Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth. 15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises. 15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents. 15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same. 15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease (Edible Garden AG Inc)
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged by (a) In case of fire or other casualty, Tenant shall give immediate notice to Landlord. If the Premises shall be damaged by fire, the elements or other casualty and the lease shall not terminate as hereinafter provided in this paragraph 9, then Landlord shall repair the same in accordance with the provisions of this Paragraph 9. Landlord shall proceed diligently to repair or restore the Premises to a condition of like kind and quality as delivered by Landlord at the Commencement Date, and Tenant's obligation to pay Rental hereunder shall abate, in the same proportion whicx xxx square footage of the portion of the Building rendered untenantable bears to the total square footage of the Building, until such time as Landlord shall Substantially Complete the repair or restoration of the Building. If any casualty should result in all or any portion of the Building not being able to be refrigerated in accordance with the provisions of Exhibit B, the Building or such portion thereof shall be deemed to be untenantable for purposes of this Paragraph 9. So long as Landlord is not in default of any of the terms, covenants or conditions of this lease, a sum equal to the deductible amounts set forth in the casualty and/or comprehensive boiler and machinery insurance policies, if applicable, maintained by Tenant pursuant to the provisions of paragraph 7 of this lease, and an amount equal to all insurance proceeds not received by Landlord as a result of acts of commission and/or omission of Tenant, shall be paid over by Tenant to Landlord, within thirty (30) days following demand therefor, whether or not Landlord shall be required to rebuild which payment shall be deemed to constitute Additional Rental. Landlord shall be required to repair, restore or replace any work, non-trade fixtures, alterations, additions or improvements installed by Tenant which became part of the Building, and which shall have been included within the casualty insurance to be maintained by Tenant pursuant to Paragraph 7. In no event shall Landlord be required to repair, restore or replace any furniture, trade fixtures, equipment or contents (including without limitation Tenant's racks) provided by Tenant or any Personal Property as defined in Paragraph 27.
(b) In the event that the repairs or restoration are not Substantially Complete within the earlier of (i) twelve (12) months from the date of the issuance of a building permit with respect to such repairs or restoration, or (ii) eighteen (18) months from the date of casualty, Tenant shall have the right to terminate this lease and vacate the Premises within thirty (30) days thereafter by notice to Landlord promptly after becoming aware which termination shall take effect at any time within twenty-four (24) months following the expiration of such damagetime to rebuild as aforesaid. Until such termination and vacatur, each party shall continue to perform its applicable obligations hereunder, and this Lease Tenant shall continue pay the Rental herein reserved, except to the extent abated as provided in full force subparagraph 9(a), which obligations shall terminate as of the date Tenant shall vacate the Premises. To the extent Tenant reoccupies any space for which the Rental was previously abated as provided in subparagraph 9(a), Tenant agrees to resume the payment of Rental for such space until Tenant shall vacate such space as provided herein. Each party shall perform its applicable obligations hereunder upon the termination of the lease, and effect except as hereinafter set forththereafter neither party shall have any further obligation or liability to the other hereunder.
15.2 If (c) Notwithstanding the Demised Premises foregoing provisions of this Paragraph 9, in the event that a portion of the Building is totally destroyed or partially damaged or rendered partially unusable by fire or other casualty during the last two (2) years of the then Term which portion would require more than one hundred twenty (120) days to restore, in the reasonable estimate of Landlord, then Landlord or Tenant, within thirty (30) days after notice of Landlord's reasonable estimate that repairs will take more than one hundred twenty (120) days to restore, which notice shall be given no later than thirty (30) days after the casualty, shall have the damage thereto right to terminate this lease on thirty (30) days notice to the other, and the Term of this lease shall end and expire at the end of such thirty (30) day period as the same may be extended by Tenant (but not beyond expiration of the Term) to permit it a reasonable time to relocate its on-going operation from the Premises as if such date was the date set forth in this lease for the expiration of the Term hereof. Until such termination and vacatur, each party shall continue to perform its applicable obligations hereunder, and Tenant shall pay the Rental herein reserved, except to the extent abated as provided in subparagraph 9(a), which obligations shall terminate as of the date Tenant shall vacate the Premises. To the extent Tenant reoccupies any space for which the Rental was previously abated as provided in subparagraph 9(a), Tenant agrees to resume the payment of Rental for such space until Tenant shall vacate such space as provided herein. Each party shall perform its applicable obligations hereunder upon the termination of the lease, and thereafter neither party shall have any further obligation or liability to the other hereunder. If Landlord shall have exercised the option to terminate, and if there then shall remain unexercised a right on Tenant's part to extend the Term of this lease, Tenant shall have the right to supersede Landlord's notice of termination within fifteen (15) days of the receipt of Landlord's notice of termination, by exercising its option to extend the Term of this lease, in which case Landlord and Tenant shall be promptly repaired by obligated to perform its obligations as set forth in subparagraphs 9(a) and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises9(b).
15.3 Subject (d) In the event this lease shall be terminated pursuant to the provisions of Section 15.5 belowsubparagraphs 9(b) or (c), nothing in this Lease then all insurance proceeds received from insurance policies maintained by Tenant insuring the Building and improvements, as a result of such occurrence, shall be deemed distributed in the following order:
(i) To the then holder of any mortgage(s) encumbering the Premises in such amount as shall be required to release either party hereto from liability pay and satisfy said mortgage(s) in accordance with its terms;
(ii) To Tenant on account of alterations or additions to the Premises for damages resulting which Tenant shall have paid, which have become part of the Premises and which are included in the insurance policies maintained by Tenant insuring the Building and improvements, in an amount equal to the then Book Value of such alterations or additions as shown on the books and records of Tenant. Book Value shall be determined in accordance with generally accepted accounting principles and shall mean the undepreciated cost to Tenant of all such alterations or additions as of said casualty, based on the useful life of such improvements pursuant to the Internal Revenue Code of 1986, as amended ("Code"), and employed by Tenant in filing its tax return(s). Tenant shall provide Landlord with a statement setting forth the Book Value of such Tenant property, together with supporting documentation, within ten (10) days following request therefor. If the insurance proceeds shall not be sufficient to pay Tenant the amount due pursuant to this subparagraph 9(d)(ii), then Landlord agrees to pay to Tenant the balance of any amounts due Tenant pursuant to this subparagraph upon receipt of the award from the fault or negligence of said party or its agentsinsurance company.
15.4 (iii) To the Tenant acknowledges that Landlord will not carry on account of alterations or additions to the Premises for which Tenant shall have paid, which have become part of the Premises and which are included in the insurance on improvements on policies maintained by Tenant insuring the Demised Premises Building and improvements, in an amount equal to the then replacement value of such alterations or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair additions less any damage thereto or to replace the samepayment received in (ii) above.
15.5 Notwithstanding anything (iv) The balance of any such proceeds shall be payable to Landlord.
(e) No damages, compensation or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the contrary contained herein and Premises, except to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights same are includable in any claim for damages that Tenant may have against the other party (and, as Landlord due to Landlord's breach of its obligations under this lease. Landlord shall use its best efforts to effect such repair or restore promptly and in such manner as not unreasonably to interfere with Tenant's use and occupancy, any fee mortgagee), in accordance with the provisions of subparagraph 14(a) hereof.
(f) The foregoing provisions relating to the extent such rights have been waived by the insured prior termination of lease due to the occurrence of damage to or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent destruction of the proceeds paid under such policies, whether or not such damage or loss shall have been caused Premises by any acts cause whatsoever shall be binding on the parties and are in lieu of all additional or omissions of the other partytermination rights as Tenant otherwise might have pursuant to any law or statute.
Appears in 1 contract
Samples: Lease Agreement (Di Giorgio Corp)
Fire and Other Casualty. 15.1 If the Demised Premises Leased Premises, or any part portion thereof, shall be are partially or totally destroyed or damaged by fire or other casualtycasualty covered by the fire and extended coverage insurance carried by Lessor on the XxXxxxxx Building, Tenant shall give Lessor shall, repair and restore the damaged portion of the Leased Premises (excluding any tenant fit up work in excess of the building standard and any additions, equipment, furniture and alterations made by tenant) as soon as it is reasonably practicable to substantially the same condition in which the Leased Premises were before such damage to the extent permitted by the available insurance proceeds. Provided, however, that if the Leased Premises are completely destroyed or badly damaged such that repairs cannot be completed within six (6) months thereafter, the Lease Agreement may be terminated by either party hereto by serving written notice thereof to Landlord promptly after becoming aware of such damageupon the other, and this Lease in such event, all insurance proceeds shall continue in full force and effect except as hereinafter set forth.
15.2 If be the Demised Premises sole property of Lessor. Under no circumstances shall Lessor be liable to Lessee for business interruption or other consequential losses or damages. In the event the Leased Premises, or any portion thereof, is totally destroyed or partially damaged or rendered partially unusable by fire or other casualtycasualty covered by the fire and extended coverage insurance carried by Lessor that such damaged portion can not reasonably be used by Lessee for the purpose herein provided and the Lease Agreement is not terminated as above provided, the damage thereto there shall be promptly an abatement of rent to the extent that the damaged portion of the Leased Premises is unfit for use by Lessee in the ordinary course of its business until said damaged portion of the Leased Premises is made useable. In the event the Leased Premises, or any portion thereof, shall be destroyed or damaged by fire or other casualty 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 Tenant Lessee (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property that such destruction or damage is not covered by the fire and extended coverage insurance policy carried by either party Lessor) under the direction and supervision of Lessor, and rent shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partycontinue without abatement.
Appears in 1 contract
Fire and Other Casualty. 15.1 A. If the Demised Premises Building or the Complex shall be damaged, this Lease shall not terminate except as otherwise provided in this Lease and Landlord shall promptly commence and diligently proceed to repair the damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant’s Personal Property. Landlord’s restoration obligations hereunder shall be effective regardless of any delays in obtaining insurance proceeds. All Alterations shall be restored by Landlord in accordance with the as-built plans for the same. Except as otherwise provided herein, if any part thereofof the Premises are rendered untenantable by reason of any such damage, Rent shall xxxxx from the date of the damage to the date the damage is repaired, in the proportion that the rentable area of the portion of the Premises that Tenant is prevented from using, and does not use, bears to the total rentable area of the Premises. However, in the event the remaining portion of the Premises is not sufficient to allow Tenant to effectively conduct its business therein, and if Tenant does not conduct its business from such remaining portion, then the Rent for the entire Premises (including all of Tenant’s parking charges) shall be abated; provided, however, if Tenant reoccupies and conducts its business from any portion of the Premises, then Rent (including parking charges) applicable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the Premises, shall be payable by Tenant from the date such business operations commence. If Tenant’s right to abatement occurs during the Free Rent Period, then the Free Rent Period shall be extended for the number of days that the abatement period overlaps the Free Rent Period. Tenant’s right to abatement shall commence upon the occurrence of damage and shall continue until Tenant has been given sufficient time, and sufficient access to the Premises, to rebuild the portion of the Premises it is required to rebuild, to install its property, furniture, fixtures and equipment and to move in over one (1) weekend, provided that such time for Tenant to rebuild the portion of the Premises which it is required to rebuild shall not exceed one hundred eighty (180) days from the date upon which Tenant is given sufficient access to the Premises for such rebuilding.
B. Notwithstanding anything herein to the contrary, (i) if the Building is damaged by fire (whether or other not the Premises has been damaged) to such an extent that Landlord decides, in its reasonable discretion, not to rebuild or reconstruct the Building, then Landlord, at its option, may give Tenant, within ninety (90) days after the casualty, Tenant shall give notice thereof to of termination of this Lease, provided that Landlord promptly after becoming aware of such damagesimultaneously terminates all other leases at the Building, and this Lease and the Term shall continue terminate (whether or not the Term has commenced) upon the date reasonably selected by Tenant in full force accordance with the terms of Section 16.E below, with the same effect as if the new expiration date had been the Lease Expiration Date, and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto all Base Rent and Additional Rent shall be promptly repaired by and at apportioned as of such date; or (ii) if Landlord reasonably estimates to Tenant in writing (provided that if Tenant disagrees with such estimate, then Tenant shall have the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) right to elect that such estimate be determined pursuant to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in Consultants Procedure) that the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived required for lawful occupancy of the Premises, the Building, cannot be completed by the insured prior two hundred seventieth (270th) day following the date of the damage, then either Landlord or Tenant may terminate this Lease by notice to the occurrence other of damage them, which notice shall be given by Landlord, if at all, within ninety (90) days following the date of the damage, and which notice shall be given by Tenant, if at all, within ninety (90) days following the date of such estimate. Such estimate shall be provided by Landlord within ninety (90) days following the date of the casualty. If neither Landlord nor Tenant has terminated this Lease in accordance with the terms of the preceding sentence, and if the restoration of the Premises and the Building has not been completed by the ninetieth (90th) day following the date which Landlord estimated (or loss. Each party hereby waives any rights such estimate as was determined by the Consultants Procedure if Tenant disagreed with Landlord’s estimate and Tenant elected to have such estimate determined, and such estimate was determined, by the Consultants Procedure) for completion of recovery against restoration of the other party for any direct damage Premises and the Building (the “ Estimated Date of Completion”) (which Estimated Date of Completion may be later than the two hundred seventieth (270th) day following the date of the casualty) (or consequential loss covered by said policies against which such party if it is protected by insurance, determined pursuant to the extent Consultants Procedure that the restoration of the proceeds paid under Premises and Building will not be completed by the ninetieth (90th) day following the Estimated Date of Completion), then Tenant may terminate this Lease by delivering notice to Landlord, which notice shall be given by Tenant, if at all, no later than thirty (30) days following such policies, whether or not such damage or loss Estimated Date for Completion. Tenant shall thereafter have been caused by any acts or omissions the same right to terminate this Lease within twenty (20) days following the expiration of the other partyninety (90) day period after the Estimated Date for Completion and within twenty (20) days following the expiration of every 90-day period thereafter, if all damage required to be restored by Landlord is not then restored at the end of each such 90-day period. In the event of any termination of this Lease, all prepaid amounts shall be promptly refunded to Tenant in full.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) If the Demised Premises Building or any part thereof, other improvements on the Land shall be damaged or destroyed by fire or other casualty, Tenant Tenant, at Tenant's sole cost and expense, shall give notice thereof promptly and diligently proceed to Landlord promptly after becoming aware adjust the loss with the insurance companies (subject to the approval of such damagethe Mortgagee (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and this Lease shall continue in full force repair, rebuild or replace such Building and effect except other improvements, so as hereinafter set forth.
15.2 If to restore the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed condition in which they were immediately before prior to such damage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Mortgagee (provided that such Mortgagee is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Institutional Lender then holds a mortgage lien, or deed of trust on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Mortgagee (if the Mortgagee so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), and if the Mortgagee agrees in writing, such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or replacement of the damaged Building or other improvements, if the Mortgagee does not retain such excess proceeds and apply the same on account of the debt owed to it, then the amount of such excess Net Insurance Proceeds shall be paid to Tenant upon the completion of such repair, rebuilding or replacement. Landlord agrees not unreasonably to withhold or delay any approvals required to be obtained by Tenant from Landlord pursuant to the provisions of this Section 21(a).
(b) Whenever Tenant shall be required to carry out any work or repair and restoration pursuant to this Section 21, Tenant, prior to the commencement of such work, shall deliver to Landlord for Landlord's prior approval (which shall not be unreasonably withheld or delayed) a full set of the plans and specifications therefor, together with a copy of all approvals and permits which shall be required from any governmental authority having jurisdiction. After completion of any major repair or restoration, Tenant shall, as soon as reasonably possible, obtain and deliver to Landlord a Certificate of Substantial Completion from the inspecting architect and a permanent Certificate of Occupancy (or amended Certificate of Occupancy), if required by applicable laws, issued by the appropriate authority with respect to the use of the Demised Premises, as thus repaired and restored. Any such work or repair and restoration, in all cases, shall be carried out by Tenant in a good and workmanlike manner with materials at least equal in compliance with all Legal Requirementsquality to the original materials used therefor prior to the damage or destruction. Tenant If, after a default by Tenant, Landlord shall retain all insurance proceeds derived from its policies not used in the carry out any such work or repair and restoration of the Demised Premises.
15.3 Subject pursuant to the provisions of this Section 15.5 below21, nothing in this Lease then Landlord shall be deemed entitled to release either party hereto from liability withdraw monies held for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything application to the contrary contained herein and costs of such work from time to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, time as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partycosts are incurred.
Appears in 1 contract
Samples: Build to Suit Industrial Lease Agreement (Wells Real Estate Fund Ix Lp)
Fire and Other Casualty. 15.1 If (a) The parties hereto mutually agree that if the Demised Premises is partially or any part thereoftotally destroyed, by fire or otherwise, then Lessee shall be damaged by repair, rebuild and restore the Premises as soon as is reasonably practicable to substantially the same quality and condition in which it existed before such damage. Lessee acknowledges that, despite said fire or other casualty, Tenant its obligation to pay Lessor all amounts due under this Agreement shall give not be abated or suspended, regardless of whether Lessee has received payment under its loss of business insurance described in Section 9(b) above.
(b) Should any insurance proceeds become payable to Lessor or Lessor's mortgagee, Lessor shall, within ten (10) days of receipt of said proceeds, or as soon as is reasonably practicable if said proceeds are paid to Lessor's mortgagee, pay to an escrow agent selected by Lessee (which escrow agent shall be a bank licensed to do business in the State of Vermont or an attorney licensed in the State of Vermont) an amount equal to the insurance proceeds received by Lessor or its mortgagee. The aforementioned escrow agent, pursuant to an escrow agreement signed by the escrow agent, Lessor and Lessee, shall: (i) from the funds so deposited, promptly reimburse Lessee, up to the amount of insurance proceeds received, for all amounts expended by Lessee for repairing, rebuilding and restoring the Premises, as evidenced by the submission to the escrow agent of copies of invoices related to same; and (ii) pay over to Lessee the balance of the funds deposited after receiving notice thereof from Lessee that no further invoices shall be submitted for such repairing, rebuilding and restoring the Premises. The parties hereto mutually agree that Lessor shall fully cooperate with Lessee in application for insurance proceeds; however, Lessor shall not be liable for payment of any costs relating to Landlord promptly repairing, rebuilding and restoring the Premises should the insurance company fail to pay, or pay an adequate amount, for said construction. If Lessor shall fail to pay over to escrow agent insurance proceeds received by it, Lessee may, any time after becoming aware sixty (60) days from Lessee's notice to Lessor, either terminate this Lease upon written notice to Lessor or pursue available remedies at law and in equity against the Lessor.
(c) Termination of this Agreement in accordance with the foregoing provisions shall not prejudice the rights and remedies of Lessor and Lessee under this agreement prior to such damagetermination, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto any rent owing shall be promptly repaired paid up to such date and any payments of rent made by and at the expense of Tenant (including the use by Tenant Lessee which were on account of any or all proceeds of Tenant’s fire and casualty insurance policy) period subsequent to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease date shall be deemed returned to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or lossLessee. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.<PAGE> 6
Appears in 1 contract
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged the Building are made untenantable by fire or other casualty, including damage or casualties of war, Landlord shall, to the extent permitted by all mortgages and ground leases on the Building, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises, including the tenant improvements, and, at Landlord’s option, Tenant shall give notice thereof may be permitted or required to devote the proceeds of its insurance covering tenant improvements to cause restoration of tenant improvements over and above those performed or paid for by Landlord pursuant to Landlord’s Work or “as is,” as the case may be, and pay for same to Landlord promptly after becoming aware or through Landlord as if newly done pursuant to Article 7 of this Lease. In the event fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be primary and that Landlord’s recovery in no event shall be reduced by any insurance recovery to Tenant. Notwithstanding anything in this Section 8.1 to the contrary, if a registered architect selected by Landlord licensed to do business in New Jersey should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within twelve (12) months from the date the rehabilitation is started or within two (2) months from such date if the Lease term has less than eighteen (18) months remaining, either party shall have the right to terminate this Lease by giving to the other notice of such damageelection within ten (10) days after its receipt of the architect’s certificate. If said fire or other casualty results in total destruction of the Building, and this Lease shall continue in full force and effect except automatically terminate as hereinafter set forth.
15.2 If of the Demised Premises is totally or partially damaged or rendered partially unusable by date of said fire or other casualty. In case of fire or other casualty not resulting in termination of this Lease, the damage thereto rent shall be promptly repaired by abated on a per diem basis while the Premises are untenantable. If Tenant continues to conduct its business or profession in whole or in part from a portion of the Premises after such casualty, rent for space shall be abated pro rata with rent being charged only for the tenantable area. In case of termination of this Lease, rent shall be apportioned on a per diem basis and at be paid to the expense date of Tenant (including the use by Tenant of any fire or all proceeds of other casualty. Any provision hereof notwithstanding, Tenant’s fire and casualty insurance policy) to rent shall not xxxxx if its negligence was the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration cause of the Demised Premisescasualty.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease Agreement (Ikaria, Inc.)
Fire and Other Casualty. 15.1 (a) In the event the Demised Premises are damaged by fire or other casualty insured by Landlord (or required to be insured by Landlord hereunder), Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant but only to the extent that the cost of such restoration and repair does not exceed the sum of (i) the insurance proceeds actually received by Landlord in connection with such fire or other casualty (including the proceeds from the insurance required to be carried by Tenant on the Improvements and received by Landlord), (ii) any applicable deductible under the insurance policies carried (or required to be carried) by Landlord hereunder, and (iii) any insurance proceeds retained by Lender in connection with such fire or other casualty.
(b) Notwithstanding subsection (a) above, in the event that (i) the Demised Premises are in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; (ii) the Demised Premises are destroyed by a casualty which is not covered by Landlord's insurance; or (iii) there is less than one (1) full calendar year remaining during the Term as of the date of such casualty, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent that the cost of such restoration and repair does not exceed the sum of (i) the insurance proceeds actually received by Landlord in connection with such fire or other casualty (including the proceeds from the insurance required to be carried by Tenant on the Improvements and received by Landlord), (ii) any applicable deductible under the insurance policies carried (or required to be carried) by Landlord hereunder, and (iii) any insurance proceeds retained by Lender in connection with such fire or other casualty, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall be damaged thereof are unusable by fire or other casualty, Tenant shall give notice thereof reason of any such damage thereto. In the event that Landlord is unable to Landlord promptly after becoming aware of such damage, substantially restore and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If repair the Demised Premises on or before the date which is totally or partially damaged or rendered partially unusable by fire or other three hundred sixty-five (365) days after the date of the casualty, as extended by Delay (as defined hereinbelow), Tenant may, at its option and as its sole remedy, terminate this Lease by written notice to Landlord given within thirty (30) days following the damage thereto expiration of such three hundred sixty-five (365)-day period (provided that Landlord has not substantially restored and repaired the Demised Premises prior to Landlord's receipt of said termination notice), and thereafter neither Landlord nor Tenant shall be promptly repaired by and at the expense have any further obligation hereunder. For purposes of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) this Section 20, "Delay" shall mean such additional time as is equal to the same condition, design time lost by Landlord or Landlord's contractors or suppliers in connection with the performance of Landlord's restoration and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration repair of the Demised Premises.
