Landlord Rent shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion abatx xxx that part of the Premises that which is not usable by Tenant untenantable on a per diem basis from the date of damage such fire or other casualty until substantial completion Landlord has substantially completed its repair and restoration work, provided that Tenant does not occupy such part of the repairs Premises during said period. Notwithstanding the foregoing, there shall be no abatement of Rent or Tax Escalation or Expense Escalation by reason of any portion of the Building being unusable or inaccessible for a period equal to five (5) consecutive business days or less. If the cause of the damage or destruction is an earthquake or a flood, Tenant shall be entitled to an abatement of rent only when and restoration required to be made if Landlord receives reimbursement for such rent from insurance proceeds, if any. If such damage or destruction occurs as a result of the negligence or the intentional acts of Tenant or Tenant's employees, agents, contractors or invitees, and the proceeds of insurance which are actually received by Landlord pursuant are not sufficient to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENTpay for the repair of all of the damage, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.Tenant
Appears in 1 contract
Samples: Office Lease (Hanover Capital Mortgage Holdings Inc)
Fire and Casualty. (a) A. In the event of a fire or other casualty in the Leased Premises, Tenant shall immediately give notice thereof to Landlord. If the Leased Premises shall be partially destroyed by fire or other casualty so as to render the Leased Premises untenantable in whole or in part, Rent shall xxxxx thereafter as to the portion of the Leased Premises rendered untenantable until such time as the Leased Premises are made tenantable as reasonably determined by Landlord and Landlord agrees to commence and prosecute such repair work promptly and with all due diligence; provided, however, in the event such destruction (i) results in total or substantial damage to or destruction of the Building and Landlord shall decide not to rebuild or (ii) results in the Leased Premises being untenantable in whole or in substantial part and the reasonable estimation of a responsible contractor selected by Landlord as to the amount of time necessary to rebuild or restore such destruction to the Leased Premises and all other portions of the Building exceeds six (6) months from the time such work is commenced, then in either event, Landlord shall have a right to terminate this Lease Agreement effective as of the date of casualty or destruction, and upon such termination, all Rent owed up to the time of such destruction or termination shall be paid by Tenant. Subject to reasonable delays for insurance adjustments, Landlord shall give Tenant written notice of its decisions, estimates or elections under this Section 13 within sixty (60) days after any such damage or destruction. If any portion of Rent is abated under this Section 13, Landlord may elect to extend the expiration date of the Term of this Lease Agreement for the period of the abatement.
B. Notwithstanding anything in this Lease Agreement to the contrary, if the Leased Premises are damaged by fire or other casualty then resulting from the fault or negligence of Tenant, or the agents, employees, licensees, customers or invitees of Tenant, such damage shall be repaired by and at the expense of Tenant under the direction and supervision of Landlord, and Rent shall continue without abatement.
C. Notwithstanding anything contained in such event Landlord shallthis Section 13, in its sole discretionno event shall Landlord be required to expend more to reconstruct, either (i) enter restore and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively than the amount actually received by Landlord from the proceeds of the property insurance carried by Landlord and Landlord shall have no duty to repair or restore any portion of any alterations, additions, installation or improvements in the discretion Leased Premises or the decorations thereto except to the extent that the proceeds of the insurance carried by Tenant are timely received by Landlord). If Tenant desires any other additional repairs or restoration, then in such event and if Landlord consents thereto, it shall be done at Tenant’s sole cost and expense subject to all of the applicable provisions of this Lease Agreement. Tenant acknowledges that Landlord shall so notify Tenant in writing and be entitled to the full proceeds of any insurance coverage whether carried by Landlord or Tenant, for damage to any alterations, addition, installation, improvements or decorations which would become the Landlord’s property upon the termination of this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to LandlordAgreement.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Lease Agreement
Fire and Casualty. (a) If 13.1 In case of any damage to or destruction to the Premises are damaged leased premises by fire or other casualty then casualty, tantamount to substantial destruction, so that Tenant cannot use its leased premises for its intended business purposes, occurring during the term of this lease which is not covered by the insurance required to be carried by Article 8, or which cannot be repaired within ninety (90) days from the happening of such casualty, then, in such event Landlord event, the term hereby created shall, in its sole discretionat the option of either party, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to Tenant the other by certified mail, return receipt requested, within sixty thirty (6030) days of such fire or casualty, cease and become null and void from the date of such destruction or damage. The party terminating shall certify to the other casualty in connection with its notice such facts upon which event it has determined that reconstruction of the building cannot be accomplished within the ninety (90) day period hereinabove provided. In such event, the Tenant shall immediately surrender the leased premises and the Tenant's interest in said lease to the Landlord, and the Tenant shall only pay the rent hereunder apportioned to the time of such destruction or damage in which event, the Landlord may re-enter and repossess the leased premises thus discharged from this lease and may remove all parties therefrom. However, if neither party shall pay all other obligations of Tenant owing on elect to cancel this lease within the thirty (30) day period hereinabove provided, the Landlord shall thereupon repair and restore the leased premises to its condition existing prior to such casualty with reasonable speed and dispatch, and the rent shall not be accrued after said damage from the date of terminationon which Tenant is unable to use its Leased Premises for its intended business purposes, and Tenant while the repairs and restorations are being made, but shall recommence immediately surrender the Premises to Landlordafter said premises are restored and a certificate of occupancy issued.
