Common use of Fire and Other Casualty Clause in Contracts

Fire and Other Casualty. If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property shall be partially or totally destroyed by fire or other casualty or peril then the following shall be applicable: (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings cannot be repaired or restored within a period of one hundred eighty (180) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Memorandum of Lease (Danbury Pharmacal Puerto Rico Inc)

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Fire and Other Casualty. If during the term of this Lease any of Premises, the ----------------------- buildings comprising Building, or the Demised Property (including machinery or equipment used in its operation) shall be partially or totally destroyed damaged by fire or other casualty or peril then 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 applicable: (a) If, 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 ’s reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant estimate, based on estimate of the happening of such damage or destruction)a reputable third party contractor, the building or buildings Premises cannot be repaired or restored within a period of one two hundred eighty seventy (180270) days from the date of such opinionfire or casualty, then either Landlord or shall give notice to Tenant may, of such estimate within ten thirty (1030) days next succeeding the giving of after such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such terminationfire or casualty. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Leaseelect in writing sixty (60) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to days following the date of such destruction or damage. If neither notice from Landlord nor Tenant so to terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from Lease effective as of the date of Tenant’s notice. If any such damage: (i) renders the happening of Building untenantable; or (ii) renders general Building systems inoperable and such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall systems cannot be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, repaired in Landlord's ’s reasonable opinion estimate within three hundred sixty five (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180365) days from the date of such opiniondamage, and or (iii) occurs within the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the buildinglast 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 responsible for entitled to terminate this Lease, by virtue of any delays beyond in completion of such repairs and restoration. Rent, however, shall xxxxx on those portions of the reasonable control 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 which prevent 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 repair or restoration from being completed without such one two hundred eighty and seventy (180270) day period. (c) Landlord and , Tenant shall fully cooperate 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 each other regarding the settlement same force and adjustment of insurance claimseffect 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 CONFIDENTIAL TREATMENT REQUESTED UNDER C.F.R. SECTIONS 200.80(b)(4), 200.83 AND 230.406. If [****] 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. Termination Date, in which case Tenant’s termination notice shall be null and void and this Lease shall continue in full force and effect as if Tenant had never delivered such termination notice. Notwithstanding anything to the contrary herein set forth, Landlord is shall have no duty pursuant to this Section 9.1 to repair or restore any buildingportion of any Alterations made by or on behalf of Tenant in the Premises or the decorations thereto except to the extent that the proceeds of the insurance carried by Tenant are timely received by Landlord. If Tenant desires any other additional repairs or restoration, Tenantand if Landlord consents thereto, it shall be done at Tenant's ’s sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items expense subject to all of personal property from the applicable provisions of the Lease. Tenant acknowledges that building if this Lease is terminated as a result of such casualty Landlord shall be required entitled to the full proceeds of any insurance coverage whether carried by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained hereinTenant, Landlord shall not be obligated to repair or restore any for damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions addition, installation, improvements or improvements made to decorations which would become the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss Landlord’s property upon the termination of or damage to any of Tenant's propertythe Lease. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Raindance Technologies Inc)

Fire and Other Casualty. If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property Premises shall be partially or totally destroyed damaged by fire or other casualty casualty, other than as a result of the negligence or peril then misconduct of Tenant, the following Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the damage, provided that Landlord shall have no obligation to 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 axxxx 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. No compensation or reduction of Rent shall be applicable: (a) Ifpaid or allowed for inconvenience, in Landlord's reasonable opinion (to be given 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 later than ten 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 (10whether or not the Premises have been damaged), then Landlord, at its option, may give Tenant, within sixty (60) days after the casualty, written notice to Landlord by Tenant of termination of this Lease and this Lease and the happening Term shall terminate (whether or not the Term has commenced) upon the expiration of such damage or destruction), the building or buildings cannot be repaired or restored within a period of one hundred eighty thirty (18030) 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 such opiniondate. If the restoration of the Premises and the Building has not been completed by the one hundred eightieth (180th) day following the date of the casualty, then either Landlord or Tenant maymay terminate this Lease by written notice to Landlord, which notice shall be given by Tenant, if at all, within ten (10) business days next succeeding following such 180th day. If the giving of such opinion Premises or the Building shall be damaged by Xxxxxxxx, terminate this Lease by giving notice fire or other casualty due to the other gross negligence or any act of such termination. In that eventintentional misconduct of Tenant (i) Landlord shall have no obligation to repair the Premises or the Building, (ii) this Lease shall terminate as at Landlord’s option, not terminate, and subject to that building or buildings but shall remain in effect as to the remaining building or buildings clause (unless the only other remaining building is Building A in which event Tenant may terminate this Leaseiii) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Leasesentence, then Landlord shall repair the Premises or restore the building or buildings with reasonable diligence and Building, as the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored case may be, (iii) Landlord may at Tenant’s expense (subject to the extent reasonably necessary to enable Tenant to again use and occupy provisions of Section 17.E. hereof) repair the buildingdamage, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (civ) Landlord may pursue any legal and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is equitable remedies available to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the buildingit. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Sucampo Pharmaceuticals, Inc.)