15.3 Subject Premises due to the provisions strikes or other labor troubles, governmental restrictions and limitations, war or other national emergency, non-availability of Section 15.5 belowmaterials or supplies, nothing delay in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixturestransportation, equipment or personal propertyaccidents, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent availablefloods, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (andfire, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage casualties, weather or consequential loss covered by said policies against which such party is protected by insuranceconditions, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyTenant.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) If the Demised Premises are damaged or any part thereof, shall be damaged destroyed by fire or other casualty, Landlord shall, subject to the limitations in subsection (b) of this Section 20, promptly and diligently proceed to repair, rebuild or replace the Demised Premises, so as to restore the Demised Premises to the condition in which the Demised Premises existed immediately prior to such damage or destruction. If Landlord carries on any restoration or repair at the Demised Premises pursuant to this Section 20 and Tenant continues to occupy any other portion of the Demised Premises, Landlord shall give notice thereof take all such steps as may be reasonable and practicable to prevent interference with Tenant's use and enjoyment of the portion of the Demised Premises which Tenant continues to occupy. Landlord promptly after becoming aware shall perform its obligations under this Section 20 in a manner which will achieve restoration of such any damage as soon as practicable, giving due regard to the nature and scope of the damage, and this Lease shall continue in full force and effect except as hereinafter set forthsubject to the occurrence of Permitted Delay.
15.2 If (b) Any provision of this Section 20 to the contrary notwithstanding, if either (i) all or any portion of the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, casualty and the damage thereto shall time period reasonably determined by Landlord to be promptly repaired required for the actual restoration or repair of the Demised Premises will exceed two hundred seventy (270) days from the date the casualty occurs or (ii) the Demised Premises is damaged by and at fire or other casualty within twelve (12) months preceding the expense end of Tenant the Term (including which includes any renewal of the use Term then properly exercised by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) either (x) to an extent exceeding twenty-five percent (25%) of the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration then current value of the Demised Premises.
15.3 Subject , or (y) affecting a portion of the Demised Premises which is critical to Tenant’s business operations and which cannot be relocated or restored, then either Landlord or Tenant shall have the right, to be exercised by giving written notice to the provisions other (which notice shall set forth with specificity the basis for giving the notice) within thirty (30) days after the occurrence of Section 15.5 belowthe casualty, nothing to terminate this Lease. Termination shall be effective on a date specified in the written notice, which date shall be not less than thirty (30) nor more than sixty (60) days after the date the notice is given. Upon such termination, the term of this Lease shall be deemed end as if the date of termination were the date originally specified for expiration of the Term.
(c) If a casualty prevents Tenant from fully occupying the Demised Premises, Base Rent shall axxxx, for so long as such full occupancy is prevented, in proportion to release either party hereto from liability for damages resulting from the fault amount of the Demised Premises not usable by Tenant as a result of the casualty; provided that if the casualty occurred as a result of the act or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, there shall be no such abatement unless (and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything only to the contrary contained herein and to extent) that the extent available, every property loss of rent is actually covered by insurance policy carried by either party shall include provisions denying Landlord pursuant to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partySection 8.
Appears in 1 contract
Samples: Industrial Lease Agreement (Source Interlink Companies Inc)
Fire and Other Casualty. 15.1 If Subject to compliance with terms and conditions of the Demised Prime Lease relating to repairs, reconstruction, and restoration, in the event the Subleased Premises or any part thereof, shall be are damaged by fire or other casualtycasualty insured by Sublessor, Tenant shall give notice thereof Sublessor agrees to Landlord promptly restore and repair the Subleased Premises at Sublessor’s expense, including the Sublessor’s Work and any other improvements to be insured by Sublessor, but only to the extent Sublessor receives insurance proceeds therefor (plus the amount of any deductible in the insurance carried by Sublessor, which deductible will be paid by Sublessor, in addition to available insurance proceeds, toward restoration costs), including the proceeds from both the insurance required to be carried by Sublessor pursuant to the Prime Lease and this Sublease. Notwithstanding the foregoing, in the event that the Subleased Premises are (i) so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days after becoming aware the date of such damage; or (ii) destroyed by a casualty which is not covered by Sublessor’s insurance carried by Sublessor, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises or if such casualty is totally or partially damaged or rendered partially unusable covered by fire Sublessor’s insurance but Prime Lessor or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) party entitled to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used fails to make such proceeds available to Sublessor in the an amount sufficient for restoration of the Demised Subleased Premises.
15.3 Subject , then Sublessor shall give written notice to Sublessee of such determination (the provisions “Determination Notice”) within sixty (60) days of Section 15.5 below, nothing in such casualty. Either Sublessor or Sublessee may terminate and cancel this Lease shall be deemed effective as of the date of such casualty by giving written notice to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party within thirty (and30) days after Sublessee’s receipt of the Determination Notice. Upon the giving of such termination notice, as all obligations hereunder with respect to Landlordperiods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insuranceSublessor shall, to the extent of the proceeds paid under available insurance proceeds, make such policiesrepair or restoration of the Subleased Premises to the approximate condition existing prior to such casualty, whether promptly and in such manner as not to unreasonably interfere with Sublessee’s use and occupancy of the Subleased Premises (if Sublessee is still occupying the Subleased Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Subleased Premises or not any part thereof are unusable by reason of any such damage or loss shall have been caused by thereto. In the event of any acts or omissions conflict between the terms of this Section 7 and the Prime Lease, the terms of the other partyPrime Lease shall control notwithstanding the terms of Section 27 below to the contrary.
Appears in 1 contract
Samples: Sublease Agreement (Cymer Inc)
Fire and Other Casualty. 15.1 If A. Tenant shall give prompt written notice to Landlord of any damage caused to the Demised Premises or any part thereof, shall be damaged by fire or other casualty.
B. In the event the Premises or any portion of the Building shall be damaged or destroyed by fire or casualty, Landlord shall have the election to terminate this Lease or to repair and reconstruct the Premises and the Building to substantially the same condition to which it existed prior to such damage or destruction, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, furniture, equipment, and other improvements which may have been installed by Tenant or other tenants within the Building. Landlord’s obligation to rebuild and repair under this Section 8 shall give notice thereof in any event be limited to the extent of insurance proceeds available to Landlord promptly after becoming aware for such restoration.
C. Tenant agrees that during any period of reconstruction or repair of the Premises it will continue the operation of its business within the Premises to the extent practicable. During the period from the occurrence of the casualty until Landlord’s repairs are completed, the Base Rental shall be reduced to such damageextent as may be fair and reasonable under the circumstances; however, there shall be no abatement of the other charges provided for herein. If Landlord has elected to repair and restore the Premises, this Lease shall continue in full force and effect except as hereinafter set forthand such repairs shall be made within a reasonable time thereafter, subject to delays arising from shortages of labor or material, acts of God, war or other conditions beyond Landlord’s reasonable control.
15.2 D. In the event that this Lease is terminated as herein permitted, Landlord shall refund to Tenant the prepaid rental (unaccrued as of the date of damage or destruction) less any sum then owing Landlord by Tenant. If Landlord has elected to repair and reconstruct the Premises, then the Term of this Lease shall be extended by a period of time equal to the period of such repair and reconstruction. Any insurance which may be carried by Landlord or Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance under its control, and it is understood that Landlord shall in no event be obligated to carry insurance on Tenant’s contents. Tenant shall use proceeds from insurance carried by Tenant to repair and restore Tenant’s property.
E. If the Demised Premises is totally or partially any other portion of the Building be damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party Tenant or its any of Tenants agents.
15.4 Tenant acknowledges that Landlord will , employees, or invitees, the Base Rent shall not carry insurance on improvements on be diminished during the Demised Premises or on Tenant’s fixtures, equipment or personal propertyrepair of such damage, and agrees that Tenant shall be liable to Landlord will not be obligated to for the cost and expense of the repair any damage thereto or to replace and restoration of the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), Building caused thereby to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss cost and expense is not covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyinsurance proceeds.
Appears in 1 contract
Fire and Other Casualty. 15.1 If In the event the Demised Premises or any part thereof, shall be are damaged by fire or other casualty, Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant shall give notice thereof (but, in the case of the Improvements to be insured by Tenant, only to the extent Landlord promptly receives insurance proceeds and Tenant’s contribution of any deductible amounts not paid by Tenant’s insurance). Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred twenty (120) days after becoming aware the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If plus the Demised Premises deductible portion thereof, or if such casualty is totally or partially damaged or rendered partially unusable covered by fire Landlord’s insurance but Lender or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) party entitled to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used fails to make such proceeds available to Landlord in the an amount sufficient for restoration of the Demised Premises.
15.3 Subject , then Landlord shall give written notice to Tenant of such determination (the “Determination Notice”) within thirty (30) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the provisions other party within thirty (30) days after Tenant’s receipt of Section 15.5 belowthe Determination Notice. Upon the giving of such Determination Notice, nothing in all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate, and all sums due under this Lease for such periods before such termination, or prepaid for such periods after such termination, shall be deemed apportioned and paid by the party owing such amount. In the case of an election to release terminate and cancel the Lease, made by either party hereto Tenant or Landlord, as a result of Landlord’s issuance of the Determination Notice, any proceeds received from liability Tenant’s required Improvements insurance, as defined in Section 8(a) herein, shall be allotted and distributed first to Landlord, for damages resulting from its portion of Tenant Improvements costs initially provided, and all excess amounts shall be distributed to Tenant for its portion of Tenant Improvements costs initially and/or subsequently provided. If no such notice is given. Landlord shall, to the fault extend of the available insurance proceeds, make such repair or negligence restoration of said party or its agents.
15.4 the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant acknowledges is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried part thereof are unusable by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, reason of any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partythereto.
Appears in 1 contract
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereofLeased Premises, shall be including the buildings and improvements, are substantially damaged by fire or other casualty, Tenant shall give cause, condition or thing whatsoever (the "Casualty"), and Lessor elects not to restore the Leased Premises, then Lessor may terminate this Lease by notice thereof to Landlord promptly Lessee given within ninety (90) days after becoming aware the date of such damageCasualty (the "Casualty Date"). Such termination shall become effective as of the Casualty Date if the Leased Premises are untenantable, and this or as of a date ninety (90) days following the service of such notice of lease termination if the Leased Premises are not untenantable. Unless the Lease is terminated as hereinabove provided, Lessor shall continue in full force and effect restore all damaged portions of the Leased Premises within 1 80 days following the Casualty Date unless the Lessee exercises it right to terminate, provided below, except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualtyfor Lessee Improvements, the damage thereto which shall be promptly repaired restored by and at the expense of Tenant Lessee. If the Leased Premises are made partially or wholly untenantable as a result of Casualty, and if Lessor fails, within one hundred eighty (including 180) days after the use Casualty Date, to substantially restore the Leased Premises, either Lessor or Lessee may terminate this Lease as of the end of said one hundred eighty (180) days by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) notice to the same conditionother given not later than thirty (30) days after the expiration of said one hundred eighty (180)-day period. In the event of termination of this Lease pursuant to this article, design rental at the then current rate shall be pro-rated on a per diem basis and specifications as existed immediately before paid only to the effective date of such damage or destruction, in a good and workmanlike manner in compliance with termination. If all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject Leased Premises are untenantable but this Lease is not terminated, all rent shall xxxxx from the Casualty Date until the Leased Premises are substantially restored and reasonably accessible for occupancy by Lessee. If part of the Leased Premises are untenantable, rent shall abated on a per diem basis in proportion to the provisions percentage of Section 15.5 belowthe building and other improvements of the Leased Premises (excluding all parking, nothing in pedestrian or loading areas) which are rendered unusable by Lessee until the damaged part is ready for Lessee's occupancy. In all cases, due allowance shall be made for reasonable delay caused by adjustment of insurance loss, strikes, labor difficulties or any cause beyond Lessor's reasonable control. Lessor shall have no duty to repair, restore or replace Lessee Improvements. If at any time during the term of this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault 50% or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent more of the proceeds paid under such policiesrentable area of the Leased Premises is rendered untenantable by a Casualty, whether or not such damage if, during the last twelve months of the term of this Lease, 10% or loss more of the rentable area of the Leased Premises is rendered untenantable by Casualty, Lessee shall have been caused by any acts or omissions of the other partyright to terminate this Lease upon written notice to Lessor given within thirty (30) days following the Casualty Date.
Appears in 1 contract
Fire and Other Casualty. 15.1 If In the Demised Premises event the building on the demised premises is damaged or any part thereofdestroyed by fire, casualty, or disaster, the Landlord shall promptly cause the same to be substantially restored to the prior existing condition, subject to such changes as the Tenant may reasonably require (provided, however, that such changes will not increase the cost of restoration unless Tenant agrees to pay for such increased cost); due allowance, however, shall be damaged by fire made for a reasonable time necessary for the Landlord to adjust the loss with insurance companies insuring the demised premises at the time of the happening of the fire, or other casualty, Tenant shall give notice thereof and due allowance is to Landlord promptly after becoming aware of such damagebe made for delay occasioned by strikes, lockouts, and conditions beyond the control of the Landlord. In the event of total destruction of the demised premises, and the Landlord fails to completely restore and rebuild same within one year after such fire, casualty, or disaster, then and in that event Tenant may, at its option, elect to terminate and cancel this Lease lease, in which event this lease shall, upon written notice from the Tenant to the Landlord, be terminated, and cancelled, and neither party shall continue thereafter have any further obligation with respect to the other. Should the demised premises, or a portion thereof, be rendered untenantable by reason of damage or destruction thereof by fire, casualty or disaster during the term of this lease as provided in full force and effect except as hereinafter set forth.
15.2 If this section, the Demised Premises is totally or partially damaged or rent shall xxxxx in proportion to the areas of the demised premises rendered partially unusable by untenantable from the date of the happening of the fire or other casualtycasualty or disaster, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) up to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in date of the restoration of the Demised Premises.
15.3 Subject premises. However, no rent shall accrue for any portion of the premises unless Tenant is able to conduct its usual business on that portion of the premises that remain tenantable. If, at the date of the happening of the fire or other disaster, the Tenant shall have paid any rent for a period beyond such date, the Tenant shall be entitled to a proportionate refund. It is further agreed that if such damage occurs during the last two (2) years of the original term or any extended term and the cost of restoration amounts to more than one-third (1/3) of the replacement value of the building, as certified to by a reputable, registered architect, Landlord and Tenant shall each have the right to terminate this lease, on written notice to the provisions other given thirty (30) days after such occurrence unless the Tenant shall elect to renew this lease for an additional period of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agentsfive (5) years.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease Agreement (Basic Us Reit Inc)
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements (Landlord being responsible for the amount of any risk retained by Landlord to the extent Landlord does not carry coverage at one hundred percent (100%) of the replacement value of the Building, exclusive of fixtures and property required to be insured by Tenant under this Lease). Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent and all other amounts payable by Tenant hereunder shall equitably xxxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) During the term of the Lease (including any renewal term or extension, as the case may be):
(i) Lessor, at its sole expense, shall maintain in full force and effect standard fire and extended coverage insurance for the buildings and improvements on the Premises in an amount equal to the full replacement value thereof, (ii) Lessee shall reimburse Lessor for Lessee's percentage (as defined below) of said standard fire and extended coverage insurance; (iii) Lessee, at its sole expense, shall carry insurance for its personal property (including but not limited to its fixtures and inventory) located on the Premises in such amounts as Lessee shall deem appropriate.
(b) Lessee agrees promptly to comply with and execute all rules, orders and regulations of the Fire Underwriters Association for the prevent of fires, at Lessee's own cost and expense; provided, however, that if any violation of such rules, orders or regulations are not occasioned by Lessee's use of the Premises, then all costs and expenses shall be borne by Lessor. Lessor represents that the Premises are presently in substantial compliance with all rules, orders and regulations of the Fire Underwriters Association, to the best of Lessor's knowledge. Payment under this clause shall be due within thirty (30) days of delivery of notice thereof to Lessee. If said insurance coverage should escalate due to Lessee's occupancy, the Demised Lessee may elect to provide insurance coverage, at its expense, acceptable to Lessor.
(c) In case the said Premises shall be so damaged by fire or other cause as to be rendered untenantable, Lessor and Lessee shall have thirty (30) days from date of said casualty to determine the extent of repairs to be done and the time required to perform them.
(d) Lessor and Lessee agree (to the extent that such agreement does not invalidate coverage under an policy of insurance) that, in the event the Premises, or any part thereof, shall be are damaged or destroyed by fire or other casualtycasualty that is covered by insurance of the Lessor or Lessee, Tenant shall give notice thereof to Landlord promptly after becoming aware or the sublessees, assignees of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualtytransferees of Lessee, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant rights of any party against the other or all proceeds against the employees, agents or licensees of Tenant’s fire and casualty insurance policy) any party, with respect to the same condition, design and specifications as existed immediately before such damage or destructiondestruction and with respect to any loss resulting therefrom, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in including the restoration interruption of the Demised Premises.
15.3 Subject to business of any of the provisions of Section 15.5 belowparties, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been are hereby waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policiescoverage of said insurance, whether Lessor and Lessee further agree that all policies of fire, extended coverage, business interruption and other insurance covering the Premises or the contents therein shall, if possible, provide that the insurance shall not such damage be impaired by virtue of this provision or if the insureds have waived their right of recovery from any person or persons prior to the date and time of loss shall have been caused by any acts or omissions of the other partydamage.
Appears in 1 contract
Samples: Lease (United Stationers Supply Co)
Fire and Other Casualty. 15.1 If (a) Except as provided below, in case of damage to the Demised Premises or any part thereof, shall be damaged other portions of the Building by fire or other insured casualty, Owner shall repair the damage. Such repair work shall be commenced promptly following notice of the damage and completed with reasonable diligence, taking into account the time required for Owner to effect a settlement with and procure insurance proceeds from the insurer, except for delays due to Force Majeure.
(b) If the damage is of a nature or extent that, in Owner's reasonable judgment, the repair and restoration work would require more than 180 days to complete after commencement of work, assuming normal work crews not engaged in overtime, Owner shall so notify Tenant shall give notice thereof to Landlord promptly within a reasonable time after becoming aware of such damagedetermination, and either party, for a period of fifteen (15) days after such notice, shall have the right to terminate this Lease by notice to the other, as of the date, not later than thirty (30) days thereafter, specified in such termination notice. Further, if Owner reasonably determines that the Building is damaged to such extent as to make repair thereof unfeasible or that the length of the Term remaining after restoration would make restoration impractical (in either case, whether for economic or other reasons), within a reasonable time after such determination Owner shall continue have the right to terminate this Lease by notice to Tenant, as of the date, not later than thirty (30) days thereafter, specified in full force and effect except as hereinafter set forthsuch termination notice.
15.2 (c) If the Demised Premises is totally insurance proceeds received or partially damaged or rendered partially unusable to be received by fire or other casualty, Owner (excluding any rental interruption insurance proceeds) would not be sufficient to pay for repairing the damage thereto or are required to be applied on account of any Mortgage or Underlying Lease, or if the nature of loss is not covered by Owner's hazard insurance coverage, Owner may elect either to (i) repair the damage as above provided notwithstanding such fact, or (ii) terminate this Lease, by giving Tenant within thirty (30) days after Owner's knowledge of the damage and determination of availability or sufficiency of insurance proceeds, notice of Owner's election; and if the election is to terminate, specifying the termination date, which termination date shall be promptly not earlier than fifteen (15) days nor later than thirty (30) days thereafter.
(d) All injury or damage to the Premises or the Building caused by Tenant or Tenant Parties shall be repaired at Tenant's sole cost and expense. Owner shall have the right to make such repairs, and any cost or expense so incurred by and Owner shall be paid by Tenant to Owner on demand, with interest thereon at the expense of Tenant (including Reimbursement Interest Rate from the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesdue date until paid.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease (e) Owner shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party Alterations which Tenant may have installed (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage Tenant has the right or loss the obligation to remove the same or is required to leave the same on the Premises as of the Ending Date of Term or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Owner, assures payment in full of all costs which may be incurred by Owner in connection therewith. Owner shall not be required to insure any Alterations to the Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other property of Tenant. Tenant shall have been caused the right, at its sole expense, to insure the value of its leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Owner to repair the Premises. Except as otherwise provided in this Lease, any insurance which may be carried by any acts owner or omissions Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
(f) If this Lease is terminated pursuant to this paragraph, all Rent shall be apportioned equitably and paid in full by Tenant to Owner to the date of termination. This provision shall not relieve Tenant of liability to Owner for damages (including damages arising due to early termination of this Lease) arising out of the negligence or other partytortious conduct of Tenant or Tenant Parties.
(g) In the event of a fire or other casualty damage not arising out of the negligence or other tortious conduct of Tenant or Tenant Parties, which does not result in termination of this Lease pursuant to this paragraph but does deprive Tenant of the use of a portion of the Premises, there shall be an equitable reduction of the Rent, taking into account the period for which and the extent to which such portion of the Premises is not reasonably usable for the Permitted Use.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) If prior to Closing the Demised Premises or any part thereof, shall be Property is damaged by fire or other casualty, Tenant Seller shall estimate the cost to repair and the time required to complete repairs and will provide Purchaser written notice of Seller's estimate as soon as reasonably possible after the occurrence of the casualty.