(b) 13.2 In the event the Building is so badly damaged or injured by fire or of any other insured casualty, even though the Premises may not which shall be affected, that Landlord decides, repairable within ninety (90) days after from the happening of such destructiondamage or casualty, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or leased premises with reasonable speed and dispatch, and the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the abate and be equitably apportioned xx xhe case may be as to any portion of the Premises that is leased premises which shall be unfit for occupancy by the Tenant, or which cannot usable be used by the Tenant so as to conduct its business substantially in the same manner as conducted by Tenant prior to such fire or casualty as shall be determined by the reasonable judgment of the Tenant. The rent, however, shall accrue and recommence immediately upon restoration of the leased premises and delivery of the Certificate of Occupancy by Landlord to Tenant.
13.3 Nothing hereinabove contained with respect to the Tenant's right to abate rent as in this Article 13 pxxxxxed shall be construed to limit or affect the Landlord's right to payment under any claim for damages covered by the rent insurance policy pursuant to the contract therefor required to be provided pursuant to Paragraph 8 of this lease.
13.4 For the purposes of this Paragraph 13, in determining what constitutes reasonable speed and dispatch, consideration shall be given for delays which would be excuses for non-performance as in Paragraph 23 hereinafter provided (Force Majeure).
13.5 In the event of such fire or casualty as above provided, wherein the Landlord shall rebuild, the Tenant agrees, at its cost and expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property as the same may be required to permit Landlord to expedite rebuilding and/or repair. In any event, the Tenant shall assume at its sole risk the responsibility for damage or security with respect to such fixtures and equipment in the event the Building area where the same may be located has been damaged, until the Building shall be restored and made secure. The Landlord agrees, however, that it will cooperate with Tenant in order to take all reasonable steps to protect and/or make secure Tenant's fixtures, goods or equipment during such period of reconstruction.
13.6 Anything in this Article 13 to the contrary notwithstanding, it is expressly understood and agreed that wherever reconstruction shall be undertaken, in the event of damage or casualty as in this Article 13 provided, the Landlord shall prosecute such reconstruction with reasonable speed and dispatch. In the event, however, such reconstruction or repair shall not be completed within ninety (90) days from the date of damage until substantial completion casualty (such time period of ninety (90) days shall be extended for such reasonable period of time as is required by reasons of Force Majeure or if occasioned by default on the part of the repairs Tenant) then, in that event, the Tenant shall have the option at the expiration of the ninety (90) day period (as the same may be extended as hereinabove provided) to terminate the lease. In the event of such termination, neither party shall have any further liability, one to the other, in accordance with the terms and conditions of the lease. The Landlord during such period of reconstruction shall give the Tenant reasonable notice at least thirty (30) days in advance of the date on which the Building shall be ready for re-occupancy. Rent shall recommence upon restoration required to be made of the leased premises and delivery of the Certificate of Occupancy by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDTenant.