Fire and Other Casualty. a. If during the Premises are damaged or destroyed by fire or other casualty, Landlord shall, subject to the limitations in subsection (b) of this Section 10. and to the limits of the insurance proceeds it actually receives as a result of such casualty, promptly and diligently proceed to repair, rebuild or replace the Premises, so as to restore the Premises to the condition in which the Premises existed immediately prior to such damage or destruction. If Landlord carries on any restoration or repair at the Premises pursuant to this Section 12. and Txxxxx continues to occupy any other portion of the Premises, Landlord shall take all such steps as may be reasonable and practicable to prevent interference with Txxxxx’s use and enjoyment of the portion of the Premises which Tenant continues to occupy. Landlord shall perform its obligations under this Section 10. in a manner which will achieve restoration of any damage as soon as practicable, giving due regard to the nature and scope of the damage, subject to the occurrence of Permitted Delay. Notwithstanding the foregoing, if the Premises is damaged or destroyed by fire or other casualty, Tenant may elect (but shall not be required) to repair, rebuild or restore minor damage to the Premises, provided that: (i) Tenant notifies Landlord of its election within ten (10) business days following the casualty event, (ii) Tenant promptly and diligently completes such repairs and (iii) such repairs do not exceed $10,000.00. Tenant will promptly provide Landlord with documents evidencing the payment and completion of such repairs. b. Any provision of this Section 10. to the contrary notwithstanding, if either (i) the cost to repair the damage to the Premises (other than alterations and personal property owned by Tenant) is not fully covered by the insurance carried by Landlord, or (ii) all or any portion of the Premises is damaged by fire or other casualty and the time period reasonably determined by Landlord to be required for the actual restoration or repair of the Premises will exceed two hundred seventy (270) days from the date the casualty occurs or (iii) the 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 Premises, then Landlord and Tenant each shall have the right, to be exercised by giving written notice (which notice shall set forth with specificity the basis for giving the notice) within thirty (30) days after the occurrence of the casualty, 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 any of the ----------------------- buildings comprising the Demised Property shall be partially or totally destroyed by fire or other casualty or peril then the following shall be applicable: (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings cannot be repaired or restored within a period of one hundred eighty (180) days from end as if the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to termination were the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date originally specified for expiration of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day periodTerm. (b) Ifc. If a casualty prevents Tenant from fully occupying the Premises, Rent shall axxxx, for so long as such full occupancy is prevented, in Landlord's reasonable opinion (proportion to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord the Premises not usable by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess a result of the insurance proceeds due Landlord. In casualty; provided that if the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days casualty occurred as a result of the damage act or destruction and contemporaneously with the giving negligence of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant Tenant, there shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's propertysuch abatement. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Commercial Lease Agreement (Co-Diagnostics, Inc.)