(b) In the event of any damage to or destruction of the Property or any portion thereof prior to Closing the cost of restoration of which as reasonably estimated by Seller and Purchaser would exceed $500,000 or would give any Tenants aggregating at least 5,000 square foot of the leased square footage of the Property the right to terminate their Leases (which termination rights are not waived (or deemed to have been waived in accordance with their Lease) within 30 days following the casualty), Purchaser may, at its option, terminate this Agreement by delivering written notice thereof to Landlord promptly Seller within thirty (30) days after becoming aware the date Seller delivers the Casualty Notice to Purchaser (and if necessary, the Closing Date shall be extended to give Purchaser the full thirty-day period to make such election). Upon any such termination, the Deposit shall be returned to Purchaser and the parties hereto shall have no further rights or obligations hereunder, other than those that by expressly or by their terms survive the termination of such damagethis Agreement. If Purchaser fails to so timely terminate this Agreement, or in the event Purchaser does not have the right to so terminate this Agreement, then the parties shall proceed under this Agreement and close on schedule (subject to extension of Closing as provided above), and this Lease as of Closing Seller shall continue assign to Purchaser, without representation or warranty by or recourse against Seller, all of Seller's rights in full force and effect except to any resulting insurance proceeds due Seller as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense a result of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destructiondestruction and shall pay over to Purchaser all amounts theretofore received by Seller in connection with such casualty, in a good each case, net of Seller's costs incurred in obtaining such proceeds or if applicable, restoring the Property, and workmanlike manner Purchaser shall assume full responsibility for all needed remaining repairs. Seller shall also credit Purchaser with any deductible, self-retained or uninsured amounts at Closing. Notwithstanding anything in compliance with all Legal Requirements. Tenant this Agreement to the contrary, Seller shall retain all insurance proceeds derived from its policies not used in have no obligation to repair or restore the restoration of the Demised PremisesProperty.
15.3 Subject to (c) The provisions of this Article 12 supersede the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault any applicable statutory or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything decisional law with respect to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence subject matter of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partythis Article.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Inland Real Estate Income Trust, Inc.)
Fire and Other Casualty. 15.1 (a) If the Demised Premises Building or any part thereof, other improvements on the Land shall be damaged or destroyed by fire or other casualty, Tenant at Tenant's sole cost and expense, shall give notice thereof promptly and diligently proceed to Landlord promptly after becoming aware adjust the loss with the insurance companies (subject to the approval of such damagethe Mortgagee (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and this Lease shall continue in full force repair, rebuild or replace such Building and effect except other improvements, so as hereinafter set forth.
15.2 If to restore the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed condition in which they were immediately before prior to such damage or destruction, . The net proceeds of any insurance recovered by reason of such damage or destruction in a good excess of the cost of adjusting the insurance claim and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all collecting the insurance proceeds derived from its policies not used in (such excess being referred to herein as the restoration "Net Insurance Proceeds") shall be held by the Mortgagee (provided that such Mortgagee is a bank savings association, insurance company or other similar institutional lender, herein called "Institutional Lender"), or, if no Institutional Lender then holds a mortgage lien, or deed of trust on the Demised Premises.
15.3 Subject , by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant, and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Mortgagee (if the Mortgagee so requires) including without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing if the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), and if the Mortgagee agrees in writing such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or replacement of the damaged Building or other Improvements, if the Mortgagee does not retain such excess proceeds and supply the same on account of the debt owed to it, then the amount of such excess Net Insurance Proceeds shall be paid to Tenant upon the completion of such repair, rebuilding or replacement. Landlord agrees not unreasonably to withhold or delay any approvals required to be obtained by Tenant from Landlord pursuant to the provisions of this Section 15.5 below21(a). Landlord agrees to cooperate with Tenant, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as at no cost to Landlord, any fee mortgagee), in connection with Tenant's request to Mortgagee to release the extent such rights have been waived by the insured prior Net Insurance Proceeds to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyTenant.
Appears in 1 contract
Fire and Other Casualty. 15.1 If In the Demised event the Premises shall be partially or any part thereoftotally destroyed by fire, explosion or other casualty, so as to render the Premises partially or totally untenantable, the same shall be repaired as speedily as possible at the expense of Landlord, to the extent of insurance proceeds actually received by Landlord, unless Landlord shall elect not to rebuild or repair the damage, as hereinafter provided. A portion of the Rent in proportion to the portion of the Premises which are rendered untenantable shall be abated until so repaired, but only if the fire or other casualty was not caused by the negligence of the Tenant, its contractors, invitees, licensees, agents or employees. Otherwise, Rent shall not be abated. In the event that the Premises shall be damaged by fire or other casualtycasualty so as to render untenantable more than fifty percent (50%) of the Premises or more than fifty percent (50%) of the floor area of the Building, or if Landlord's insurance proceeds are not adequate to repair the damage and render the Premises in as good a condition as before the casualty and therefore untenantable, or if damage occurs in the last year of the Term, then either Landlord or Tenant shall give may, by notice thereof to Landlord promptly in writing within sixty (60) days after becoming aware of such destruction or damage, and terminate this Lease. Any such termination shall be effective on the date specified therefore in such notice. In the event of the termination of this Lease shall continue under the provisions contained in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualtythis Section, the damage thereto all Rent shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) adjusted to the same condition, design and specifications as existed immediately before date of such damage or destruction, in a good destruction and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in liabilities and obligations under this Lease shall be deemed immediately terminated except such provisions that by their nature and context are intended to release either party hereto from liability survive termination. If the Landlord elects to repair said damage, then the Landlord shall within said sixty (60) day period, give Tenant notice in writing of its intention to do so and proceed with the rebuilding and restoration as promptly as possible, as provided above, and Tenant shall be solely responsible for damages resulting the repair or replacement of its merchandise, trade fixtures, furnishings and equipment. Should the Premises remain untenantable one hundred twenty (120) days from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent date of the proceeds paid under such policiescasualty, whether or not such damage or loss Tenant has the right to cancel this Lease. There shall have been caused by any acts or omissions of be absolutely no smoking in the other partybuilding.
Appears in 1 contract
Samples: Lease Agreement
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately abatx xxxing the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Industrial Lease Agreement (Rockwell Medical Technologies Inc)
Fire and Other Casualty. 15.1 If In the Demised Premises or event that any part thereof, shall be Building is damaged by fire or other casualty, Landlord agrees to promptly restore and repair the Building, including the Tenant shall give notice thereof Improvements, at Landlord's expense, but only to the extent Landlord actually receives sufficient insurance proceeds therefor, from the insurance required to be carried by Landlord and Tenant hereunder. Tenant agrees to immediately make available to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of any insurance policies covering the Project, excluding that portion of insurance proceeds applicable to Tenant’s fire 's personal property and casualty Tenant shall also be obligated to pay to any insurer providing coverage the amount of any deductible, retained risk or self insurance policyamount. Notwithstanding the foregoing, in the event that the Building is (i) to in the same conditionreasonable opinion of Third-Party Architect (as hereinafter defined), design and specifications as existed immediately before so destroyed that it cannot be repaired or rebuilt within three hundred sixty-five (365) days 29 37 after the date of such damage (subject to Force Majeure and Tenant Delays); (ii) destroyed by a casualty which is not covered by insurance, the proceeds of which are made available to Landlord in accordance with this Section 16.01, or destructionif such casualty is covered by insurance but such proceeds are insufficient for restoration of the Project, and only if the Project is thus rendered untenantable, as determined in the reasonable discretion of Landlord and Tenant; or (iii) damaged by a good casualty event during the last year of the Term which destroys more than twenty-five percent (25%) of the Rentable Area, and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain upon receipt by Landlord of the deductible amount and all insurance proceeds derived from its policies not used in under the restoration coverages to be provided for casualty damage under Article 10, then Landlord or Tenant may terminate and cancel this Lease effective as of the Demised Premises.
15.3 Subject date of such casualty by giving written notice to the other party within thirty (30) days of the date of such casualty. Upon the giving of such notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate except as expressly provided to the contrary in this Lease. Tenant may obviate Landlord's right to terminate this Lease in accordance with the provisions of Section 15.5 below16.01 (iii) in the event that the Tenant properly exercises a right to renew the Term expressly granted in accordance with the terms of this Lease. If no such notice is given, nothing Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Building to substantially the same condition existing prior to such casualty, promptly and in this Lease such manner as not to unreasonably interfere with Tenant's use and occupancy of the Project (if Tenant is still occupying the Project). Base Rent and all Additional Rent and other charges shall be deemed abatx xxxing the time that the Building or any part thereof is unusable by reason of any such damage thereto (and for sixty (60) days following completion of restoration for the purpose of Tenant refixturing), but only to release either party hereto from liability for damages resulting from the fault or negligence extent of said party or its agents.
15.4 any proceeds of rental loss insurance received by Landlord on account thereof. Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will shall not be obligated entitled to any compensation or damages for loss of use of the whole or any part of the Project and/or any inconvenience or annoyance caused by such damage, repair any damage thereto or to replace the same.
15.5 restoration. Notwithstanding anything to the contrary contained herein and to the extent availableherein, every property proceeds of any rental loss insurance policy carried by either party policies shall include provisions denying to the insurer subrogation rights against the other party (and, as be paid to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss and Tenant shall have been caused by any acts or omissions of the other partyno claim therefor.
Appears in 1 contract
Samples: Office Lease Agreement (Intuit Inc)
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant other than as a result of the gross negligence or willful misconduct of Tenant, the Lease shall give notice thereof not terminate and, upon adjustment of insurance claims, Landlord shall repair the damage, provided that Landlord shall have no obligation to Landlord promptly after becoming aware repair damage to or replace Tenant’s Personal Property. Except as otherwise provided herein, if any part of the Premises are rendered untenantable by reason of any such damage, Rent shall xxxxx from the date of the damage to the date the damage is repaired, as determined by Landlord, in the proportion that the area of the untenantable part bears from time to time to the total area of the Premises; provided, however, that, if more than fifty percent (50%) of the rentable area of the Premises is damaged and Tenant is not in occupancy of any part of the Premises, then Rent shall be fully abated until the date that the damage is repaired. No compensation or reduction of Rent shall be paid or allowed for inconvenience, annoyance or injury to Tenant or Tenant’s business arising from any damage to or repair of the Premises or the Building. Notwithstanding the foregoing, if Landlord does not receive sufficient insurance proceeds to fully repair the damage, or if the Building shall be so damaged that, as determined by Landlord, substantial reconstruction of the Premises or the Building is required (whether or not the Premises have been damaged), then (i) Landlord, at its option, may give Tenant, within sixty (60) days after the casualty, written notice of termination of this Lease and of all other leases in the Building which Landlord is entitled to terminate pursuant to such leases, and this Lease and the Term shall continue terminate (whether or not the Term has commenced) upon the expiration of thirty (30) days from the date of the notice, with the same effect as if the new expiration date had been the date initially fixed for expiration of the Term, and all Rent shall be apportioned as of the date of the casualty, unless Tenant has continued to occupy the Premises, and (ii) if Landlord estimates to Tenant in full force writing that the restoration of the Premises and effect except as hereinafter set forth.
15.2 the Building cannot be completed by the two hundred seventieth (270th) day following the date of the casualty, then Tenant may terminate this lease by written notice to Landlord, which notice shall be given by Tenant, if at all, within ten (10) business days following the date of such written estimate. If the Demised restoration of the Premises is totally and the Building has not been completed by the two hundred seventieth (270th) day following the date of the casualty, Tenant may terminate this Lease by written notice to Landlord, which notice shall be given by Tenant, if at all, within ten (10) business days following such 270th day. If the Premises or partially the Building shall be damaged or rendered partially unusable by fire or other casualty, casualty due to the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any gross negligence or all proceeds willful misconduct of Tenant’s fire and casualty insurance policy: (i) Landlord shall have no obligation to repair the same conditionPremises or the Building, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in (ii) this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will shall, at Landlord’s option, not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal propertyterminate, and agrees that (iii) Landlord will not be obligated may pursue any legal and equitable remedies available to repair any damage thereto or to replace the sameit.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) If the Demised Premises Building or any part thereof, other improvements on the Land shall be damaged or destroyed by fire or other casualty, Tenant Tenant, at Tenant's sole cost and expense, shall give notice thereof promptly and diligently proceed to Landlord promptly after becoming aware adjust the loss with the insurance companies (subject to the approval of such damagethe Lender (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and this Lease shall continue in full force repair, rebuild or replace such Building and effect except other improvements, so as hereinafter set forth.
15.2 If to restore the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed condition in which they were immediately before prior to such damage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Lender (provided that such Lender is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Institutional Lender then holds a Mortgage on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Lender (if the Lender so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or replacement of the damaged Building or other improvements, then the amount of such excess Net Insurance Proceeds shall be paid to Tenant upon the completion of such repair, rebuilding or replacement. Landlord agrees not unreasonably to withhold, condition or delay any approvals required to be obtained by Tenant from Landlord pursuant to the provisions of this Section 21(a).
(b) Whenever Tenant shall be required to carry out any work or repair and restoration pursuant to this Section 21, Tenant, prior to the commencement of such work, shall deliver to Landlord for Landlord's prior approval (which shall not be unreasonably withheld, conditioned or delayed) a full set of the plans and specifications therefor, together with a copy of all approvals and permits which shall be required from any governmental authority having jurisdiction. After completion of any major repair or restoration, Tenant shall, as soon as reasonably possible, obtain and deliver to Landlord a Certificate of Substantial Completion from the inspecting architect and a permanent Certificate of Occupancy (or amended Certificate of Occupancy), if required by applicable laws, issued by the appropriate authority with respect to the use of the Demised Premises, as thus repaired and restored. Any such work or repair and restoration, in all cases, shall be carried out by Tenant in a good and workmanlike manner with materials at least equal in compliance with all Legal Requirementsquality to the original materials used therefor prior to the damage or destruction. Tenant If, after a default by Tenant, Landlord shall retain all insurance proceeds derived from its policies not used in the carry out any such work or repair and restoration of the Demised Premises.
15.3 Subject pursuant to the provisions of this Section 15.5 below21, nothing in this Lease then Landlord shall be deemed entitled to release either party hereto from liability withdraw monies held for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything application to the contrary contained herein and costs of such work from time to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, time as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partycosts are incurred.
Appears in 1 contract
Samples: Industrial Lease Agreement (Global Directmail Corp)
Fire and Other Casualty. 15.1 If the Demised Premises Premises, the Building, or any part thereof, the Property (including machinery or equipment used in its operation) shall be damaged by fire or other casualty and if such damage does not cause a termination of this Lease as described in the following sentences, then Landlord shall repair and restore the damage with reasonable promptness, subject to reasonable delays for insurance adjustments and delays caused by matters beyond Landlord’s reasonable control, but Landlord shall not be obligated to expend for repairing or restoring the damage an amount in excess of the proceeds of insurance recovered with respect to the damage. If in Landlord’s reasonable estimate, based on estimate of a reputable third party contractor, the Premises cannot be restored within two hundred seventy (270) days from the date of such fire or casualty, Tenant then Landlord shall give notice thereof to Tenant of such estimate within thirty (30) days after such fire or casualty. Tenant may elect in writing sixty (60) days following the date of such notice from Landlord promptly after becoming aware to terminate this Lease effective as of the date of Tenant’s notice. If any such damage: (i) renders the Building untenantable; or (ii) renders general Building systems CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. [****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. inoperable and such systems cannot be repaired in Landlord’s reasonable estimate within three hundred sixty five (365) days from the date of such damage, or (iii) occurs within the last Lease Year, Landlord shall have the right to terminate this Lease as of the date of such damage upon giving written notice to the Tenant at any time within thirty (30) days after the date of such damage. Landlord shall have no liability to Tenant, and Tenant shall not be entitled to terminate this Lease, by virtue of any delays in completion of such repairs and restoration. Rent, however, shall xxxxx on those portions of the Premises as are, from time to time, untenantable as a result of such damage. If Tenant does not terminate this Lease even though the Premises cannot be restored within two hundred and seventy (270) days, this Lease shall continue in full force or effect (unless Landlord has terminated as described above), but if the Premises were estimated to be restorable within two hundred seventy (270) days but are not restored by the end of such two hundred and seventy (270) day period, Tenant shall have the right following the end of such two hundred and seventy (270) day period to terminate this Lease by notice to the Landlord upon a date no less than forty five (45) days after the date of such termination notice (the “Casualty Termination Date”). This Lease shall terminate upon the Casualty Termination Date with the same force and effect as if the Casualty Termination Date were the date originally established as the expiration date hereof, unless Landlord restores the Premises prior to the Casualty Termination Date, in which case Tenant’s termination notice shall be null and void and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of if Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before had never delivered such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirementstermination notice. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and set forth, Landlord shall have no duty pursuant to this Section 9.1 to repair or restore any portion of any Alterations made by or on behalf of Tenant in the Premises or the decorations thereto except to the extent available, every property that the proceeds of the insurance policy carried by either party Tenant are timely received by Landlord. If Tenant desires any other additional repairs or restoration, and if Landlord consents thereto, it shall include be done at Tenant’s sole cost and expense subject to all of the applicable provisions denying of the Lease. Tenant acknowledges that if this Lease is terminated as a result of such casualty Landlord shall be entitled to the insurer subrogation rights against 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 other party (and, as to Landlord, any fee mortgagee), to ’s property upon the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent termination of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyLease.
Appears in 1 contract
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) If the Demised Premises Building or any part thereof, other improvements on the Land shall be damaged or destroyed by fire or other casualty, Tenant Tenant, at Tenant's sole cost and expense, shall give notice thereof promptly and diligently proceed to Landlord promptly after becoming aware adjust the loss with the insurance companies (subject to the approval of such damagethe Lender (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and this Lease shall continue in full force repair, rebuild or replace such Building and effect except other improvements, so as hereinafter set forth.
15.2 If to restore the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed condition in which they were immediately before prior to such damage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Lender (provided that such Lender is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Lender then holds a Mortgage on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Lender (if the Lender so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises, Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or replacement of the damaged Building or other improvements, then the amount of such excess Net Insurance Proceeds shall be paid to Tenant upon the completion of such repair, rebuilding or replacement. Landlord agrees not unreasonably to withhold, condition or delay any approvals required to be obtained by Tenant from Landlord pursuant to the provisions of this Section 20(a).
(b) Whenever Tenant shall be required to carry out any work or repair and restoration pursuant to this Section 20, Tenant, prior to the commencement of such work, shall deliver to Landlord for Landlord's prior approval (which shall not be unreasonably withheld, conditioned or delayed) a full set of the plans and specifications therefor, together with a copy of all approvals and permits which shall be required from any governmental authority having jurisdiction. After completion of any major repair or restoration, Tenant shall, as soon as reasonably possible, obtain and deliver to Landlord a Certificate of Substantial Completion from the inspecting architect and a permanent Certificate of Occupancy (or amended Certificate of Occupancy), if required by applicable laws, issued by the appropriate authority with respect to the use of the Demised Premises, as thus repaired and restored. Any such work or repair and restoration, in all cases, shall be carried out by Tenant in a good and workmanlike manner with materials at least equal in compliance with all Legal Requirementsquality to the original materials used therefor prior to the damage or destruction. Tenant If, after a default by Tenant, Landlord shall retain all insurance proceeds derived from its policies not used in the carry out any such work or repair and restoration of the Demised Premises.
15.3 Subject pursuant to the provisions of this Section 15.5 below20, nothing in this Lease then Landlord shall be deemed entitled to release either party hereto from liability withdraw monies held for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything application to the contrary contained herein and costs of such work from time to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, time as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or losscosts are incurred."
14. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent Effective as of the proceeds paid under such policiesEffective Date, whether or not such damage or loss shall have been caused by any acts or omissions Section 21 of the other party.Lease (Condemnation) shall be deleted in its entirety and the following shall be substituted in lieu thereof:
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Fire and Other Casualty. 15.1 If A. In the Demised event that (i) the Premises or any part thereof, shall be damaged are made substantially untenantable by fire or other casualty, including damage or casualties of war, and Landlord shall decide not to restore or repair the same, or (ii) the Building is so damaged by fire or other casualty that Landlord shall decide to demolish or not rebuild the same, then, in either of such events, either Landlord or Tenant shall give have the right to terminate this Lease by notice thereof to Landlord promptly the other within ninety (90) days after becoming aware the date of such damage, and this Lease shall continue in full force and effect except as hereinafter set forthfire or other casualty.
15.2 B. If the Demised Premises is totally or partially damaged or rendered partially unusable the Building are made untenantable by fire or other casualty, and this Lease is not terminated pursuant to Section 9A above, Landlord shall; to the damage thereto extent permitted by any mortgages or Ground Leases with respect to the Premises and the Project, immediately take such action as is necessary to make applicable insurance proceeds available and to use `the same to reconstruct, repair and restore the Building and the Premises, subject to zoning laws and building codes then in effect, and including only Building Standard Tenant Improvements (as provided in Exhibit A of Appendix D) or, if any portion of the Premises has been leased on an "as is" basis, including only improvements similar to those located in such portion of the Premises on the Commencement Date or the date on which such portion was added to the Premises, if later than the Commencement Date (herein, the improvements Landlord is required to make are called the "Required Improvements"), and at Landlord's option Tenant may be permitted or required to devote the proceeds of its insurance described in Section BC(2)(a) to cause restoration of tenant improvements over and above the Required improvements, and pay for the same to Landlord or through Landlord as if newly done pursuant to Section 5 of this Lease. In the event a fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be promptly repaired primary and that Landlord's recovery in no event shall be reduced by and at the expense of Tenant (including the use by Tenant of any or all proceeds of insurance recovery to Tenant’s fire and casualty insurance policy) .
C. Notwithstanding anything in this Section 9 to the same conditioncontrary (except that Section 9A shall supersede this Section 9C), design if all or any portion of the Premises shall be made untenantable by a fire or other casualty, Landlord shall with reasonable promptness, cause a registered architect selected by Landlord and specifications as existed immediately before such damage or destruction, licensed to do business in a good Illinois to estimate the amount of time required to substantially complete repair and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to Premises and make the provisions of Section 15.5 belowPremises tenantable again, nothing in this Lease shall using standard working methods. If the estimate indicates that the Premises cannot be deemed to release either party hereto from liability for damages resulting made tenantable within twelve (12) months from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on date the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease (Naviant Inc)
Fire and Other Casualty. 15.1 If In the event the Demised Premises or any part thereof, shall be are damaged by fire or other casualty, Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant shall give notice thereof (but, in the case of the Improvements to be insured by Tenant, only to the extent Landlord promptly receives insurance proceeds and Tenant’s contribution of any deductible amounts not paid by Tenant’s insurance). Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred twenty (120) days after becoming aware the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If plus the Demised Premises deductible portion thereof, or if such casualty is totally or partially damaged or rendered partially unusable covered by fire Landlord’s insurance but Lender or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) party entitled to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used fails to make such proceeds available to Landlord in the an amount sufficient for restoration of the Demised Premises.