Appears in 1 contract
Fire and Casualty. (a) If 11.1 In case of any damage to or destruction of any portion of the Building of which the Leased Premises are damaged is a part by fire or other casualty occurring during the term of this Lease (or prior thereto), which shall render at least 1/3 of the floor area of the Leased Premises or the building untenantable or unfit for occupancy (“Total Destruction”), which damage cannot be repaired within 180 days from the happening of such casualty, using reasonable diligence, as determined in a report prepared by an independent engineer, then in such event Landlord the term hereby created shall, in its sole discretionat the option of the Landlord, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving upon written notice thereof to the Tenant within sixty (60) 15 days of such fire or other casualty in which casualty, cease and become null and void from the date of such Total Destruction unless within fifteen (15) days of Landlord’s notice of Total Destruction Tenant sends notice to Landlord that it elects to continue the Lease notwithstanding the fact that the Leased Premises cannot be repaired within 180 days. In the event of the termination, the Tenant shall immediately surrender the Leased Premises to the Landlord and this Lease shall terminate. The Tenant shall only pay the rent hereunder apportioned Rent to the time of such damage and shall pay all other obligations of Tenant owing on the date of terminationTotal Destruction. However, and Tenant shall immediately surrender the Premises to Landlord.
(b) In in the event of Total Destruction if the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (90) days after such destruction, shall elect not to rebuild or repair cancel this Lease within the Building (such decision being vested exclusively in 15 day period the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within 180 days, or if Tenant sends notice to Landlord that it elects to continue the Lease, Landlord shall repair and restore the Building to substantially the same condition as it was prior to the damage or destruction, with reasonable speed and dispatch, and in all events within the timeframe stated in the independent engineer’s report. The Rent shall not be accrued after said damage or while the repairs and restorations are being made, but shall recommence upon 30 days notice from Landlord that the Leased Premises are substantially restored as evidenced by the issuance of a CO by municipal authorities. In any case where Landlord must restore, consideration shall be given for delays under the Force Majeure paragraph in this Lease. Whether or not this Lease has been terminated as a result of a casualty, in every instance, all insurance proceeds payable under policies of insurance carried by Landlord as a result of damage or destruction to the Building shall be paid to Landlord as its sole and exclusive property.
11.2 In the event of any other casualty which shall not be tantamount to Total Destruction the Landlord shall repair and restore the Building and the Leased Premises to substantially the same condition as existed immediately they were prior to the date of damagedamage or destruction, but not Tenant’s personal property, furnishings, inventory, fixtures or equipment, with reasonable speed and dispatch. All rent shall xxxxx for the portion of the Premises that is Such repairs will not usable by Tenant exceed 180 days from the date of damage until substantial completion the casualty. The Rent shall xxxxx or shall be equitably apportioned as to any portion of the repairs Leased Premises which shall be unfit for occupancy by the Tenant, or which cannot be used by the Tenant to conduct its business in the ordinary course. The Rent shall recommence 30 days after notice from Landlord that the Leased Premises has been substantially restored, as evidenced by the issuance of a CO by municipal authorities.
11.3 In the event of any casualty caused by an event which is not covered by Landlord’s insurance policy; the Landlord may elect to treat the casualty as though it had insurance or it may terminate the Lease. If it treats the casualty as though it had insurance then the provisions of this paragraph shall apply. The Landlord shall serve a written notice upon the Tenant within 15 days of the casualty specifying the election which it chooses to make.
11.4 In the event the Landlord rebuilds, the Tenant agrees, at its cost and restoration required expense, to forthwith remove any and all of its equipment, fixtures, stock and personal property to the extent necessary to permit Landlord to expedite the construction unless such costs would be made covered by Landlord pursuant Landlord’s insurance. The Tenant shall assume at its sole risk the responsibility for damage to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDor security of such fixtures and equipment in the event that any portion of the Building area has been damaged and is not secure.
Appears in 1 contract
Fire and Casualty. (a) If the Building should be totally 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 it should be so damaged thereby that rebuilding or repairs can not in Landlord's estimation be completed within one hundred eighty (180) days after the date on 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 occurrence of such damage.
(c) If the building should be damaged by any peril covered by the insurance maintained by Landlord, but only to such extent that rebuilding or repairs can in Landlord's estimation be completed within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, this Lease shall not terminate and Landlord shall, to the extent of insurance proceeds received, then proceed with reasonable diligence to rebuild and repair the Building to substantially the same condition in which it existed prior to such damage. Landlord shall not be required, however, to rebuilt, 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 in whole or in part following such damage, the Rent payable hereunder during the period in which they are unrentable shall be reduced to such extent as may be fair and reasonable under all of the circumstances. If Landlord should fail to complete such repairs and rebuilding within one hundred eighty (180) days after the date on which Landlord is notified by Tenant of such damage, Tenant may terminate this Lease by delivering written notice of termination to Landlord. Such termination shall be Tenant's exclusive remedy and all rights and obligations of the parties under this Lease shall then cease. Notwithstanding the foregoing provisions of this subparagraph (c), Tenant agrees that if the Leased Premises, the Building and/or Project are damaged by fire or other casualty then in such event Landlord shallcaused by the fault or negligence of Tenant or Tenant's agents, in its sole discretion, either (i) enter and make the necessary repairs without affecting employees or invitees Tenant shall have no option to terminate this Lease, even if the damage cannot be repaired within one-hundred eighty (180) days, and the Rent shall not be abated or reduced before or during the repair period.