15.3 Subject , then Landlord shall give written notice to Tenant of such determination (the provisions “Determination Notice”) within thirty (30) days of Section 15.5 below, nothing in such casualty. Either Landlord or Tenant may terminate and cancel this Lease shall be deemed effective as of the date of such casualty by giving written notice to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party within thirty (and30) days after Tenant’s receipt of the Determination Notice. Upon the giving of such Determination Notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate, and all sums due under this Lease for such periods before such termination, or prepaid for such periods after such termination, shall be apportioned and paid by the party owing such amount. In the case of an election to terminate and cancel the Lease, made by either Tenant or Landlord, as a result of Landlord’s issuance of the Determination Notice, any proceeds received from Tenant’s required Improvements insurance, as defined in Section 8(a) herein, shall be allotted and distributed first to Landlord, any fee mortgagee)for its portion of Tenant Improvements costs initially provided, and all excess amounts shall be distributed to the extent Tenant for its portion of Tenant Improvements costs initially and/or subsequently provided. If no such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party notice is protected by insurancegiven, Landlord shall, to the extent of the proceeds paid under available insurance proceeds, make such policiesrepair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, whether promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or not any part thereof are unusable by reason of any such damage or loss shall have been caused by any acts or omissions of the other partythereto.
Appears in 1 contract
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by ----------------------- fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair and restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 If A. In the Demised event that (i) the Premises or any part thereof, shall be damaged are made substantially untenantable by fire or other casualty, including damage or casualties of war, and Landlord shall decide not to restore or repair the same, or (ii) the Building is so damaged by fire or other casualty that Landlord shall decide to demolish or not rebuild the same, then, in either of such events, either Landlord or Tenant shall give have the right to terminate this Lease by notice thereof to Landlord promptly the other within ninety (90) days after becoming aware the date of such damage, and this Lease shall continue in full force and effect except as hereinafter set forthfire or other casualty.
15.2 B. If the Demised Premises is totally or partially damaged or rendered partially unusable the Building are made untenantable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed is not terminated pursuant to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Section 9A above, Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee)shall, to the extent such rights have been waived permitted by the insured prior any mortgages or Ground Leases with respect to the occurrence Premises and the Project, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises, subject to zoning laws and building codes then in effect, or, if any portion of damage the Premises has been leased on an "as is" basis, including only improvements similar to those located in such portion of the Premises on the Commencement Date or lossthe date on which such portion was added to the Premises, if later than the Commencement Date (herein, the improvements Landlord is required to make are called the "Required Improvements"), and at Landlord's option Tenant may be permitted or required to devote the proceeds of its insurance described in Section 8C(2)(a) to cause restoration of tenant improvements over and above the Required Improvements, and pay for the same to Landlord or through Landlord as if newly done pursuant to Section 5 of this Lease. Each In the event a fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be primary and that Landlord's recovery in no event shall be reduced by any insurance recovery to Tenant.
C. Notwithstanding anything in this Section 9 to the contrary (except that Section 9A shall supersede this Section 9C), if all or any portion of the Premises shall be made untenantable by a fire or other casualty, Landlord shall with reasonable promptness, cause a registered architect selected by Landlord and licensed to do business in Illinois to estimate the amount of time required to substantially complete repair and restoration of the Premises and make the Premises tenantable again, using standard working methods. If the estimate indicates that the Premises cannot be made tenantable within twelve (12) months from the date the repair and restoration is started, either party hereby waives any rights of recovery against shall have the right to terminate this Lease by giving to the other notice of such election within ten (10) days after its receipt of the architect's certificate. If the estimate of the registered architect indicates that the Premises can be made tenantable within twelve (12) months from the date the repair and restoration is started, or if neither party for any direct damage or consequential loss covered by terminates this Lease pursuant to this Section 9C, Landlord shall proceed with reasonable promptness to repair and restore the Premises, provided that if the estimate of the registered architect indicates that the Premises can be made tenantable within twelve (12) months from the date repair and restoration is started, and if Landlord does not repair and restore the Premises within said policies against twelve (12) month period, which such party is protected by insurance, twelve (12) month period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease upon fifteen (15) days' prior written notice to Landlord. For purposes of this Lease, the proceeds paid under such policies, whether or not such damage or loss term "Reconstruction Delays" shall have been mean: (i) any delays caused by the insurance adjustment process, (ii) any acts or omissions of the other partydelays caused by Tenant, and (iii) any delays caused by events beyond Landlord's reasonable control.
Appears in 1 contract
Samples: Lease (Open Port Technology Inc)
Fire and Other Casualty. 15.1 In the event the Leased Premises are damaged or destroyed by fire or other unavoidable casualty to such an extent as to render in excess of twenty-five (25%) percent of the Leased Premises untenantable, the Lessor shall have the option to rebuild or repair the Leased Premises. The Lessor shall have sixty (60) days after the date of written notification by the Lessee of the happening of such event in which to notify the Lessee of the Lessor's intention to rebuild or repair the Leased Premises or the parts thereof so damaged or destroyed. If the Demised Lessor elects to rebuild or repair the Leased Premises, the Lessor shall prosecute the work of such rebuilding or repairing without unreasonable delay, and during the period from the damage until the Leased Premises or any part thereofare made tenantable, the rent payable under this Lease shall be abated in the same ratio that the of the portion of the Leased Premises rendered unfit for occupancy shall bear to the area of the Leased Premises as at the commencement of this Lease. If the Lessor fails to give such notice before the expiration of the sixty (60) days, this Lease shall terminate and be of no further force or effect after the date of such event in the event the Leased Premises are damaged by fire or other casualtycasualty to an extent so as to render them untenantable, Tenant the Lessor shall give notice thereof to Landlord promptly after becoming aware of such damagerebuild or repair the same without unnecessary delay, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If during such period the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto rent shall be promptly repaired by and abated at the expense same ratio that the area of Tenant (including the use by Tenant portion of any or all proceeds of Tenant’s fire and casualty insurance policy) the Leased Premises rendered, for the time being, unfit for occupancy shall bear to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration area of the Demised Premises.
15.3 Subject to Leased Premises as at the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent commencement of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyLease.
Appears in 1 contract
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged by In case of fire or other casualty, Tenant shall give immediate written notice thereof to Landlord. In the event the Premises shall be partially damaged by fire, the elements or other casualty, then unless Landlord promptly after becoming aware of such damageor Tenant exercises any right to terminate this lease expressly provided in this Paragraph 9, and this Lease lease shall continue remain in full force and effect except and Landlord shall, at Landlord's expense, repair the same as hereinafter set forth.
15.2 If speedily as practicable to the Demised extent of the original Landlord's Work, exclusive of the Above Standard Improvements, and if any portion of the Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at rendered untenantable, then the expense Tenant's obligation to pay Rental hereunder shall xxxxx in the same proportion which the square footage of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) portion rendered untenantable bears to the same conditiontotal square footage of the Premises until such time as the Landlord shall have substantially repaired the Premises, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. except that Tenant shall retain all insurance proceeds derived from not be obligated to pay any Rental hereunder except to the extent that Tenant is actually using any part of the Premises for its policies business use, if its laboratory operations cannot used be carried on in the restoration of Premises substantially as they were before the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease casualty. Landlord shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto to Above Standard Improvements provided the proceeds of insurance carried by Tenant or other funds provided by Tenant are made available to replace Landlord to pay the same.
15.5 Notwithstanding anything cost thereof, it being understood that Tenant is responsible for insuring the Above Standard Improvements. In the event that at least seventy five (75%) percent of the Premises shall be damaged, then the Landlord or Tenant shall have the right to terminate the lease on thirty (30) days' written notice delivered to the contrary contained herein and to the extent availableother party, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party given within thirty (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to 30) days of the occurrence of damage or loss. Each party hereby waives any rights of recovery against such damage, in which event the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insuranceRental as abated, if applicable, shall be paid up to the extent time of such termination and then and from thenceforth this lease shall come to an end. In the event that less than seventy five percent (75%) of the proceeds paid under such policiesPremises is damaged, whether or not such damage or loss Landlord shall have been caused One Hundred Eighty (180) days from the date of casualty to substantially restore the Premises to the same scope of work as Landlord had provided Tenant at the commencement of this lease as Landlord's Work and, if Tenant makes funds available as above provided, including the Above Standard Improvements. If Landlord has not substantially restored the Premises in the manner provided herein within such One Hundred Eighty (180) day period, subject to extension for reasons beyond Landlord's control as provided in Paragraph 28(a), which extension shall in no event exceed six (6) months, then Tenant shall have the right to terminate this Lease within thirty (30) days following the expiration of then aforesaid One Hundred Eighty (180) day period, as extended as aforesaid, by any acts or omissions giving written notice to that effect to Landlord. As used herein, the determination of the other partyspace which is untenantable or damaged shall mean that such space which is not reasonably usable by Tenant for the business purposes carried on by Tenant in such space prior to such casualty.
Appears in 1 contract
Fire and Other Casualty. 15.1 If A. In the Demised event that (i) the Premises or any part thereof, shall be damaged are made substantially untenantable by fire or other casualty, including damage or casualties of war, and Landlord shall decide not to restore or repair the same, or (ii) the Building is so damaged by fire or other casualty that Landlord shall decide to demolish or not rebuild the same, then, in either of such events, either Landlord or Tenant shall give have the right to terminate this Lease by notice thereof to Landlord promptly the other within ninety (90) days after becoming aware the date of such damage, and this Lease shall continue in full force and effect except as hereinafter set forthfire or casualty.
15.2 B. If the Demised Premises is totally or partially damaged or rendered partially unusable the Building are made untenantable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed is not terminated pursuant to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Section 9A above, Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee)shall, to the extent such rights have been waived permitted by the insured prior any mortgages or Ground Leases with respect to the occurrence Premises and the Project, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises, subject to zoning laws and building codes then in effect, and including only Building Standard Tenant Improvements (as provided in Exhibit A of damage Appendix D) or, if any portion of the Premises has been leased on an "as is" basis, including only improvements similar to those located in such portion of the Premises on the Commencement Date or lossthe date on which such portion was added to the Premises, if later than the Commencement Date (herein, the improvements Landlord is required to make are called the "Required Improvements"), and at Landlord's option Tenant may be permitted or required to devote the proceeds of its insurance described in Section 8C(2)(a) to cause restoration of tenant improvements over and above the Required Improvements, and pay for the same to Landlord or through Landlord as if newly done pursuant to Section 5 of this Lease. Each In the event a fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be primary and that Landlord's recovery in no event shall be reduced by any insurance recovery to Tenant.
C. Notwithstanding anything in this Section 9 to the contrary, if all or any portion of the Premises shall be made untenantable by a fire or other casualty, Landlord shall with reasonable promptness and in no event later than 30 days following the fire or other casualty, cause a registered architect selected by Landlord and licensed to do business in Wisconsin to estimate the amount of time required to substantially complete repair and substantially complete restoration of the Premises and make the Premises tenantable again, using standard working methods. If the estimate indicates that the Premises cannot be made tenantable within six (6) months from the date the repair and restoration is started, either party hereby waives any rights of recovery against shall have the right to terminate this Lease by giving to the other notice of such election within ten (10) days after its receipt of the architect's certificate. If the estimate of the registered architect indicates that the Premises can be made tenantable within six (6) months from the date the repair and restoration is started, or if neither party for any direct damage or consequential loss covered by terminates this Lease pursuant to this Section 9C, Landlord shall proceed with reasonable promptness to repair and restore the Premises, provided that if the estimate of the registered architect indicates that the Premises can be made tenantable within six (6) month from the date repair and restoration is started, and if Landlord does not repair and restore the Premises within said policies against six (6) month period, which such party is protected by insurance, six (6) month period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease upon fifteen (15) days prior written notice to Landlord. For purposes of this Lease, the proceeds paid under such policies, whether or not such damage or loss term "Reconstruction Delays" shall have been mean: (i) any delays caused by the insurance adjustment process, (ii) any acts or omissions of the other partydelays caused by Tenant, and (iii) any delays caused by events beyond Landlord's reasonable control.
Appears in 1 contract
Samples: Lease (Metavante Corp)
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance, or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the “Determination Notice”) within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant’s receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately axxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be are damaged by fire or other casualtycasualty (a “Casualty“), Landlord shall, within ninety (90) days after such Casualty, deliver to Tenant shall give a good faith estimate (the “Damage Notice“) of the time needed to repair the damage caused by such Casualty. If a material portion of the Premises is damaged by Casualty such that Tenant is prevented from conducting its business in the Premises in a manner reasonably comparable to that conducted immediately before such Casualty (a “Material Casualty”) and Landlord estimates in the Damage Notice that the damage caused thereby cannot be repaired within two hundred seventy (270) days after such casualty (the “Repair Period“), then Tenant may terminate this Lease by delivering written notice thereof to Landlord promptly of its election to terminate within thirty (30) days after becoming aware of such damagethe Damage Notice has been delivered to Tenant. Notwithstanding the foregoing, and if Landlord, in its sole discretion, determines that the Premises will not be restored within the Repair Period or that there will be insufficient insurance proceeds available to Landlord to accomplish same, then Landlord shall have the right to terminate this Lease shall continue by written notice given to Tenant within ninety (90) days after the occurrence of the Casualty (in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualtysuch event, the damage thereto such notice of termination shall be promptly repaired by and at in lieu of Landlord’s delivery of the expense Damage Notice). Notwithstanding any provision of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) this Section 9.1 to the contrary, in the event of a Material Casualty that occurs during the last Lease Year of the Lease Term that Landlord estimates in the Damage Notice will take more than 180 days following the date of the Casualty to restore, either party may terminate this lease upon thirty (30) days written notice to the other party. If this Lease is not terminated pursuant to the preceding paragraph, then Landlord shall, promptly following the availability of insurance proceeds for such purpose, begin to repair the Premises and shall proceed with reasonable diligence to restore the Premises to substantially the same condition, design and specifications condition as they existed immediately before such damage Casualty; however, Landlord shall not be required to repair or destructionreplace any Alterations or improvements made by Tenant or at Tenant’s request within the Premises or any furniture, in a good and workmanlike manner in compliance with all Legal Requirements. equipment, trade fixtures or personal property of Tenant shall retain all insurance proceeds derived from its policies not used or others in the restoration of Premises or the Demised Premises.
15.3 Subject Building, and Landlord’s obligation to repair or restore the provisions of Section 15.5 below, nothing in this Lease Premises shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, limited to the extent of the insurance proceeds paid under such policiesactually received by Landlord for the Casualty in question. In the event the Premises have not been restored to a condition substantially suitable for their intended purpose on or before expiration of the Repair Period, whether then either Landlord or not such damage Tenant may terminate this Lease by written notice to the other within five (5) business days following expiration of the Repair Period. In the event that at any time during the Lease Term the Premises are damaged or loss destroyed by fire or other casualty so as to render the Premises or any portion thereof untenantable, then there shall have been caused be a just and proportionate abatement of the Rent payable hereunder until the Premises are made suitable for Tenant’s occupancy (including a reasonable period of time for the repair or replacement of tenant’s improvements in the Premises and the installation of Tenant’s furniture, equipment, trade fixtures and other personal property) and the Lease Term shall be extended, without the necessity of further action by any acts or omissions of party, for a period equal to the other partytime during which Rent so abated.
Appears in 1 contract
Samples: Lease Agreement (Avici Systems Inc)
Fire and Other Casualty. 15.1 If the Demised Premises demised premises or any part thereof, thereof shall be damaged by fire or other casualty, Tenant shall give immediate notice thereof to Landlord promptly after becoming aware of such damage, Owner and this Lease lease shall continue in full force and effect except as hereinafter set forth.
15.2 , (b) If the Demised Premises is totally or demised premises are partially damaged or rendered partially unusable by fire or other casualty, the damage damages thereto shall be promptly repaired by and at the expense of Owner and the rent, until such repair shall be substantially completed, shall be apportioned from the day following the casualty according to the part of the premises which is usable, (c) If the demised premises are totally damaged or rendered wholly unusable by fire or other casualty, then the rent shall be proportionately paid up to the time of the casualty and thenceforth shall cease until the date when the premises shall have been repaired and restored by Owner, subject to Owner's right to elect not to restore the same as hereinafter provided, (d) If the demised premises are rendered wholly unusable or (whether or not the demised premises are damaged in whole or in part) if the building shall be so damaged that Owner shall decide to demolish it or to rebuild it, then, in any of such events, Owner may elect to terminate this lease by written notice to Tenant, given within 90 days after such fire or casualty, specifying a date for the expiration of the lease, which date shall not be more than 60 days after the giving of such notice, and upon the date specified in such notice the term of this lease shall expire as fully and completely as if such date were the date set forth above for the termination of this lease and Tenant (including shall forthwith quit, surrender and vacate the use premises without prejudice however, to Landlord's rights and remedies against Tenant under the lease provisions in effect prior to such termination, and any rent owing shall be paid up to such date and any payments of rent made by Tenant which were on account of any or period subsequent to such date shall be returned to Tenant. Unless Owner shall serve a termination notice as provided for herein, Owner shall make the repairs and restorations under the conditions of (b) and (c) hereof, with all proceeds reasonable expedition, subject to delays due to adjustment of insurance claims, labor troubles and causes beyond Owner's control. After any such casualty, Tenant shall cooperate with Owner's restoration by removing from the premises as promptly as reasonably possible, all of Tenant’s 's salvageable inventory and movable equipment, furniture, and other property. Tenant's liability for rent shall resume five (5) days after written notice from Owner that the premises are substantially ready for Tenant's occupancy, (e) Nothing contained hereinabove shall relieve Tenant from liability that may exist as a result of damage from fire or other casualty. Notwithstanding the foregoing, each party shall look first to any insurance in its favor before making any claim against the other party for recovery for loss or damage resulting from fire or other casualty and casualty insurance policy) to the same condition, design extent that such insurance is in force and specifications as existed immediately before such damage or destruction, in a good collectible and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions extent permitted by law, Owner and Tenant each hereby releases and waives all right of Section 15.5 belowrecovery against the other or any one claiming through or under each of them by way of subrogation or otherwise. The foregoing release and waiver shall be in force only if both releasors' insurance policies contain a clause providing that such a release or waiver shall not invalidate the insurance. If, nothing in this Lease and to the extent, that such waiver can be obtained only by the payment of additional premiums, then the party benefiting from the waiver shall pay such premium within ten days after written demand or shall be deemed to release either have agreed that the party hereto from liability for damages resulting from obtaining insurance coverage shall be free of any further obligation under the fault or negligence provisions hereof with respect to waiver of said party or its agents.
15.4 subrogation. Tenant acknowledges that Landlord Owner will not carry insurance on improvements on the Demised Premises Tenant's furniture and/or furnishings or on Tenant’s fixturesany fixtures or equipment, equipment improvements, or personal property, appurtenance removable by Tenant and agrees that Landlord Owner will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party f) Tenant hereby waives any rights the provisions of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent Section 227 of the proceeds paid under such policies, whether or not such damage or loss Real Property Law and agrees that the provisions of this article shall have been caused by any acts or omissions of the other partygovern and control in lieu thereof.
Appears in 1 contract
Samples: Office Lease (Arista Investors Corp)
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord (or required to be insured by Landlord pursuant to the terms of this Lease), Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance (or insurance that Landlord is required to carry pursuant to the terms of this Lease), or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant (the “Determination Notice”) within forty-five (45) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant’s receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall (but only to the extent of the available insurance proceeds) make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall be damaged thereof are unusable by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware reason of any such damagedamage thereto, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If xxxxx entirely if the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall cannot be promptly repaired by and at the expense of Tenant (including the use practicably used by Tenant for the normal conduct of any or all proceeds its business therein as a result of Tenant’s fire and casualty insurance policy) to such casualty. In the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges event that Landlord will not carry insurance on improvements on is unable to Substantially Complete the repair or restore the Demised Premises on or on before the date which is the one hundred eightieth (180th) day after Tenant’s fixturesreceipt of the Determination Notice, equipment as extended by Tenant Delay (as defined in Special Stipulation 3(c)) and as may be extended for a period of up to sixty (60) days for Force Majeure Delay (as defined in Special Stipulation 3(c)), Tenant may, at its option and as its sole remedy, terminate this Lease by written notice to Landlord given within thirty (30) days thereafter (provided that Landlord has not completed such repair or personal propertyrestoration prior to Landlord’s receipt of said termination notice), and agrees that thereafter neither Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss nor Tenant shall have been caused by any acts or omissions of the other partyfurther obligation hereunder.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) In the event of total or artial destruction of the Demised Premises by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense to the extent Landlord receives insurance proceeds therefor; provided, however that in the event the Demised Premises are (i) so destroyed that they cannot be repaired or rebuilt within one hundred twenty (120) days after the commencement of such repair or rebuilding; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but a Landlord's Mortgagee or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then, either Landlord or Tenant may terminate and cancel this Lease effective as of the 5th day after such casualty by giving written notice to the other party within such days of the date of such casualty. Upon the giving of such notice, all further obligations hereunder shall thereupon cease and terminate. If no such notice is given, Landlord shall make such repair or restoration of the Demised Premises promptly and in such manner as not to unreasonably Interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Any proceeds from the fire and extended coverage Insurance policies not utilized by Landlord in restoring or repairing the Demised Premises shall become the sole property of Landlord. Minimum Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereofthereof are unusable by reason of any such damage thereto.
(b) Except as provided herein, shall be damaged damage to or destruction of all or any portion of the Demised Premises by fire or by any other casualtycause shall not terminate this Lease, nor entitle Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If surrender the Demised Premises is totally or partially damaged or rendered partially unusable by fire or nor in any way affect Tenant's obligation to pay the Minimum Rent, Additional Rent and other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisessums payable hereunder.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
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Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged the Building are made ----------------------- untenantable by fire or other casualty, including damage or casualties of war, Landlord shall, to the extent permitted by all mortgages and ground leases on the Building, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises, including the tenant improvements, if any, paid for by Landlord pursuant to the Work Letter or, to similar improvements located in the Premises on the date of this Lease, and, at Landlord's option, Tenant shall give notice thereof may be permitted or required to devote the proceeds of its insurance covering tenant improvements to cause restoration of tenant improvements over and above those performed or paid for by Landlord pursuant to the Work Letter or "as is," as the case may be, and pay for same to Landlord or through Landlord as if newly done pursuant to Section 5 of this Lease. In the event fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be primary and that Landlord's recovery in no event shall be reduced by any insurance recovery to Tenant. Notwithstanding anything in this Section 9 to the contrary, if a registered architect selected by Landlord licensed to do business in Illinois should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within twelve (12) months from the date Landlord settles in full its claim with its insurance carrier for the Building or within two (2) months from such date if the Lease term has less than eighteen (18) months remaining, either party shall have the right to terminate this Lease by giving to the other notice of such election within ten (10) days after its receipt of the architect's certificate. Landlord shall select such registered architect within thirty (30) days after receipt of a written request by Tenant; provided that Landlord may make such selection without a request by Tenant if Landlord elects to do so. Landlord shall inform Tenant of the conclusion reached by the architect promptly after becoming aware receiving a written request from Tenant. If said fire or other casualty results in total destruction of such damagethe Building, and this Lease shall continue automatically terminate as of the date of said or other casualty. In case of fire or other casualty not resulting in full force termination of this Lease, rent shall be abated on a per them basis while the Premises are untenantable. If Tenant continues to conduct its business or profession in whole or in part from a portion of the Premises after such casualty, rent for space shall be abated pro rata with rent being charged only for the tenantable area. In case of termination of this Lease, rent shall be apportioned on a per diem basis and effect except as hereinafter set forth.
15.2 If be paid to the Demised Premises is totally or partially damaged or rendered partially unusable by date of the fire or other casualty. Any provision hereof notwithstanding, Tenant's rent shall not xxxxx if its negligence was the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration cause of the Demised Premisescasualty.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease (Argosy Education Group Inc)
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred forty (240) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within forty five (45) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within fifteen (15) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereofthereof are unusable by reason of any such damage thereto. In addition to the foregoing, shall be damaged by if this Lease is not cancelled and the Landlord undertakes such reconstruction or repair but does not complete the reconstruction or repair within eight (8) months after the date of the fire or other casualty, then the Tenant shall give have the additional right to terminate this Lease by written notice thereof to the Landlord promptly delivered within thirty (30) days after becoming aware the expiration of such damageeight (8) month period, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises provided that said notice is totally or partially damaged or rendered partially unusable received by fire or other casualtyLandlord prior to substantial completion of said reconstruction, the damage thereto whereupon both parties shall be promptly repaired by and at the expense relieved of Tenant (including the use by Tenant all further obligations hereunder, except for those obligations which expressly survive a termination of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthis Lease.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall use commercially reasonable efforts to give written notice to Tenant of such determination (the "Determination Notice") within forty-five (45) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is stiff occupying the Demised Premises). Base Rent and Additional Rent and all other amounts payable by Tenant hereunder shall equitably xxxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destructionthereto. Priority Fulfillment Services, in a good and workmanlike manner in compliance with all Legal RequirementsInc. Lease Agreement — Stateline Business Park Bldg. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.H Initial Initial
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Fire and Other Casualty. 15.1 If A. In the Demised event that (1) the Premises or any part thereof, shall be damaged are made substantially untenantable by fire or other casualty, and Landlord shall decide not to restore or repair the same, or (2) the Building or the Project is so damaged by fire or other casualty that Landlord shall decide to demolish or not rebuild the Building, then, in either of such events, either Landlord or Tenant shall give have the right to terminate this Lease by notice thereof to Landlord promptly the other within ninety (90) days after becoming aware the date of such damage, and this Lease shall continue in full force and effect except as hereinafter set forthfire or other casualty.
15.2 B. If the Demised Premises is totally or partially damaged or rendered partially unusable the Building are made untenantable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed is not terminated pursuant to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Section 9A above, Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee)shall, to the extent such rights have been waived permitted by the insured prior any mortgages ore ground leases with respect to the occurrence Project, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises to the same condition specified in Exhibit C attached hereto, subject to zoning laws and building codes then in effect, and including only tenant improvements constructed at Landlord's expense, or, if any portion of the Premises has been leased on an "as is" basis, including only improvements similar to those located in such portion of the Premises on the Commencement Date or the date on which such portion was added to the Premises, if later than the Commencement Date (herein, the improvements Landlord is required to make are called the "Required Improvements"). In no event shall Landlord be required to expend funds for reconstruction of the Building or the Premises in excess of insurance proceeds actually collected and received by Landlord. At Landlord's option, Tenant may be permitted or required to devote the proceeds of its insurance described in Section 8C(2) to cause restoration of tenant improvements and the Premises over and above the Required Improvements, and pay for the same to Landlord or through Landlord as if newly done pursuant to Section 5 of this Lease. In the event a fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be primary and that Landlord's recovery in no event shall be reduced by any insurance recovery to Tenant. In no event shall Landlord have any liability to Tenant by reason of any damage to or lossinterference with the Premises, the Project, or Tenant's business, improvements or property arising from fire or other casualty, however caused, or any resulting repairs.
C. Notwithstanding anything in this Section 9 to the contrary, if all or any portion of the Premises shall be made untenantable by a fire or other casualty, Landlord shall with reasonable promptness, cause an architect selected by Landlord to estimate the amount of time required to substantially complete repair and restoration of the Premises and make the Premises tenantable again, using standard working methods. Each If the estimate indicates that the Premises cannot be made tenantable within one hundred eighty (180) days from the date the fire or casualty occurred, either party hereby waives any rights of recovery against shall have the right to terminate this Lease by giving to the other notice of such election within ten (10) days after its receipt of the architect's certificate. If the estimate of the architect indicates that the Premises can be made tenantable within such one hundred eighty (180) days, or if neither party for any direct damage or consequential loss covered by said policies against terminates this Lease pursuant to this Section 9C, Landlord shall proceed with reasonable promptness to repair and restore the Premises, provided that if the estimate of the architect indicates that the Premises can be made tenantable within such one hundred eighty (180) days, and if Landlord does not repair and restore the Premises within such one hundred eighty (180) day period, which such party is protected by insurance, period shall be extended to the extent of any Reconstruction Delays, then, unless the proceeds paid under Premises are repaired and restored before Tenant gives such policiesnotice, whether or not such damage or loss Tenant may terminate this Lease upon fifteen (15) days prior written notice to Landlord. For purposes of this Lease, the term "Reconstruction Delays" shall have been mean: (1) any delays caused by the insurance adjustment process, (2) any acts or omissions of the other partydelays caused by Tenant, and (3) any delays caused by events beyond Landlord's reasonable control.
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Fire and Other Casualty. 15.1 15.1. If the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 15.2. If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s 's fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 15.3. Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 15.4. Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s 's fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 15.5. Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease (Terra Tech Corp.)
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord (or required to be insured by Landlord pursuant to the terms of this Lease), Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance (or insurance that Landlord is required to carry pursuant to the terms of this Lease), or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant (the “Determination Notice”) within forty-five (45) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant’s receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall (but only to the extent of the available insurance proceeds) make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall be damaged thereof are unusable by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware reason of any such damagedamage thereto, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If xxxxx entirely if the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall cannot be promptly repaired by and at the expense of Tenant (including the use practicably used by Tenant for the normal conduct of any or all proceeds its business therein as a result of Tenant’s fire and casualty insurance policy) to such casualty. In the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges event that Landlord will not carry insurance on improvements on is unable to Substantially Complete the repair or restore the Demised Premises on or on before the date which is the one hundred eightieth (180th) day after Tenant’s fixturesreceipt of the Determination Notice, equipment as extended by Tenant Delay (as defined in Special Stipulation 3(c)) and as may be extended for a period of up to sixty (60) days for Force Majeure Delay (as defined in Special Stipulation 3(c)), Tenant may, at its option and as its sole remedy, terminate this Lease by written notice to Landlord given within thirty (30) days thereafter (provided that Landlord has not completed such repair or personal propertyrestoration prior to Landlord’s receipt of said termination notice), and agrees that thereafter neither Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss nor Tenant shall have been caused by any acts or omissions of the other partyfurther obligation hereunder.
Appears in 1 contract
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged ----------------------- by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days after the date of such damage or two hundred forty (240) days after the date of such damage in the event such damage is the result of a hurricane; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Industrial Lease Agreement (D & K Healthcare Resources Inc)
Fire and Other Casualty. 15.1 (a) In the event the Demised Premises are damaged by fire or other casualty insured (or required to be insured) by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense (not including the Improvements to be insured by Tenant, which must be restored by Tenant in the manner hereinafter described in this Section 20) to the condition in which the Demised Premises existed on the Lease Date (ordinary wear and tear excepted), to the extent Landlord receives insurance proceeds therefor, provided, that Landlord shall, at its expense, pay (i) the full amount of the deductible under the policy provided by Landlord in accordance with this Lease and (ii) any cost to repair or restore footings or foundation damaged by the casualty (collectively, the “Landlord Contribution”). Notwithstanding the foregoing, in the event that the Demised Premises are, in the reasonable opinion of Landlord’s architect (subject to Tenant’s rights set forth in Section 20(b) below), so destroyed that they cannot be repaired or rebuilt within two hundred seventy (270) days after the date of such damage, then Landlord shall give written notice to Tenant of such determination (the “Determination Notice”) within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant’s receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given or if restoration and repair can be completed within two hundred seventy (270) days, then Landlord shall, to the extent of the available insurance proceeds (plus payment of the Landlord Contribution), make the repair or restoration of the Demised Premises required of Landlord by this Section 20, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). If Landlord is required under the provisions of this Section 20 to restore the Demised Premises after a casualty, Tenant shall be obligated to perform all work required to restore the Improvements and any Tenant’s Change made by Tenant to the Demised Premises to the extent of the available insurance proceeds related thereto, plus the full amount of the deductible under the policy provided by Tenant in accordance with this Lease; provided that Tenant will have the right, at the sole option of Tenant, in lieu of restoring the Improvements, to construct leasehold improvements in a manner such that the Demised Premises will be comprised of approximately 3000 square feet of office space (including HVAC), with a level of finish and configuration consistent with warehouse/distribution use, and based on plans and specifications reasonably acceptable to Landlord, and the warehouse area (and the demising wall, if affected by the casualty) will be restored to a level of finish the same as existed on the Lease Date, including the same lighting, HVAC and mechanical systems. Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall thereof are unusable by reason of any such damage thereto. LANDLORD SHALL OBTAIN AN AGREEMENT FROM ITS LENDER OR ANY OTHER PARTY ENTITLED TO LANDLORD’S PROPERTY INSURANCE PROCEEDS THAT THE TERMS AND CONDITIONS OF THIS SECTION SHALL GOVERN AND BE BINDING ON LENDER (OR ANY OTHER PARTY ENTITLED TO LANDLORD’S PROPERTY INSURANCE PROCEEDS) IN THE EVENT OF A CASUALTY. TENANT SHALL OBTAIN AN AGREEMENT FROM ANY LENDER OR ANY OTHER PARTY ENTITLED TO TENANT’S PROPERTY INSURANCE PROCEEDS THAT THE TERMS AND CONDITIONS OF THIS SECTION SHALL GOVERN AND BE BINDING ON SUCH LENDER (OR ANY OTHER PARTY ENTITLED TO TENANT’S PROPERTY INSURANCE PROCEEDS) IN THE EVENT OF A CASUALTY.
(b) If Tenant disagrees with the opinion of Landlord’s architect that the Demised Premises cannot be damaged by fire repaired or other casualty, Tenant shall give notice thereof to Landlord promptly rebuilt within two hundred seventy (270) days after becoming aware the date of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If Tenant may elect by written notice to Landlord (the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy“Restoration Arbitration Notice”) to submit such matter to be decided by an independent third party (“Restoration Arbitrator”) mutually satisfactory to Landlord and Tenant who shall (i) either be a licensed architect in the same condition, design State of Illinois or an executive officer of a reputable large construction company and specifications as existed immediately before such damage or destruction, (ii) have at least ten (10) years’ experience in a good the completion of construction of industrial buildings in Illinois and workmanlike manner in compliance with all Legal Requirementsthe completion of the improvements for tenants located therein. Tenant shall retain all propose in its notice to Landlord a Restoration Arbitrator meeting the foregoing criteria, and Landlord shall within five (5) business days after receipt of such Restoration Arbitration Notice notify Tenant in writing of its acceptance of such Restoration Arbitrator as so designated by Tenant, or if Landlord is not prepared to accept the Restoration Arbitrator designated by Tenant, then Landlord shall designate an Restoration Arbitrator satisfactory to it for purposes of conducting such arbitration. The one Restoration Arbitrator mutually-satisfactory to Landlord and Tenant, or the two Restoration Arbitrators separately designated by each of Landlord and Tenant (if Landlord and Tenant fail to agree on the selection of one Restoration Arbitrator) shall within five (5) business days after engagement meet with the representatives of Landlord and Tenant for the purpose of gaining information with respect to the nature of the dispute between Landlord and Tenant, and shall decide such dispute without delay and as promptly as reasonably possible under the circumstances. The decision of such Restoration Arbitrator(s) shall be final and binding on both Landlord and Tenant and shall not be subject to further review by either Landlord or Tenant. In the event separate Restoration Arbitrators are selected by Landlord and Tenant and such parties cannot agree upon the matter submitted to them, such Restoration Arbitrators shall within five (5) business days after reaching such impasse select a third Restoration Arbitrator mutually-satisfactory to the two Restoration Arbitrators, and thereafter the third Arbitrator shall promptly decide the matter submitted by Landlord and Tenant to arbitration pursuant to the foregoing. Each party shall pay the cost and expense of any Restoration Arbitrator engaged by it, provided that both parties shall share equally the costs of any single Restoration Arbitrator who is mutually satisfactory to Landlord and Tenant or mutually satisfactory to the Restoration Arbitrators selected by Landlord and Tenant.
(c) If either Landlord or Tenant exercises its right to terminate this Lease pursuant to Section 20(a) above at any time during the Term of this Lease, then Tenant agrees to assign to Landlord an amount of money equal to the then replacement cost of restoring 3000 square feet of office space and related warehouse improvements in the manner described in subsection (a) (the “Office/Warehouse Replacement Cost”), above, from the applicable insurance proceeds derived payable to Tenant under its property insurance policy maintained pursuant to Section 8(a)(ii) of this Lease, plus the full amount of any deductible subtracted from its policies not used such amount by the relevant carrier. If Landlord and Tenant disagree on the amount of the Office/Warehouse Replacement Cost, then such amount shall be determined by the Restoration Arbitrators in the restoration manner set forth in Section 20(b) above. If, at the time any insurance proceeds are available from Tenant’s insurance company as a result of a casualty affecting the Demised Premises.
15.3 Subject Improvements, neither Landlord nor Tenant has elected to terminate this Lease in accordance with this Section 20, then, Tenant shall deposit the full amount of such proceeds in an escrow account with Chicago Title and Insurance Company (the “Escrow Agent”), under an escrow agreement among Landlord, Tenant and Escrow Agent which will give effect to the provisions of this Section 15.5 below20 and provide a procedure for disbursement of funds in a manner which will enable Tenant to meet its restoration obligations under this Section 20; provided that, nothing in if, after creation of such escrow, either Landlord or Tenant elects to terminate this Lease in accordance with this Section 20, then the Escrow Agent shall be deemed release the Office/Warehouse Replacement Cost to Landlord and release either party hereto from liability for damages resulting from the fault or negligence balance of said party or its agentsthe escrowed amount to Tenant.
15.4 (d) Landlord and Tenant acknowledges acknowledge that Landlord will not carry their respective property insurance on improvements on policies, provided in accordance with Section 8, contain certain exclusions from coverage, such as, by way of example, loss from war risk (all such exclusions being hereinafter referred to collectively as the “Exclusions”). If any loss or damage to the Building or the Demised Premises occurs as a result of a loss which is within the Exclusions, then, if the loss exceeds the deductible amount and neither party is willing to provide the funds required to restore the loss, then either Landlord or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will Tenant may terminate this Lease in the same manner provided in subsection (a) with regard to a casualty which cannot be obligated to repair any damage thereto or to replace the samerestored within 270 days.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Industrial Lease Agreement (Elevance Renewable Sciences, Inc.)
Fire and Other Casualty. 15.1 If the Demised Premises Leased Premises, or any part portion thereof, shall be are partially or totally destroyed or damaged by fire or other casualtycasualty covered by the fire and extended coverage insurance carried by Lessor on the Building, Tenant Lessor shall give repair and restore the damaged portion of the Leased Premises (excluding any tenant fit up work in excess of the building standard and any additions, equipment, furniture and alterations made by tenant) as soon as it is reasonably practicable to substantially the same condition in which the Leased Premises were before such damage to the extent permitted by the available insurance proceeds. Provided, however, that if the Leased Premises are completely destroyed or badly damaged that repairs cannot be completed within six (6) months thereafter, the Lease Agreement may be terminated by either party hereto by serving written notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 upon the other. If the Demised Premises Building is totally or partially damaged or rendered partially unusable destroyed by fire or other casualtycasualty and cannot be restored within six (6) months thereafter, Lessor may, at its option, terminate the damage thereto Lease Agreement by serving written notice on the Lessee. In the event the Leased Premises, or any portion thereof, is destroyed or damaged by fire or other casualty covered by the fire and extended coverage insurance carried by Lessor that such damaged portion can not reasonably be used by Lessee for the purpose herein provided and the Lease Agreement is not terminated as above provided, there shall be promptly an abatement of rent to the extent that the damaged portion of the Leased Premises is unfit for use by Lessee in the ordinary course of its business until said damaged portion of the Leased Premises is made useable. In the event the Leased Premises, or any portion thereof, shall be destroyed or damaged by fire or other casualty 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 Tenant Lessee (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property that such destruction or damage is not covered by the fire and extended coverage insurance policy carried by either party Lessor) under the direction and supervision of Lessor, and rent shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partycontinue without abatement.
Appears in 1 contract
Samples: Lease Agreement (Travelnowcom Inc)
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereofAmount of Damage attributable to a Casualty at the Centers involved in the closing is less than five percent (5%) of the Purchase Price allocable to the closing involving such Centers (which, for these purposes, shall mean (A) in the case of the CMBS Centers, the total Purchase Price less the portion thereof payable in cash at the Hollywood Closing or the Millenia Closing, (B) in the case of the Hollywood Closing, shall mean the portion of the Purchase Price payable in cash at the Hollywood Closing, and (C) in the case of the Millenia Closing, shall mean the portion of the Purchase Price payable in cash at the Millenia Closing), then Purchaser shall continue to be damaged obligated to effect such closing in accordance with the balance of the terms set forth in this Contract, except that at such closing Purchaser shall be entitled to a credit against the Purchase Price (which credit shall be effected by fire reducing the cash portion of the Purchase Price payable at such closing) equal to the sum of (1) any deductibles suffered by the Partnerships owning the Centers prior to having the right to collect proceeds to cover the Amount of Damage under any applicable insurance policies plus (2) any such insurance proceeds collected by Seller or other casualtythe Partnership on account of such Casualty prior to such Closing, Tenant except to the extent that the same (a) have been applied to effecting the repair of the damage, (b) otherwise continue to be held for such purpose by the Partnerships owning the Centers or (c) otherwise continue to be held as required by the terms of the CMBS Loan Documents. If instead the Amount of Damage attributable to a Casualty at a Centers is greater than or equal to five percent (5%) of the Purchase Price allocable to the closing involving such Centers, then Purchaser shall, at its option, in its sole and absolute discretion, elect one of the following within five (5) days after the approval of the Amount of Damage: (i) terminate its obligation to effect said closing by giving written notice to Seller, in which event the provisions of Section 3(c) shall give notice thereof apply; (ii) extend the scheduled closing date with respect to Landlord such closing for a reasonable time, which time shall not exceed one hundred twenty (120) days, in order to enable Seller to repair such damage to the improvements, and in such an event, Seller shall promptly after becoming aware of repair such damage, and such damage shall be repaired so that the improvements will conform to the condition of the Centers immediately preceding such Casualty (provided that if such completion has not been accomplished by such extended closing date, then (a) Purchaser shall have a period of five (5) days to elect to proceed thereafter under clause (i) or clause (iii) of this Lease sentence and (b) if Purchaser elects to proceed thereafter under clause (iii) of this sentence, then the closing shall occur on a date selected by Purchaser no later than fifteen (15) days after the five (5) day period afforded Purchaser to make such election); or (iii) close the transaction contemplated by this Agreement, in which event shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or effect such closing in accordance with the balance of the terms set forth in this Contract, except that at such closing Purchaser shall be entitled to replace a credit against the same.
15.5 Notwithstanding anything Purchase Price (which credit shall be effected by reducing the cash portion of the Purchase Price payable at such closing) equal to the contrary contained herein and sum of (A) any deductibles suffered by the Partnerships owning the Centers prior to having the right to collect proceeds to cover the Amount of Damage under any applicable insurance policies plus (B) any such insurance proceeds collected by Seller on account of such Casualty prior to such Closing, except to the extent available, every property insurance policy carried by either party shall include provisions denying to that the insurer subrogation rights against the other party same (and, as to Landlord, any fee mortgagee), to the extent such rights 1) have been waived applied to effecting the repair of the damage, (2) otherwise continue to be held for such purpose by the insured prior to Partnerships owning the occurrence of damage Centers or loss. Each party hereby waives any rights of recovery against (3) otherwise have been applied as required by the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent terms of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyCMBS Loan Documents.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Price Enterprises Inc)
Fire and Other Casualty. 15.1 If 11.01. In the Demised event of a fire or other casualty in the Leased Premises or the Building Tenant shall immediately give notice hereof to Landlord, and, subject to the other terms an conditions hereof, Landlord shall use its best reasonable efforts to cause the repairs to be made with due diligence and reasonable dispatch, provided, however, that Landlord shall not be required to repair or replace furnishings, furniture, or other personal property which Tenant may be entitled to remove from the Leased Premises or any part property improvement constructed and installed by or for Tenant in excess of "building standard" as shown on/ Exhibit "B" attached hereto. If the Leased Premises, or any portion thereof, through no/ willful misconduct of Tenant, its agents, employee or visitors, shall be damaged partially destroyed r by fire or other casualtycasualty so as to render the Leased Premises, Tenant or any portion thereof untenantable, the rental herein shall give notice thereof to proportionately xxxxx thereafter until such time as the Leased Premises, or any portion thereof, are made tenantable. If Landlord promptly after becoming aware of such damagehas elected t repair and reconstruct the Leased Premises, and this Lease shall continue in full force and effect except as hereinafter set forthand such repairs will be made within a reasonable time thereafter, subject to delays arising from shortages of labor or material, strikes, acts of God, war or other conditions beyond Landlord's reasonable control, provided, however, that Landlord shall use its best efforts to not interfere with Tenant's use and occupancy of the portion of the Leased Premises not destroyed or damaged. No damages, compensation, or claims shall be payable by Landlord for any inconvenience, loss of business, or annoyance arising from such repair and reconstruction. Tenant and Landlord agree that the term of this Lease shall be extended by a period of time equal to the period of such repair and reconstruction.