(iid) Notwithstanding anything herein to the contrary, if the holder of any indebtedness secured by a mortgage or deed of trust covering the Building and/or Project requires that the insurance proceeds be applied to such indebtedness, the Landlord shall have the right to terminate this Lease by giving delivering written notice thereof of termination to Tenant within sixty fifteen (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured by fire or other casualty, even though the Premises may not be affected, that Landlord decides, within ninety (9015) days after such destruction, not to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing requirement is made. All rights and obligations under this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlordthen cease.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises to substantially the same condition as existed immediately prior to the date of damage. All rent shall xxxxx for the portion of the Premises that is not usable by Tenant from the date of damage until substantial completion of the repairs and restoration required to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Appears in 1 contract
Samples: Lease Agreement (Company Doctor)
Fire and Casualty. (a) If the Premises are damaged by fire or other casualty then in such event Landlord shall, in its sole discretion, either (i) enter and make the necessary repairs without affecting this Lease, or (ii) terminate this Lease by giving written notice thereof to Tenant within sixty (60) days of such fire or other casualty in which event Tenant shall pay the rent hereunder apportioned to the time of such damage and shall pay all other obligations of Tenant owing on the date of termination, and Tenant shall immediately surrender the Premises to Landlord.
(b) In the event the Building is so badly damaged or injured leased premises should be totally destroyed by fire or other casualty, even though or if the Premises may leased premises should be so damaged so that rebuilding cannot reasonably be affected, that Landlord decides, completed within ninety one hundred twenty (90120) working days after such the date of written notification by Tenant to Landlord of the destruction, this Lease shall terminate and the rent shall be abated for the unexpired portion of the Lease, effective as of the date set forth in the written notification, provided the Landlord’s lender does not elect to apply any proceeds from insurance claims to any indebtedness secured by the Property.
(b) Provided the Landlord’s lender does not elect to apply any proceeds from insurance claims to any indebtedness secured by the Property, if the leased premises should be partially damaged by fire or other casualty, and rebuilding or repairs can reasonably be completed within one hundred twenty (120) working days from the date of written notification by Tenant to Landlord of the destruction, this Lease shall not terminate, but Landlord may at its sole risk and expense proceed with reasonable diligence to rebuild or repair the Building (such decision being vested exclusively in the discretion of Landlord), then in such event Landlord shall so notify Tenant in writing and this Lease shall terminate as of the date of damage in the notice from Landlord to Tenant, and the Tenant shall pay rent hereunder apportioned to the date of damage and shall pay all building or other obligations of Tenant owing on the date of damage, and Tenant shall immediately surrender the Premises to Landlord.
(c) In the event the Lease is not terminated, Landlord shall commence and proceed with reasonable diligence to repair and restore the Building and/or the Premises improvements to substantially the same condition as in which they existed immediately prior to the date of damage. All If the leased premises are to be rebuilt or repaired and are untenantable in whole or in part following the damage, and the damage or destruction was not caused or contributed to by act or negligence of Tenant, its agents, employees, invitees or those for whom Tenant is responsible, the rent payable under this Lease during the period for which the leased premises are untenantable shall xxxxx for be adjusted to such an extent as may be fair and reasonable under the portion of circumstances. In the Premises event that is not usable by Tenant Landlord fails to complete substantially the necessary repairs or rebuilding within one hundred twenty (120) working days from the date of damage until substantial completion written notification by Tenant to Landlord of the repairs destruction, Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord, whereupon all rights and restoration required obligations under this Lease shall cease to be made by Landlord pursuant to this Paragraph. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDEDexist as of the effective date of such termination.
Appears in 1 contract
Samples: Lease Agreement (Dac Technologies Group International Inc)