15.2 If 11.02. In the Demised event such destruction results in one half (1/2) or more of the Leased Premises is totally being untenantable for a period, reasonably estimated by a responsible contractor selected by Landlord, to be one hundred twenty (120) days or partially longer after the loss, Landlord shall so notify Tenant promptly in writing and then either Landlord or Tenant may cancel this Lease by delivering written notice thereof to the other party.
11.03. In the event the Leased Premises, the Building or Parking Garage shall be so damaged that Landlord shall decide not to rebuild to the same or rendered partially unusable by substantially the same condition as immediately prior to such fire or other casualty, then all rent owed up to the damage thereto time of such destruction or termination, as set forth in Section 11.02, shall be promptly repaired by and at the expense of Tenant (including the use paid by Tenant and thenceforth this Lease shall cease and come to an end. In the event that this Lease is terminated as herein permitted, Landlord shall refund to Tenant the prepaid rent (unaccrued as of any or all proceeds the date of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction), in a good and workmanlike manner in compliance with all Legal Requirementsif any, less any sum then owing Landlord by Tenant. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject However, subject to the provisions rights of Section 15.5 belowLandlord's mortgagee and insurance provisions, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord it will not rebuild or repair if the work can be obligated to repair any damage thereto or to replace the samecompleted within one hundred twenty (120) days.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 (a) If the Demised Premises are damaged or any part thereof, shall be damaged destroyed by fire or other casualty, Landlord shall, subject to the limitations in subsection (b) of this Section 20, promptly and diligently proceed to repair, rebuild or replace the Demised Premises, so as to restore the Demised Premises to the condition in which the Demised Premises existed immediately prior to such damage or destruction; if Landlord carries on any restoration or repair at the Demised Premises pursuant to this Section 20 and Tenant continues to occupy any other portion of the Demised Premises, Landlord shall give notice thereof take all such steps as may be reasonable and practicable to prevent interference with Tenant's use and enjoyment of the portion of the Demised Premises which Tenant continues to occupy. Landlord promptly after becoming aware shall perform its obligations under this Section 20 in a manner which will achieve restoration of such any damage as soon as practicable, giving due regard to the nature and scope of the damage, and this Lease shall continue in full force and effect except as hereinafter set forthsubject to the occurrence of Permitted Delay.
15.2 If (b) Any provision of this Section 20 to the contrary notwithstanding, if either (i) the Demised Premises are damaged or destroyed by an earthquake at a time when Earthquake Coverage is not in effect and Landlord fails or elects not to give written notice to Tenant, within thirty (30) calendar days after occurrence of the earthquake, that Landlord intends to restore the Demised Premises notwithstanding the absence of Earthquake Coverage, (ii) all or any portion of the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty and the time period reasonably determined by Landlord to be required for the actual restoration or repair of the Demised Premises will exceed nine (9) months from the date the casualty occurs or (iii) the Demised Premises is damaged by fire or other casualty within twelve (12) months preceding the end of the Term (which includes any renewal of the Term then properly exercised by Tenant) to an extent exceeding twenty-five percent (25%) of the then current value of the Demised Premises, then either Landlord or Tenant shall have the right, to be exercised by giving written notice to the other (which notice shall set forth with specificity the basis for giving the notice) within thirty (30) days after the occurrence of the casualty, the damage thereto to terminate this Lease. Termination shall be promptly repaired by and at effective on a date specified in the expense written notice, which date shall be not less than thirty (30) nor more than sixty (60) days after the date the notice is given. Upon such termination, the term of Tenant this Lease shall end as if the date of termination were the date originally specified for expiration of the Term.
(including c) Any Mortgage must expressly acknowledge that the use by Tenant provisions of this Section 20 shall govern in the event of any or all proceeds of Tenant’s fire inconsistency between the Mortgage and casualty insurance policy) this Section 20 with respect to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised PremisesPremises after a casualty and application of insurance proceeds.
15.3 Subject (d) If a casualty prevents Tenant from fully occupying the Demised Premises, Base Rent shall abatx, xxr so long as such full occupancy is prevented, in proportion to the provisions amount of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault Demised Premises which is not reasonably usable by Tenant as a result of the casualty; provided that if the casualty occurred as a result of the act or negligence of said party or its agentsTenant, there shall be no such abatement.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease Agreement (I Flow Corp /Ca/)
Fire and Other Casualty. 15.1 If A. In the Demised event that (1) the Premises or any part thereof, shall be damaged are made substantially untenantable by fire or other casualty, and Landlord shall decide not to restore or repair the same, or (2) the Building or the Project is so damaged by fire or other casualty that Landlord shall decide to demolish or not rebuild the Building, then, in either of such events, either Landlord or Tenant shall give have the Right to terminate this Lease by notice thereof to Landlord promptly the other within ninety (90) days after becoming aware the date of such damage, and this Lease shall continue in full force and effect except as hereinafter set forthfire or other casualty.
15.2 B. If the Demised Premises is totally or partially damaged or rendered partially unusable the Building are made untenantable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed is not terminated pursuant to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Section 9A above, Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee)shall, to the extent such rights have been waived permitted by the insured prior any mortgages or ground leases with respect to the occurrence Project, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises, subject to zoning laws and building codes then in effect, and including only tenant improvements constructed at Landlord's expense, or, if any portion of the Premises has been leased on an "as is" basis, including only improvements similar to those located in such portion of the Premises on the Commencement Date or the date on which such portion was added to the Premises, if later than the Commencement Date (herein, the improvements Landlord is required to make are called the "Required Improvements"). At Landlord's option, Tenant may be permitted or required to devote the proceeds of its insurance described in Section 8C(2) to cause restoration of tenant improvements and the Premises over and above the Required Improvements, and pay for the same to Landlord or through Landlord as if newly done pursuant to Section 5 of this Lease. In the event a fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be primary and that Landlord's recovery in no event shall be reduced by any insurance recovery to Tenant. In no event shall Landlord have any liability to Tenant by reason of any damage to or lossinterference with the Premises, the Project, or Tenant's business, improvements or property arising from fire or other casualty, however caused, or any resulting repairs.
C. Notwithstanding anything in this Section 9 to the contrary, if all or any portion of the Premises shall be made untenantable by a fire or other casualty, Landlord shall with reasonable promptness, cause an architect selected by Landlord to estimate the amount of time required to substantially complete repair and restoration of the Premises and make the Premises tenantable again, using standard working methods. Each If the estimate indicates that the Premises cannot be made tenantable with one hundred eight (180) days from the date the fire or casualty occurred, either party hereby waives any rights of recovery against shall have the right to terminate this Lease by giving to the other notice of such election within ten (10) days after its receipt of the architect's certificate. If the estimate of the architect indicates that the Premises can be made tenantable within such one hundred eight (180) days, or if neither party for any direct damage or consequential loss covered by said policies against terminates this Lease pursuant to this Section 9C, Landlord shall proceed with reasonable promptness to repair and restore the Premises, provided that if the estimate of the architect indicates that the Premises can be made tenantable within such one hundred eight (180) days, and if Landlord does not repair and restore the Premises within such one hundred eight (180) day period, which such party is protected by insurance, period shall be extended to the extent of any Reconstruction Delays, then, unless the proceeds paid under Premises are repaired and restored before Tenant gives such policiesnotice, whether or not such damage or loss Tenant may terminate this Lease upon fifteen (15) days prior written notice to Landlord. For purposes of this Lease, the term "Reconstruction Delays" shall have been mean any delays caused by Tenant, and any acts or omissions of the other partydelays caused by events beyond Landlord's reasonable control.
Appears in 1 contract
Samples: Standard Office Lease (Ebenx Inc)
Fire and Other Casualty. 15.1 If the Demised Premises all or any part thereof, shall be portion of any Property is damaged or destroyed by fire or other casualty, Tenant shall give notice thereof to Landlord Seller will promptly after becoming aware notify Purchaser of such damage, the nature and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense extent of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all the amount estimated to be expended to repair or restore such damaged or destroyed Property or portion thereof, the amount, if any, of insurance proceeds derived from its policies that are available to make such repairs or restoration and the estimated period of time it would take to make such repairs and restoration. If the damage by fire or other casualty to any Property has not used been repaired to the reasonable satisfaction of Purchaser prior to the Closing hereunder and requires ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) or less (in the restoration aggregate across the Properties) to be expended to repair or restore such damaged or destroyed Property or portion thereof, this Agreement shall remain in full force and effect, and in such event Seller shall assign to Purchaser any and all claims for the insurance proceeds of such damage to or destruction of such Property, and Purchaser shall take title to the Properties with the assignment of such proceeds and subject to such damage to or destruction of such Property with a reduction of the Demised Premises.
15.3 Subject Purchase Price equal to the amount of any deductible due under the terms of any applicable insurance policy (unless such damage is less than the insurance deductible, in which case the amount of the reduction in the Purchase Price shall be limited to the amount of the damage). If the amount required to be expended to repair or restore such damaged or destroyed Property or portion thereof exceeds ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) as of the Closing Date (in the aggregate across Properties), Purchaser shall have, as its sole and exclusive remedies: (i) the option to terminate this Agreement within fifteen (15) days following notice in writing from Seller to Purchaser of such casualty, in which event the parties shall have no further rights or obligations hereunder (other than the obligations that survive the termination of this Agreement, including without limitation, the indemnity and confidentiality obligations set forth in Section 13 and Section 37, respectively) and the Xxxxxxx Money shall be returned to Purchaser, subject to Purchaser's satisfaction of the conditions set forth in Section 38; or (ii) if Purchaser fails to elect to terminate, this Agreement shall remain in full force and effect, and in such event Seller shall assign to Purchaser any and all claims for the insurance proceeds of such damage to or destruction of such Property, and Purchaser shall take title to the Properties with the assignment of such proceeds and subject to such damage to or destruction of such Property with a reduction in the Purchase Price equal to the lesser of the amount of the insurance deductible or the amount of damage to such Property. If Purchaser does not elect to terminate within the fifteen (15) day period following such notice of the casualty by Seller, Seller and Purchaser shall be deemed to have waived all rights to terminate pursuant to this provision and this Agreement shall remain in full force and effect. The provisions of this Section 18 supersede the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from 5-1311 of the fault or negligence General Obligations Law of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal propertyState of New York, and agrees the parties waive all rights thereunder that Landlord will not would be obligated to repair any damage thereto or to replace applicable absent the sameprovisions of this Section 18.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Purchase and Sale Agreement (NorthStar Healthcare Income, Inc.)
Fire and Other Casualty. 15.1 A. In the event that (1) the Premises are made substantially untenantable by fire or other casualty and Landlord shall decide not to restore or repair the same, or (2) the Building or the Project is so damaged by fire or other casualty that Landlord shall decide to demolish or not rebuild the Building, then, in either of such events, either Landlord or Tenant shall have the right to terminate this Lease by notice to the other within ninety (90) days after the date of such fire or other casualty.
B. If the Demised Premises or any part thereof, shall be damaged of the Building are made untenantable by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease is not terminated pursuant to Sections 9A or 9C, Landlord shall, to-the extent permitted by any mortgages or ground leases with respect to the Project, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises, subject to zoning laws and building codes then in effect, and including only tenant improvements constructed in Landlord’s expense, or, if any portion of the Premises has been leased on an “as is” basis, including only improvements similar to those located in such portion of the Premises on the Commencement Date or the date on which such portion was added to the Premises, if later than the Commencement Date (herein, the improvements Landlord is required to make are called the “Required Improvements”). At Landlord’s option, Tenant may be permittec or required to devote the proceeds of its insurance described in Section 8C(2)/*5 ic cause restoration of tenant improvements and the Premises over arid above the Required Improvements, and pay for the same to Landlord or through Landlord as if newly done pursuant to Section 5 of this Lease. In the event a fire of other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall continue be primary and that Landlord’s recovery in full force and effect except as hereinafter set forth.no event shall be reduced by any insurance recovery to Tenant. In no event shall Landlord have any liability to Tenant by reason of any damage to or interference with the Premises, the Project, or Tenant’s business, improvements or property arising from fire or other casualty, however caused, or any resulting repairs
15.2 If C. Notwithstanding anything in this Section 9 to the Demised contrary if all or any portion of the Premises is totally or partially damaged or rendered partially unusable shall be made untenantable by fire or other casualty. Landlord shall with reasonable promptness, cause an architect selected by Landlord to estimate the damage thereto shall be promptly repaired by amount of time required to substantially complete repair and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to Premises and make the provisions of Section 15.5 belowPremises tenantable again, nothing in this Lease shall using standard working methods. If the estimate indicates that the Premises cannot be deemed to release either party hereto from liability for damages resulting made Tenantable /*6 within twelve (12) months from the fault or negligence date five of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixturescasulty occured, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying have the right to terminate this Lease by giving to the insurer subrogation rights against other notice of such election within with ten (10) days after its receipt of the other architect’s certificate. If the estimate of the architect indicates that the Premises can be made tenantable within such twelve (12) months /*7 and neither party terminates this Lease pursuant to Section 9A, or if neither party terminates this Lease pursuant to this Section 9C. Landlord shall proceed with reasonable promptness to repair and restore the Premises pursuant to Section 9B, provided that if the estimate of the architect indicates that the Premises can be made tenantable within such twelve (and12) months /*7 and if Landlord does not repair and restore that Premises within such twelve (12) months period /*7, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, period shall be extended to the extent of any Reconstruction Delays, then Tenant may terminate this Lease upon fifteen (15) days prior written notice to Landlord (except that if the proceeds paid under such policiesPremises are repaired and restored before the date specified in Tenant’s notice, whether or this Lease shall not such damage or loss terminate and shall have been continue in effect). For purposes of this Lease, the term “Reconstruction Delays” shall mean: (1) any delays caused by any acts or omissions of the other partyinsurance adjustment process.
Appears in 1 contract
Samples: Assignment and Assumption of Leases (Quest Resource Corp)
Fire and Other Casualty. 15.1 (a) If the Demised Premises are damaged or any part thereof, shall be damaged destroyed by fire or other casualty, Landlord shall, subject to the limitations in subsection (b) of this Section 20, promptly and diligently proceed to repair, rebuild or replace the Demised Premises, so as to restore the Demised Premises to the condition in which the Demised Premises existed immediately prior to such damage or destruction. If Landlord carries on any restoration or repair at the Demised Premises pursuant to this Section 20 and Tenant continues to occupy any other portion of the Demised Premises, Landlord shall give notice thereof take all such steps as may be reasonable and practicable to prevent interference with Tenant's use and enjoyment of the portion of the Demised Premises which Tenant continues to occupy. Landlord promptly after becoming aware shall perform its obligations under this Section 20 in a manner which will achieve restoration of such any damage as soon as practicable, giving due regard to the nature and scope of the damage, and this Lease shall continue in full force and effect except as hereinafter set forthsubject to the occurrence of Permitted Delay.
15.2 If (b) Any provision of this Section 20 to the contrary notwithstanding, if either (i) all or any portion of the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, casualty and the damage thereto shall time period reasonably determined by Landlord to be promptly repaired required for the actual restoration or repair of the Demised Premises will exceed two hundred seventy (270) days from the date the casualty occurs or (ii) the Demised Premises is damaged by and at fire or other casualty within twelve (12) months preceding the expense end of Tenant the Term (including which includes any renewal of the use Term then properly exercised by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) either (x) to an extent exceeding twenty-five percent (25%) of the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration then current value of the Demised Premises.
15.3 Subject , or (y) affecting a portion of the Demised Premises which is critical to Tenant’s business operations and which cannot be relocated or restored, then either Landlord or Tenant shall have the right, to be exercised by giving written notice to the provisions other (which notice shall set forth with specificity the basis for giving the notice) within thirty (30) days after the occurrence of Section 15.5 belowthe casualty, nothing to terminate this Lease. Termination shall be effective on a date specified in the written notice, which date shall be not less than thirty (30) nor more than sixty (60) days after the date the notice is given. Upon such termination, the term of this Lease shall be deemed end as if the date of termination were the date originally specified for expiration of the Term.
(c) If a casualty prevents Tenant from fully occupying the Demised Premises, Base Rent shall xxxxx, for so long as such full occupancy is prevented, in proportion to release either party hereto from liability for damages resulting from the fault amount of the Demised Premises not usable by Tenant as a result of the casualty; provided that if the casualty occurred as a result of the act or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, there shall be no such abatement unless (and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything only to the contrary contained herein and to extent) that the extent available, every property loss of rent is actually covered by insurance policy carried by either party shall include provisions denying Landlord pursuant to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partySection 8.
Appears in 1 contract
Samples: Industrial Lease Agreement (Source Interlink Companies Inc)
Fire and Other Casualty. 15.1 If the Demised Premises any Improvement or any part thereof, Personal Property shall be damaged or destroyed by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damagethen, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration irrespective of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, cause and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss destruction shall have been caused by insured, Lessee shall give prompt written notice thereof to Lessor, and Lessor shall proceed with reasonable diligence to carry out any necessary demolition and to restore, repair, replace and rebuild such Improvements or Personal Property at Lessor's own cost and expense; provided, however, that insurance proceeds shall be made available for such restoration and rebuilding. If, as a result of the actions of any Fee Mortgagee or otherwise, insurance proceeds are not made available to the Lessor, and if the Lessor is unable after reasonable diligent efforts to secure and provide replacement funds, the Lessee shall have the right to terminate this Lease without further liability on the part of Lessee or Lessor unless the unavailability of such insurance proceeds is the result of Lessor's acts or omissions omissions. If at any time Lessor shall fail or neglect to supply sufficient workmen or sufficient materials of proper quality, or fail in any other respect to prosecute such work of demolition, restoration, repair, replacement or rebuilding with diligence and promptness, then Lessee may give Lessor notice of such failure or neglect, and, if such failure or neglect continues for twenty (20) days after such notice, then Lessee, in addition to all other rights which Lessee may have, including, without limitation, the right to cancel and terminate this Lease, may enter upon the Demised Premises, provide labor and/or materials, cause the performance of any contract, and/or do such other acts and things as Lessee may deem advisable to prosecute such work. All costs and expenses incurred by Lessee in carrying out such work shall be borne by Lessor and shall be payable by Lessor to Lessee upon demand, which demand may be made by Lessee from time to time as such costs and expenses are incurred, in addition to any and all damages to which Lessee shall be entitled hereunder. Rent shall xxxxx hereunder as of the other partydate of damage or destruction in proportion to the percentage of the Demised Premises thereby rendered unusable (in Lessee's sole opinion). Lessor shall in such event look solely to proceeds of its insurance (including its loss of rents coverage). Any proceeds of loss of rents insurance received by Lessor by reason of such damage or destruction shall be applied by Lessor to the payment of Rent which would otherwise be due from Lessee under Paragraph 3 hereof, Impositions payable by Lessee under Paragraph 4 hereof and premiums for any insurance required to be maintained by Lessee hereunder. In the event rent insurance proceeds received by Lessor are insufficient to pay the same or for any reason such rent insurance proceeds are not actually applied by Lessor to the payment of such amounts, Lessor shall nevertheless have no claim against Lessee for Rental abated hereunder.
Appears in 1 contract
Fire and Other Casualty. 15.1 If In the event the Demised Premises or any part thereof, shall be are damaged by fire or other casualty, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements (provided that Landlord shall give notice thereof to Landlord promptly be responsible for any deductible under Landlord's insurance policies). Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within ninety (90) days after becoming aware the date of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises ; or (ii) destroyed by a casualty which is totally or partially damaged or rendered partially unusable covered by fire Landlord's insurance but Lender or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) party entitled to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used fails to make such proceeds available to Landlord in the an amount sufficient for restoration of the Demised Premises.
15.3 Subject Premises reasonably acceptable to Tenant, then Landlord shall give written notice to Tenant of such determination (the provisions "Determination Notice") within sixty (60) days of Section 15.5 below, nothing in such casualty. Either Landlord or Tenant may terminate and cancel this Lease shall be deemed effective as of the date of such casualty by giving written notice to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party within thirty (and30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, as all obligations hereunder with respect to Landlordperiods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insuranceLandlord shall, to the extent of the proceeds paid under available insurance proceeds, make such policiesrepair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, whether promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or not any part thereof are unusable by reason of any such damage or loss shall have been caused by any acts or omissions of the other partythereto. 21.
Appears in 1 contract
Samples: Industrial Lease Agreement
Fire and Other Casualty. 15.1 (a) If the Demised Premises or any part thereof, shall be damaged or destroyed by fire or other casualty, Tenant insured casualty then TENANT shall give notice thereof to Landlord promptly after becoming aware of such damageLANDLORD, and this Lease shall continue in full force and effect and, except as hereinafter set forth.
15.2 If otherwise provided, LANDLORD shall, within six (6) month's time thereafter, repair, or restore the Demised Premises to substantially the same condition they were in prior to the casualty. It is totally agreed and understood that if during the last two (2) years of the term of this lease or partially the last year of any term of extension thereafter, the principal building shall be damaged or rendered partially unusable destroyed aforesaid to the extent of twenty five (25%) percent or more of its insurable value, LANDLORD, at its election, may terminate the term of this lease by fire a notice to TENANT within thirty days after such damage or other casualtydestruction. It is also agreed and understood that if during the last two (2) years of the term of this lease the principal building shall be damaged or destroyed as aforesaid to the extent of twenty five (25%) percent or more of its insurable value, TENANT, at its election, may terminate the term of this lease by a notice to LANDLORD within thirty (30) days after such damage or destruction. In the event of any termination of the term of this lease pursuant to the provisions of this Article, the damage thereto termination shall be promptly repaired by and at become effective on the expense day of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good just proportion of the fixed rent, according to the nature and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in extent of the restoration of injury to the Demised Premises, shall be suspended or abated until the time of termination, and fixed rent shall be apportioned as of the time of termination.
15.3 Subject (b) LANDLORD agrees, however, that to the extent that the TENANT is required to repair and restore that portion of the premises damaged or destroyed by fire or other insured casualty, that the LANDLORD will release funds from the proceeds of any insurance award, for such repair and/or restoration, it being agreed, however, that the TENANT shall provide a certificate from an architect that such repairs and/or restoration may be accomplished with the funds which are available and subject further to approval by the holder of any mortgage. Funds for such repair and/or restoration shall be released to the TENANT only as work is completed and upon presentation of paid invoices for materials and labor.
(c) To the extent that the TENANT is required to restore and/or repair pursuant to the provisions of Section 15.5 below, nothing in this Lease Article then the TENANT agrees that all such restoration and repair work shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, completed in accordance with and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything at all times subject to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyArticle V herein.
Appears in 1 contract
Fire and Other Casualty. 15.1 A. If the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware casualty other than as a result of such damagethe fault or negligence of Tenant, and this Lease such fire or other casualty is insured against by Landlord, and Landlord shall continue in full force and effect except as hereinafter set forth.
15.2 If have received from such insurance sufficient proceeds to fully repair all of the Demised Premises is totally or partially damaged or rendered partially unusable damage caused by such fire or other casualty, Landlord shall repair the damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant’s Personal Property or any other property located in the Premises, and the Lease shall not terminate. Except as otherwise provided herein, if the entire Premises are rendered untenantable by reason of any such damage, Rent shall xxxxx for the period from the date of the damage thereto to the date the damage is repaired as determined by Landlord, and if only a part of the Premises are so rendered untenantable Rent shall xxxxx for the same period in the proportion that the area of the untenantable part bears to the total area of the Premises; provided, however, that if prior to the date when all the damage has been repaired part of the Premises so damaged are rendered tenantable and shall be promptly or could be used or occupied by or through Tenant, then the amount by which Rent abates shall be apportioned for the period from the date of such actual or available use or occupancy to the date when all the damage has been repaired as determined by Landlord. No compensation or reduction of Rent shall be paid or allowed by Landlord for inconvenience, annoyance, or injury to Tenant’s business arising from the need to repair the Premises or the Building.
B. Notwithstanding the provisions above, if the Building shall be so damaged by fire or other casualty that, as determined by Landlord, substantial reconstruction of the Building is required (whether or not the Premises have been damaged or rendered untenantable), then Landlord, at its option, may give Tenant, within sixty (60) days after the fire or other casualty, written notice of termination of this Lease and, in the event such notice is given, this Lease and the Term shall terminate (whether or not the Term shall have commenced) upon the expiration of thirty (30) days from the date of notice with the same effect as if the date of expiration of the thirty days were the date initially fixed for expiration of the Term, and all rents shall be apportioned as of such date.
C. If the Premises or the Building should be damaged by fire or other casualty due to the negligence or misconduct of Tenant, Landlord shall have no obligation to repair the Premises or the Building, and this Lease shall, at Landlord’s option, not terminate and Landlord shall, at Tenant’s expense, have the expense right to pursue any legal and equitable remedies available to it. Notwithstanding the foregoing, in the event of a fire or other casualty to the Premises with respect to which Landlord does not elect to so terminate this Lease, and which is not caused by the negligence or misconduct of Tenant, then so long as Tenant is not in default under this Lease beyond applicable notice and cure periods, in the event Landlord fails to repair the damage within that period of time which is the earlier of (i) one (1) year following the date of such fire or other casualty, and (ii) nine (9) months after receipt by Landlord of sufficient insurance proceeds to repair the damage and any and all applicable licenses, permits and approvals with respect thereto (such time periods being extended for any periods of delay caused by force majeure (defined for purposes of this paragraph as strikes, lockouts, labor troubles, failure of power, riots, insurrection, war, acts of God, or other reason of like nature, not the fault of Landlord) or the acts of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 , contractors or employees), then in such event Tenant acknowledges that Landlord will shall be entitled to terminate this Lease upon not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, less than thirty (30) days prior written notice and agrees that Landlord will not be obligated opportunity to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as cure to Landlord, any fee mortgagee)such notice of termination to be given, to the extent such rights have been waived by the insured if at all, prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which date Landlord repairs such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partydamage.
Appears in 1 contract
Samples: Lease (MPC Corp)
Fire and Other Casualty. 15.1 If (a) Except as provided below, in case of damage to the Demised Premises or any part thereof, shall be damaged other portions of the Building by fire or other insured casualty, Owner shall repair the damage. Such repair work shall be commenced promptly following notice of the damage and completed with reasonable diligence, taking into account the time required for Owner to effect a settlement with and procure insurance proceeds from the insurer, except for delays due to Force Majeure.
(b) If the damage is of a nature or extent that, in Owner's reasonable judgment, the repair and restoration work would require more than 180 days to complete after commencement of work, assuming normal work crews not engaged in overtime, Owner shall so notify Tenant shall give notice thereof to Landlord promptly within a reasonable time after becoming aware of such damagedetermination, and either party, for a period of fifteen (15) days after such notice, shall have the right to terminate this Lease by notice to the other, as of the date, not later than thirty (30) days thereafter, specified in such termination notice. Further, if Owner reasonably determines that the Building is damaged to such extent as to make repair thereof unfeasible or that the length of the Term remaining after restoration would make restoration impractical (in either case, whether for economic or other reasons), within a reasonable time after such determination Owner shall continue have the right to terminate this Lease by notice to Tenant, as of the date, 15 not later than thirty (30) days thereafter, specified in full force and effect except as hereinafter set forthsuch termination notice.
15.2 (c) If the Demised Premises is totally insurance proceeds received or partially damaged or rendered partially unusable to be received by fire or other casualty, Owner (excluding any rental interruption insurance proceeds) would not be sufficient to pay for repairing the damage thereto or are required to be applied on account of any Mortgage or Underlying Lease, or if the nature of loss is not covered by Owner's hazard insurance coverage, Owner may elect either to (i) repair the damage as above provided notwithstanding such fact, or (ii) terminate this Lease, by giving Tenant within thirty (30) days after Owner's knowledge of the damage and determination of availability or sufficiency of insurance proceeds, notice of Owner's election; and if the election is to terminate, specifying the termination date, which termination date shall be promptly not earlier than fifteen (15) days nor later than thirty (30) days thereafter.
(d) All injury or damage to the Premises or the Building caused by Tenant or Tenant Parties shall be repaired at Tenant's sole cost and expense. Owner shall have the right to make such repairs, and any cost or expense so incurred by and Owner shall be paid by Tenant to Owner on demand, with interest thereon at the expense of Tenant (including Reimbursement Interest Rate from the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesdue date until paid.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease (e) Owner shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party Alterations which Tenant may have installed (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage Tenant has the right or loss the obligation to remove the same or is required to leave the same on the Premises as of the Ending Date of Term or earlier termination of this Lease) unless Tenant, in a manner satisfactory to Owner, assures payment in full of all costs which may be incurred by Owner in connection therewith. Owner shall not be required to insure any Alterations to the Premises in excess of Building standard tenant improvements, or any fixtures, equipment or other property of Tenant. Tenant shall have been caused the right, at its sole expense, to insure the value of its leasehold improvements, fixtures, equipment or other property located in the Premises, for the purpose of providing funds to Owner to repair the Premises. Except as otherwise provided in this Lease, any insurance which may be carried by any acts Owner or omissions Tenant against loss or damage to the Building or to the Premises shall be for the sole benefit of the party carrying such insurance and under its sole control.
(f) If this Lease is terminated pursuant to this paragraph, all Rent shall be apportioned equitably and paid in full by Tenant to Owner to the date of termination. This provision shall not relieve Tenant of liability to Owner for damages (including damages arising due to early termination of this Lease) arising out of the negligence or other partytortious conduct of Tenant or Tenant Parties.
(g) In the event of a fire or other casualty damage not arising out of the negligence or other tortious conduct of Tenant or Tenant Parties, which does not result in termination of this Lease pursuant to this paragraph but does deprive Tenant of the use of a portion of the Premises, there shall be an equitable reduction of the Rent, taking into account the period for which and the extent to which such portion of the Premises is not reasonably usable for the Permitted Use.
Appears in 1 contract
Fire and Other Casualty. 15.1 13.01 Tenant shall give to Landlord prompt written notice of any fire or other casualty to the Premises (a “Casualty”). If, during the Term or any renewal or extension thereof, the Building is so damaged by Casualty such that the Building or the Premises is rendered substantially unfit for occupancy by Tenant for the Intended Use (as reasonably determined by a reputable, licensed independent architect experienced in the design and construction of similar buildings, selected by Landlord and reasonably acceptable to Tenant (“Landlord’s Architect”), in consultation with Tenant, recognizing the particular requirements of Tenant’s Intended Use), and cannot be restored within *** of the Casualty as reasonably determined by Landlord’s Architect, in consultation with Tenant, then, at Landlord’s option, within forty-five (45) days of the date of such Casualty, exercisable upon notice sent by Landlord, this Lease shall terminate, as of the termination date set forth in such notice (which termination date may not be less than ninety (90) days after the date of such notice); provided, however if Tenant is unable to find suitable alternative space and move its operations to such alternative space within the ninety (90) day notice period, the termination date shall, to the extent not prohibited under applicable code, be extended by such additional period as may be reasonably necessary to enable Tenant to find and relocate to new space. In any case, Tenant shall pay the Rent apportioned to the date of the Casualty, and Landlord shall repay to Tenant all pre-paid Rent for periods beyond the date of the Casualty.
13.02 If Landlord does not elect to terminate this Lease in accordance with the Demised provisions of Section 13.01, Landlord shall, within forty-five (45) days of the date of any Casualty, notify Tenant in writing of the independent architect’s reasonable estimate of the anticipated date of completion of the repairs required to restore the Premises to substantially the same conditions as existed prior to such Casualty including obtaining all applicable permits (“Landlord’s Repair Notice”). If Landlord fails to timely furnish such notice, or such notice states that such damage cannot be repaired within *** of the date of the casualty, Tenant shall have the right to terminate this Lease by sending written notice to Landlord within ninety (90) days of receiving Landlord’s Repair Notice.
13.03 Notwithstanding the provisions of Section 13.01 or 13.02, if, during the last two (2) years of the Term or any renewal or extension thereof, the Building is so damaged by Casualty such that any portion of the Building or the Premises is rendered substantially unfit for occupancy or unusable for Tenant’s use for at least ninety (90) days (as reasonably determined by Landlord’s Architect in consultation with Tenant, recognizing the particular requirements of Tenant’s Intended Use), either party shall have the right to terminate this Lease by sending written notice to the other party within ninety (90) days of such Casualty.
13.04 If (a) Landlord does not elect to terminate this Lease in accordance with the provisions of Sections 13.01 and 13.03 and Tenant does not elect to terminate this Lease in accordance with the provisions of Sections 13.02 or 13.03, or (b) the Building shall be damaged so that such damage renders neither the Building nor the Premises substantially unfit for occupancy (as reasonably determined by Landlord’s Architect in consultation with Tenant, recognizing the particular requirements of Tenant’s Intended Use), Landlord shall, at its sole cost and expense, repair the damage to the Building and the Premises, including the Work, to substantially the same condition of the Building and the Premises immediately prior to such damage, subject to applicable codes and regulations, and Landlord may enter and possess all or any portion of the Premises for that purpose. All restoration of the Building, Premises and Work shall be in consultation with Tenant and pursuant to construction documents approved by Tenant to the extent of any material changes from the condition prior to the Casualty required by changes in applicable law or code, which approval shall not be unreasonably withheld, conditioned or delayed. For so long as Tenant is deprived of the use of the Premises or any part thereof, the Minimum Monthly Rent and Additional Rent shall be damaged abated in the proportion to the number of square feet of the Premises rendered unfit for occupancy or unsuitable for use, as reasonably determined by fire Landlord’s Architect in consultation with Tenant, recognizing the particular requirements of Tenant’s Intended Use (the parties agreeing that casualty damage to only a portion of the Premises may render a greater portion unfit for occupancy or other casualtyotherwise unsuitable for use). If the repairs are not substantially completed by the date specified in Landlord’s Repair Notice, except to the extent caused by Force Majeure (not to exceed thirty (30) days) or a Tenant Delay (subject to the notice requirements set forth in Section 2.01(b) for a Tenant Delay), Tenant shall give be entitled to terminate this Lease by providing written notice thereof to Landlord promptly (“Tenant’s Casualty Termination Notice”) given no later than thirty (30) days after becoming aware the specified date for substantial completion in Landlord’s Report Notice or such longer period by virtue of such damageForce Majeure (not to exceed thirty (30) days) or Tenant Delay (subject to the notice requirements set forth in Section 2.01(b) for a Tenant Delay); provided, however, if the repairs are substantially completed within thirty (30) days of the date of Tenant’s Casualty Termination Notice, the Tenant’s Casualty Termination Notice shall be null and this void and the Lease shall continue in full force and effect except as hereinafter set fortheffect.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease Agreement (Incyte Corp)
Fire and Other Casualty. 15.1 (a) If the Demised Premises Building or any part thereof, other improvements on the Land shall be damaged or destroyed by fire or other casualty, Tenant Tenant, at Tenant's sole cost and expense, shall give notice thereof promptly and diligently proceed to Landlord promptly after becoming aware adjust the loss with the insurance companies (subject to the approval of such damagethe Lender (if applicable) and of Landlord) and arrange for the disbursement of insurance proceeds, and this Lease shall continue in full force repair, rebuild or replace such Building and effect except other improvements, so as hereinafter set forth.
15.2 If to restore the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed condition in which they were immediately before prior to such damage or destruction. The net proceeds of any insurance recovered by reason of such damage or destruction in excess of the cost of adjusting the insurance claim and collecting the insurance proceeds (such excess being referred to herein as the "Net Insurance Proceeds") shall be held by the Lender (provided that such Lender is a bank, savings association, insurance company or other similar institutional lender; herein called "Institutional Lender"), or, if no Institutional Lender then holds a Mortgage on the Demised Premises, by any national or state chartered bank which is reasonably acceptable to Landlord and Tenant; and the Net Insurance Proceeds shall be released for the purpose of paying the fair and reasonable cost of restoring such Building and other improvements. Such Net Insurance Proceeds shall be released to Tenant, or to Tenant's contractors, from time to time as the work progresses, pursuant to such requirements and limitations as may be reasonably acceptable to Landlord and Lender (if the Lender so requires), including, without limitation, lien waivers from each of the contractors, subcontractors, materialmen and suppliers performing the work. If the Net Insurance Proceeds (less any applicable deductible) are insufficient to restore the Demised Premises Tenant shall be obligated to pay such deficiency and the amount of any such deductible. Notwithstanding the foregoing, if the Net Insurance Proceeds are less than Twenty-Five Thousand Dollars ($25,000.00), and if the Lender agrees in writing, such Net Insurance Proceeds may be held by Tenant and used by Tenant to pay the fair and reasonable cost of restoring such Demised Premises and other improvements. If the Net Insurance Proceeds exceed the full cost of the repair, rebuilding or replacement of the damaged Building or other improvements, then the amount of such excess Net Insurance Proceeds shall be paid to Tenant upon the completion of such repair, rebuilding or replacement. Landlord agrees not unreasonably to withhold or delay any approvals required to be obtained by Tenant from Landlord pursuant to the provisions of this Section 21 (a).
(b) Whenever Tenant shall be required to carry out any work or repair and restoration pursuant to this Section 21, Tenant, prior to the commencement of such work, shall deliver to Landlord for Landlord's prior approval (which shall not be unreasonably withheld or delayed) a full set of the plans and specifications therefor, together with a copy of all approvals and permits which shall be required from any governmental authority having jurisdiction. After completion of any major repair or restoration, Tenant shall, as soon as reasonably possible, obtain and deliver to Landlord a Certificate of Substantial Completion from the inspecting architect and a permanent Certificate of Occupancy (or amended Certificate of Occupancy), if required by applicable laws, issued by the appropriate authority with respect to the use of the Demised Premises, as thus repaired and restored. Any such work or repair and restoration, in all cases, shall be carried out by Tenant in a good and workmanlike manner with materials at least equal in compliance with all Legal Requirementsquality to the original materials used therefor prior to the damage or destruction. If, after a default by Tenant that is continuing, Landlord shall retain all insurance proceeds derived from its policies not used in the carry out any such work or repair and restoration of the Demised Premises.
15.3 Subject pursuant to the provisions of this Section 15.5 below21, nothing in this Lease then Landlord shall be deemed entitled to release either party hereto from liability withdraw monies held for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything application to the contrary contained herein and costs of such work from time to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, time as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partycosts are incurred.
Appears in 1 contract
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord’s insurance, or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the “Determination Notice”) within forty-five (45) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant’s receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to substantially the condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall proportionately xxxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Industrial Lease Agreement (Tandy Brands Accessories Inc)
Fire and Other Casualty. 15.1 If In case of partial damage to the Demised Premises or any part thereof, shall be damaged by fire or other casualtycasualty insured against by Landlord, Tenant shall give immediate notice thereof to Landlord, who shall thereupon cause damage to all property owned by it to be repaired with reasonable speed at expense of Landlord, due allowance being made for reasonable delay which may arise by reason of adjustment of loss underinsurance policies on the part of Landlord promptly after becoming aware and or Tenant, and for reasonable delay on account of "labor troubles" or any other cause beyond Landlord's reasonable control, and to the extent that the Premises are rendered untenantable the rent shall proportionately axxxx from the date of such casualty, provided the damage above mentioned occurred without the fault or neglect of Tenant, Tenant's servants, employees, agents or visitors. If such partial damage is due to the fault or neglect of Tenant, or Tenant's servants, employees, agents, clients or service providers, the damage shall be repaired by Landlord to the extent of Landlord's insurance coverage, but there shall be no apportionment or abatement of rent. In the event the damage shall be so extensive to the whole Building as to render it uneconomical, in Landlord's reasonable opinion, to restore for its present uses and Landlord shall decide not to repair or rebuild the Building, this Lease, at the option of Landlord, shall be terminated upon written notice to Tenant and the rent shall, in such event, be paid to or adjusted as of the date of such damage, and the terms of this Lease shall continue in full force expire by lapse of time and effect except as hereinafter set forth.
15.2 If conditional limitation upon the Demised third day after such notice is mailed, and Tenant shall thereupon vacate the Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to surrender the same condition, design to Landlord and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant termination shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesrelease Tenant.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease Agreement (Fusion Telecommunications International Inc)
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware a. In case of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto Tenant shall give immediate notice to Landlord. If the Leased Premises shall be partially damaged by fire, the elements or other casualty, the Landlord shall repair the same as speedily as practicable, and the Tenant's obligation to pay the Base Rent and additional rent hereunder shall not cease, but it shall be prorated based upon the amount of space that is temporarily not usable or diminished in usability. If, in the opinion of the Landlord, the Leased Premises are so extensively and substantially damaged as to render them untenantable, then the Base Rent and additional rent shall cease until such time that the Leased Premises are made tenantable by the Landlord. However, if, in the opinion of the Landlord, the Leased Premises and/or the Property be totally destroyed or so extensively and substantially damaged as to require practically a rebuilding thereof, then the Base Rent and additional rent shall be paid up to the time of such destruction and this Lease shall come to an end. Landlord shall notify Tenant of its opinion within thirty days after the destruction or damage (or later notice thereof). In any event, if the Leased Premises are substantially damaged and cannot be restored within six months after the casualty, then Tenant can elect to terminate this Lease on thirty days' notice to the Landlord.
b. Unless the Landlord terminates this Lease due to the severe extent of damage, Landlord shall promptly repaired by restore and at rebuild the expense of Tenant Leased Premises (including the use Tenant Improvement Work performed by Tenant of any or all proceeds of Landlord pursuant to Exhibit B but excluding Tenant’s fire 's trade fixtures, equipment, and casualty insurance policypersonal property) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirementsat Landlord's expense. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s 's furniture, furnishings, fixtures, equipment or equipment, personal property, subsequently made tenant improvements and other Alterations; therefore, Tenant agrees that Landlord will not be obligated shall have no obligation to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything c. Landlord and Tenant agree that no termination of this Lease pursuant to the contrary contained herein and to the extent available, every property insurance policy carried by either party this provision shall include provisions denying to the insurer subrogation rights against the other party (and, operate so as to interfere with, limit or reduce Landlord, 's right to receive payment under any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence policy of damage or loss. Each party hereby waives any rights loss of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by rents insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Samples: Lease Agreement (Geoworks /Ca/)
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord's expense, including the Improvements to be insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Improvements (Landlord being responsible for any deductible under Landlord's insurance policies and the amount of any risk retained by Landlord to the extent Landlord does not carry coverage at one hundred percent (100%) of the replacement value of the Building, exclusive of fixtures and property required to be insured by Tenant under this Lease). Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within one hundred eighty (180) days after the date of such damage; or (ii) destroyed by a casualty which is not covered by Landlord's insurance, or if such casualty is covered by Landlord's insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the "Determination Notice") within sixty (60) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within thirty (30) days after Tenant's receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant's use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent and all other amounts payable by Tenant hereunder shall equitably xxxxx during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 A. If the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware casualty other than as a result of such damagethe fault or negligence of Tenant, and this Lease such fire or other casualty is insured against by Landlord, and Landlord shall continue in full force and effect except as hereinafter set forth.
15.2 If have received from such insurance sufficient proceeds to fully repair all of the Demised Premises is totally or partially damaged or rendered partially unusable damage caused by such fire or other casualty, Landlord shall repair the damage, provided that Landlord shall have no obligation to repair damage to or replace Tenant's Personal Property or any other property located in the Premises, and the Lease shall not terminate. Except as otherwise provided herein, if the entire Premises are rendered untenantable by reason of any such damage, Rent shall xxxxx for the period from the date of the damage thereto to the date the damage is repaired as determined by Landlord, and if only a part of the Premises are so rendered untenantable Rent shall xxxxx for the same period in the proportion that the area of the untenantable part bears to the total area of the Premises; provided, however, that if prior to the date when all the damage has been repaired part of the Premises so damaged are rendered tenantable and shall be promptly or could be used or occupied by or through Tenant, then the amount by which Rent abates shall be apportioned for the period from the date of such actual or available use or occupancy to the date when all the damage has been repaired as determined by Landlord. No compensation or reduction of Rent shall be paid or allowed by Landlord for inconvenience, annoyance, or injury to Tenant's business arising from the need to repair the Premises or the Building.
B. Notwithstanding the provisions above, if the Building shall be so damaged by fire or other casualty that, as determined by Landlord, substantial reconstruction of the Building is required (whether or not the Premises have been damaged or rendered untenantable), then Landlord, at its option, may give Tenant, within sixty (60) days after the fire or other casualty, written notice of termination of this Lease and, in the event such notice is given, this Lease and the Term shall terminate (whether or not the Term shall have commenced) upon the expiration of thirty (30) days from the date of notice with the same effect as if the date of expiration of the thirty days were the date initially fixed for expiration of the Term, and all rents shall be apportioned as of such date.
C. If the Premises or the Building should be damaged by fire or other casualty due to the negligence or misconduct of Tenant, Landlord shall have no obligation to repair the Premises or the Building, and this Lease shall, at Landlord's option, not terminate and Landlord shall, at Tenant's expense, have the expense right to pursue any legal and equitable remedies available to it. Notwithstanding the foregoing, in the event of a fire or other casualty to the Premises with respect to which Landlord does not elect to so terminate this Lease, and which is not caused by the negligence or misconduct of Tenant, then so long as Tenant is not in default under this Lease beyond applicable notice and cure periods, in the event Landlord fails to repair the damage within that period of time which is the earlier of (i) one (1) year following the date of such fire or other casualty, and (ii) nine (9) months after receipt by Landlord of sufficient insurance proceeds to repair the damage and any and all applicable licenses, permits and approvals with respect thereto (such time periods being extended for any periods of delay caused by force majeure (defined for purposes of this paragraph as strikes, lockouts, labor troubles, failure of power, riots, insurrection, war, acts of God, or other reason of like nature, not the fault of Landlord) or the acts of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 , contractors or employees), then in such event Tenant acknowledges that Landlord will shall be entitled to terminate this Lease upon not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, less than thirty (30) days prior written notice and agrees that Landlord will not be obligated opportunity to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as cure to Landlord, any fee mortgagee)such notice of termination to be given, to the extent such rights have been waived by the insured if at all, prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which date Landlord repairs such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partydamage.
Appears in 1 contract
Samples: Lease (MPC Corp)
Fire and Other Casualty. 15.1 7.1.1. If the Demised Premises or any part thereof, shall be and/or the Building are damaged by fire or any other casualty during the Term, Landlord shall restore the Premises and/or the Building with reasonable promptness (taking into account the time required by Landlord to effect a settlement with, and to procure any insurance proceeds from, any insurer against such casualty and any delays caused by acts of God, strikes, and similar causes beyond Landlord's reasonable control), to substantially their condition immediately before such casualty, including any work required pursuant to the provisions to Section 2.2 hereof, and may temporarily enter and possess any or all of the Premises for such purpose (provided, that Landlord shall not be obligated to repair, restore or replace any fixture, improvement, alteration, furniture or other property owned, installed or made by Tenant). Landlord shall diligently commence and continuously prosecute such restoration to completion, provided, however, that if such restoration is not accomplished within one hundred eighty (180) days from the date of such casualty, plus an additional period of time, not to exceed sixty (60) days, for any delays caused by acts of God, strikes and similar causes beyond Landlord's control, Tenant shall give may terminate this Lease by giving written notice thereof to Landlord promptly prior to the expiration of two hundred seventy (270) days after becoming aware the date of such casualty.
7.1.2. In the event that any or all of the Premises are rendered unsuitable for occupancy by Tenant on account of any casualty, the Base Rent and any Additional Rent payable under the provisions of Article 4 shall be abated in proportion to the number of square feet of the Premises rendered unsuitable for unsuitable for occupancy by Tenant by such casualty, unless, because of any such damage, the undamaged portion of the Premises is made unsuitable for the conduct of the business operations then conducted on the Premises and Tenant ceases conducting its business operations therein, in which event the Base Rent and any such Additional Rent shall be abated entirely during such period of unsuitability.
SECTION 7.2. Anything contained in the foregoing provisions of this Article to the contrary notwithstanding, if during the Term the Building and/or the Premises are so damaged by fire or any other casualty that the Premises is rendered unsuitable for the conduct of the business operations then conducted on the Premises and if the Building and/or the Premises cannot be restored as required hereunder within one hundred eighty (180) days, either party may elect to terminate this Lease as of the date of occurrence of such damage, and by giving written notice thereof to the other party hereto within sixty (60) days after the date of such casualty; provided, however, that Landlord may exercise such option to terminate this Lease only if Landlord decides to demolish the Building and Landlord terminates all leases in the Building. In such event, (a) Tenant shall continue in full force pay to Landlord the Base Rent and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualtyany Additional Rent (apportioned, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policywhere applicable) to the same condition, design and specifications as existed immediately before time of such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal propertytermination, and agrees that (b) Landlord will not be obligated shall pay to repair Tenant any damage thereto or to replace the sameand all prepaid Rent for periods beyond such termination.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
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Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged the Building are made untenantable by fire or other casualty, including damage or casualties of war, Landlord shall, to the extent permitted by all mortgages and ground leases on the Building, immediately take such action as is necessary to make applicable insurance proceeds available and to use the same to reconstruct, repair and restore the Building and the Premises, including the tenant improvements, if any, performed by Landlord pursuant to Landlord’s Work or, if the Premises have been leased on an “as is” basis and accordingly no tenant improvements were performed by Landlord in the Premises, to similar improvements located in the Premises on the date of this Lease, and, at Landlord’s option, Tenant shall give notice thereof may be permitted or required to devote the proceeds of its insurance covering tenant improvements to cause restoration of tenant improvements over and above those performed or paid for by Landlord pursuant to Landlord’s Work or “as is,” as the case may be, and pay for same to Landlord promptly after becoming aware or through Landlord as if newly done pursuant to Section 5 of this Lease. In the event fire or other casualty occurs and both Landlord and Tenant are insured, it is agreed that the coverage of the Landlord shall be primary and that Landlord’s recovery in no event shall be reduced by any insurance recovery to Tenant. Notwithstanding anything in this Section 8.1 to the contrary, if a registered architect selected by Landlord licensed to do business in New Jersey should certify that such work to the Premises cannot be accomplished by using standard working methods and procedures so as to make the Premises tenantable within twelve (12) months from the date the rehabilitation is started or within two (2) months from such date if the Lease term has less than eighteen (18) months remaining, either party shall have the right to terminate this Lease by giving to the other notice of such damageelection within ten (10) days after its receipt of the architect’s certificate. If said fire or other casualty results in total destruction of the Building, and this Lease shall continue in full force and effect except automatically terminate as hereinafter set forth.
15.2 If of the Demised Premises is totally or partially damaged or rendered partially unusable by date of said fire or other casualty. In case of fire or other casualty not resulting in termination of this Lease, the damage thereto rent shall be promptly repaired by abated on a per diem basis while the Premises are untenantable. If Tenant continues to conduct its business or profession in whole or in part from a portion of the Premises after such casualty, rent for space shall be abated pro rata with rent being charged only for the tenantable area. In case of termination of this Lease, rent shall be apportioned on a per diem basis and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policy) be paid to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration date of the Demised Premisesfire or other casualty.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant of any or all proceeds of Tenant’s fire and casualty insurance policya) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below8.1(b), nothing in Section 8.2, Section 8.3 and Section 8.4 hereof, if the Building or the Demised Premises shall be damaged by any casualty, Tenant shall notify Landlord of the same and if an election to terminate this Lease shall not have been made pursuant to this Article 8, Landlord shall repair said damage and restore and rebuild the Building and/or Demised Premises (excluding Tenant Work and the personal property of Tenant). In such event, the Fixed Minimum Rent payable hereunder shall be deemed reduced, until such time as the repair and restoration work is Substantially Completed, Tenant has had an opportunity to release either party hereto Substantially Complete restoration of Tenant's Work, and Tenant is not prevented by the condition of the Demised Premises from liability occupying the Demised Premises for damages resulting the normal conduct of its business, in proportion to the extent that the Demised Premises are rendered unusable for the normal conduct of the business then conducted on the Demised Premises, and Landlord shall be entitled to receive the proceeds of rent insurance maintained pursuant to Section 7.1(a)(ii) hereof. Such repair and restoration work shall be diligently commenced and prosecuted by Landlord until full completion thereof. It is acknowledged that a casualty affecting a portion of the Warehouse (as hereinafter defined) may, as a consequence of Tenant's Specific Use thereof, render the entire Warehouse unusable for the normal conduct of the business conducted therein by Tenant. The terms of the rent insurance maintained pursuant to Section 7.1(a)(ii) hereby shall acknowledge the foregoing.
(b) If the insurance proceeds available to Landlord (or Landlord's mortgagee) are not adequate to pay for the full cost of such repair and restoration work, then (i) Landlord shall not be obligated to pay such deficiency if within thirty (30) days of the date of such casualty, Landlord sends written notice to Tenant (the "Insurance Deficiency Notice") advising Tenant of the amount of such deficiency and that Landlord elects not to pay such deficiency, and (ii) in the event that Landlord delivers the Insurance Deficiency Notice to Tenant within such thirty (30) day period, Tenant shall have the right, at its option, to terminate this Lease by sending written notice of such termination to Landlord within ninety (90) days after Tenant's receipt of the Insurance Deficiency Notice, which termination shall be effective as of any date designated by Tenant, which effective date shall not be more than twelve (12) months from the fault date of such termination notice, or negligence if Tenant does not terminate this Lease as aforesaid, Tenant shall pay such deficiency. Notwithstanding the preceding sentence, Tenant shall pay any deficiency attributable to Tenant's failure to maintain in effect any insurance required to be maintained by Tenant pursuant to this Lease, and, in such event, Tenant shall not have the right to terminate this Lease (it being understood that Tenant shall not be responsible for any deficiency that would not have been paid pursuant to normal policy exclusions). Landlord shall apply all insurance proceeds received with respect to any insurance required to be maintained by Tenant hereunder (other than the insurance to be provided pursuant to Section 7.1(a) (ii) above) for the purposes of said party or its agentsfully repairing and replacing the damage unless an election to terminate this Lease is made pursuant to this Article 8.
15.4 8.2 If the Building and/or Demised Premises shall be damaged by casualty, to the extent that the portion of the Demised Premises used by Tenant acknowledges as a warehouse and distribution facility (the "Warehouse") is rendered unusable for the normal conduct of Tenant's business then conducted in the Warehouse, and a reputable contractor selected by Landlord and reasonably approved by Tenant estimates that the repair of the Warehouse (including Tenant's Work, but excluding the personal property of Tenant) cannot be Substantially Completed within seven (7) months after the date of such casualty, Tenant may terminate this Lease by notice to Landlord given within sixty (60) days of the date of such casualty. Upon such notice, this Lease shall terminate (and Tenant shall not be responsible for paying any deficiency pursuant to Section 8.1(b)); provided, however, that the provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination of this Lease. Landlord shall use reasonable efforts to cause such contractor's estimate to be rendered and delivered to Tenant within thirty (30) days after the casualty.
8.3 If the Building and/or the Demised Premises shall be damaged by casualty, to the extent that the portion of the Demised Premises used by Tenant for office purposes (the "Offices") is rendered unusable for the normal conduct of Tenant's business then conducted in the Offices, and a reputable contractor selected by Landlord and reasonably approved by Tenant estimates that the repair of the Offices (including the leasehold improvements, but excluding the personal property of Tenant) cannot be Substantially Completed within twelve (12) months after the date of such casualty, Tenant may terminate this Lease by notice to Landlord given within sixty (60) days of the date of such casualty. Upon such notice this Lease shall terminate (and Tenant shall not be responsible for paying any deficiency pursuant to Section 8.1(b)), provided, however, that the provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination of this Lease. Landlord shall use reasonable efforts to cause such contractor's estimate to be rendered and delivered to Tenant within thirty (30) days after the casualty. Notwithstanding the foregoing, Tenant shall not have a right to terminate this Lease pursuant to this Section 8.3 in the event that Landlord is able to provide to Tenant, within thirty (30) days of the casualty and upon terms reasonably acceptable to Tenant, substitute office facilities in the immediate vicinity of the Building, which are reasonable acceptable to Tenant, and which will be available to Tenant during the period that the repair and restoration work to the offices is being completed.
8.4 If a casualty occurs during the last two (2) years of the Term and if any portion of the Demised Premises shall be so damaged by such casualty that the cost of repair or replacement would exceed twenty-five percent (25%) of the replacement cost of the Building as estimated by a reputable contractor selected by Landlord and reasonably approved by Tenant, Tenant may terminate this Lease by notice to Landlord given within sixty (60) days of the date of such casualty and upon such notice, this Lease shall terminate; provided, however, that the provisions of this Lease which are designated to cover matters of termination and the period thereafter shall survive the termination of this Lease. If Tenant does not choose to terminate this Lease in accordance with this paragraph within such sixty (60) day period, Landlord may, at its option, terminate this Lease by notice to Tenant given within ten (10) days of the expiration of such sixty (60) day period. Landlord shall use reasonable efforts to cause such contractor's estimate to be rendered and delivered to Tenant within thirty (30) days after the casualty.
8.5 No damages, compensation, or claim shall be payable by Landlord for inconvenience, loss of business or annoyance arising from any repair or restoration of any portion of the Demised Premises, the leasehold improvements, or the Building. Landlord shall use reasonable efforts to have such repairs for which it is responsible made promptly so as not to unnecessarily interfere with Tenant's occupancy.
8.6 In the event of the termination of this Lease pursuant to the provisions of Section 8.1(b), Section 8.2, Section 8.3 or Section 8.4, this Lease, the Term and the estate hereby granted shall expire as of the date of such termination in the same manner and with the same effect as if it were the date set for the normal expiration of the Term, and Fixed Minimum Rent shall be apportioned as of the date of termination.
(a) If any of the insurance monies paid to Landlord shall remain after the completion of the repair and restoration, the excess shall be paid to Tenant, or if Tenant and Landlord funded any deficiency in the insurance proceeds in order to complete the repair and restoration work, any excess shall be shared by Landlord and Tenant proportionately to the amount of the deficiency contributed by each party.
(b) Tenant understands that Landlord will not carry insurance of any kind on improvements on the Demised Premises Tenant's furniture or furnishings or on any fixtures or equipment removable by Tenant under the provisions of this Lease, including Tenant’s fixtures, equipment or personal property's Work, and agrees that Landlord will shall not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything 8.8 Landlord and Tenant each agrees that it will cooperate with the other, to such extent as such other party may reasonably require, in connection with the contrary contained herein prosecution or defense of any action or proceeding arising out of, or for the collection of, any insurance monies that may be due in the event of any loss or damage, and that they each will execute and deliver to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (andsuch instruments as may be reasonably required to facilitate the recovery of any insurance monies.
8.9 Tenant agrees to give prompt notice to Landlord with respect to all fires and other casualties occurring in, as to Landlordon, any fee mortgagee), to at or about the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other partyDemised Premises.
Appears in 1 contract
Samples: Lease (Schein Pharmaceutical Inc)
Fire and Other Casualty. 15.1 In the event the Demised Premises are damaged by fire or other casualty insured by Landlord, Landlord agrees to promptly restore and repair the Demised Premises at Landlord’s expense, including the Improvements to be insured by Tenant, but only to the extent Landlord receives insurance proceeds therefor (plus the amount of any deductible, which Landlord must pay), including the proceeds from the insurance required to be carried by Tenant on the Improvements. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord, so destroyed that they cannot be repaired or rebuilt within two hundred ten (210) days after the date of such damage; or (ii) destroyed by a casualty which is not fully covered by Landlord’s insurance (plus the amount of any deductible, which Landlord must pay), or if such casualty is covered by Landlord’s insurance but Lender or other party entitled to insurance proceeds fails to make such proceeds available to Landlord in an amount sufficient for restoration of the Demised Premises, then Landlord shall give written notice to Tenant of such determination (the “Determination Notice”) within forty-five (45) days of such casualty. Either Landlord or Tenant may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the other party within twenty (20) days after Tenant’s receipt of the Determination Notice. Upon the giving of such termination notice, all obligations hereunder with respect to periods from and after the effective date of termination shall thereupon cease and terminate. If no such termination notice is given, Landlord shall, to the extent of the available insurance proceeds, promptly make such repair or restoration of the Demised Premises to a condition which is comparable to the condition of the Demised Premises immediately prior to such casualty, promptly and in such manner as not to unreasonably interfere with Tenant’s use and occupancy of the Demised Premises (if Tenant is still occupying the Demised Premises). Base Rent and Additional Rent shall xxxxx in proportion to the loss of use of the Demised Premises suffered by Tenant during the time that the Demised Premises or any part thereof, shall be damaged by fire or other casualty, Tenant shall give notice thereof to Landlord promptly after becoming aware of such damage, and this Lease shall continue in full force and effect except as hereinafter set forth.
15.2 If the Demised Premises is totally or partially damaged or rendered partially are unusable by fire or other casualty, the damage thereto shall be promptly repaired by and at the expense of Tenant (including the use by Tenant reason of any or all proceeds of Tenant’s fire and casualty insurance policy) to the same condition, design and specifications as existed immediately before such damage or destruction, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premisesthereto.
15.3 Subject to the provisions of Section 15.5 below, nothing in this Lease shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss shall have been caused by any acts or omissions of the other party.
Appears in 1 contract
Fire and Other Casualty. 15.1 If the Demised Premises or any part thereof, shall be base Building is damaged by fire or other casualtycasualty and if this Lease is not terminated by Landlord or Tenant (as provided below), Landlord shall diligently repair the damage to the base Building to substantially the same condition as existing immediately prior to the damage, and Landlord shall have no obligation to repair damage to or replace tenant improvements (including any Tenant Work or Alterations), Tenant’s Personal Property or any other property owned by Tenant and located in the Premises, and the Lease shall give notice thereof to Landlord promptly after becoming aware not terminate. If (a) the entire Premises are rendered untenantable by reason of any such damage, Annual Base Rent and Additional Rent shall xxxxx for the period from the date of the damage to the earlier of (i) the date Tenant has substantially completed its restoration work, or (ii) ninety (90) days after the date the damage to the base Building is repaired as reasonably determined by Landlord, and Tenant is allowed into the Premises to commence construction of its restoration work, or (b)only a part of the Premises are so rendered untenantable, Annual Base Rent and Additional Rent shall xxxxx for the same period in the proportion that the area of the untenantable part bears to the total area of the Premises; provided, however, that in all events Tenant shall pay rent with respect to any portion(s) of the Premises actually used by Tenant and provided further, that if prior to the date when all the damage has been repaired part of the Premises so damaged are rendered tenantable and shall be used or occupied by or through Tenant, then the amount by which Annual Base Rent and Additional Rent abates shall be apportioned for the period from the date of such actual or available use or occupancy to the date when all the damage has been repaired as reasonably determined by Landlord. Tenant hereby waives any right under applicable Law to terminate this Lease in the event of a casualty, and no compensation or reduction of rent shall continue be paid or allowed by Landlord for inconvenience, annoyance, or injury to Tenant’s business arising from the fire or other casualty or the need to repair the Premises or the Building. No later than [redacted] after any material fire or other casualty to the Building, Landlord shall deliver to Tenant a written opinion of a qualified professional selected by Landlord setting forth the estimated time to restore the base Building to substantially the condition it was in prior to such casualty (the “Restoration Estimate”). If (a) the Restoration Estimate indicates that the base Building cannot be fully repaired within [redacted] after the date of the casualty, (b) Landlord was maintaining property insurance customary for similar buildings, but insurance proceeds, plus the Landlord’s deductible, are insufficient to pay the full force cost of repair and effect except as hereinafter set forth.
15.2 If restoration, and Landlord terminates leases relating to at least [redacted] of the Demised Premises is totally Building, or partially damaged (c) zoning or rendered partially unusable by other applicable Laws or regulations do not permit such repair or restoration, then Landlord, at its option, may give Tenant, within sixty (60) days after the fire or other casualty, written notice of termination of this Lease and, in the damage thereto event such notice is given, this Lease and the Term shall terminate (whether or not the Term shall have commenced) upon the expiration of [redacted] from the date of delivery of such notice with the same effect as if the date of expiration of the [redacted] were the date initially fixed for expiration of the Term, and all rent shall be promptly apportioned as of such date. Additionally, if the Restoration Estimate indicates that the base Building cannot be fully repaired within [redacted] after the date of the fire or other casualty, then Tenant shall have the right to terminate this Lease, but only by delivering written notice of termination to Landlord within [redacted] after delivery of the Restoration Estimate, in which event this Lease and at the expense Term shall terminate (whether or not the Term shall have commenced) upon the expiration of Tenant (including [redacted] from the use by Tenant date of any or all proceeds delivery of Tenant’s fire and casualty insurance policy) to notice with the same conditioneffect as if the date of expiration of the [redacted] were the date initially fixed for expiration of the Term, design and specifications all rent shall be apportioned as existed immediately of such date. In addition, if Landlord fails to fully restore the base Building on or before the later of (i) [redacted] after the date of the fire or other casualty, or (ii) [redacted] after the date set forth in the Restoration Estimate, then Tenant shall have the right to terminate this Lease, but only by delivering written notice of termination to Landlord within [redacted] after the date such damage or destructiontermination option right arose, in a good and workmanlike manner in compliance with all Legal Requirements. Tenant shall retain all insurance proceeds derived from its policies not used in the restoration of the Demised Premises.
15.3 Subject to the provisions of Section 15.5 below, nothing in which event this Lease and the Term shall be deemed to release either party hereto from liability for damages resulting from the fault or negligence of said party or its agents.
15.4 Tenant acknowledges that Landlord will not carry insurance on improvements on the Demised Premises or on Tenant’s fixtures, equipment or personal property, and agrees that Landlord will not be obligated to repair any damage thereto or to replace the same.
15.5 Notwithstanding anything to the contrary contained herein and to the extent available, every property insurance policy carried by either party shall include provisions denying to the insurer subrogation rights against the other party terminate (and, as to Landlord, any fee mortgagee), to the extent such rights have been waived by the insured prior to the occurrence of damage or loss. Each party hereby waives any rights of recovery against the other party for any direct damage or consequential loss covered by said policies against which such party is protected by insurance, to the extent of the proceeds paid under such policies, whether or not such damage or loss the Term shall have been caused by any acts or omissions commenced) upon the expiration of [redacted] from the date of delivery of such notice with the same effect as if the date of expiration of the other party[redacted] were the date initially fixed for expiration of the Term, and all rent shall be apportioned as of such date.
Appears in 1 contract