Fire and Other Casualty. Section 12.01 If during the term of this Lease Demised Premises or any other portion of the ----------------------- buildings comprising the Demised Property Improvements shall be partially or totally destroyed damaged by fire or other casualty (a "Casualty"), Lessor, at Lessor's expense, shall repair such damage. However, Lessor shall have no obligation to repair any damage to, or peril to replace, Lessee's personal property or any other property or effects of Lessee. If the entire Demised Premises shall be rendered untenantable by reason of any such damage, the Rent shall axxxx for the period from the date of such damage to the date when such damage shall have been repaired, and if only a part of the Demised Premises shall be so rendered untenantable, the Rent shall axxxx for such period in the proportion which the rentable area of the part of the Demised Premises so rendered untenantable bears to the total rentable area of the Demised Premises. However, if prior to the date when all of such damage shall have been repaired any part of the Demised Premises so damaged shall be rendered tenantable and shall be used or occupied by Lessee or any person or persons claiming through or under Lessee, then the following amount by which the Rent shall axxxx shall be applicable:equitably apportioned for the period from the date of any such use or occupancy to the date when all such damage shall have been repaired. Section 12.02 Notwithstanding anything set forth to the contrary in this Article, in the event that any Casualty rendering a “Material Portion” (as hereinafter defined) of the Demised Premises wholly untenantable occurs during the Term, either Lessor or Lessee may terminate this Lease by notice to the other party within thirty (30) days after the occurrence of such Casualty, this Lease shall expire on the 30th day after the date of such notice, the Rent shall be apportioned as of the date of the Casualty and any prepaid portion of Rent for any period after such date shall be refunded by Lessor to Lessee. For purposes of this Article 12, a “Material Portion” of the Demised Premises shall be deemed untenantable if due to such Casualty, (a) IfLessee shall be precluded from using more than 20% of the area of the Demised Premises for the conduct of its business and (b) Lessee’s inability to so use the Building is reasonably expected to continue until at least the earlier of the (i) Expiration Date, or (ii) the 90th day after the date when such Casualty occurred. Section 12.03 Notwithstanding anything to the contrary set forth in Landlordthis Lease, if such portion of the Demised Premises or the Improvements is affected by a fire, casualty or condemnation so that there is material interference with Lessee's reasonable opinion ability to conduct its business in the Demised Premises, then Lessee shall promptly give Lessor notice of such condition. Within thirty (to be given to Tenant not later than ten (1030) days after notice to Landlord by Tenant of the happening its receipt of such damage notice, Lessor shall furnish Lessee with the opinion of an independent architect reasonably satisfactory to Lessor and Lessee specifying whether the Demised Premises (and access thereto) can be substantially restored to that condition existing prior to the fire, casualty or destruction), the building or buildings cannot be repaired or restored condemnation within a period of one hundred eighty (180) 120 days from the date of Lessee's notice. If the architect's opinion states that the Demised Premises cannot be so restored in such opinionperiod or if the opinion is not given within such thirty (30) day period, then either Landlord or Tenant may, Lessee shall have the right to terminate this Lease by notice given within ten thirty (1030) days next succeeding of the giving date such notice was given or was required to have been given, as the case may be, such termination having the same force and effect as if the date of such opinion by Xxxxxxxxtermination were the date set forth above for the expiration of this Lease. Furthermore, if Lessee does not elect to terminate and Lessor's restoration is not completed within ninety (90) days of the date of the casualty, then Lessee may at anytime thereafter, until such restoration is completed, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings on thirty (unless the only other remaining building is Building A in which event Tenant may terminate this Lease30) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day perioddays notice. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant Section 12.04 This Article 12 constitutes an express agreement governing any case of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if Premises or the costs Building by fire or other Casualty, and any law which provides for such contingency in the absence of repair an express agreement now or restorationhereafter in force, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to no application in any such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's propertycase. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Purchase and Sale Agreement (P&f Industries Inc)

Fire and Other Casualty. Section 12.01 If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property Premises shall be partially or totally destroyed damaged by fire or other casualty (a "Casualty"), Lessor, at Lessor's expense, shall repair such damage. However, Lessor shall have no obligation to repair any damage to, or peril then to replace, Lessee's personal property or any other property or effects of Lessee. If the following entire Building shall be applicable: (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord rendered untenantable by Tenant reason of the happening of any such damage or destruction)damage, the building or buildings cannot be repaired or restored within a Rent shall axxxx for the period of one hundred eighty (180) days from the date of such opiniondamage to the date when such damage shall have been repaired, and if only a part of the Demised Premises shall be so rendered untenantable, the Rent shall axxxx for such period in the proportion which the rentable area of the part of the Building so rendered untenantable bears to the total rentable area of the Building. However, if prior to the date when all of such damage shall have been repaired any part of the Building so damaged shall be rendered tenantable and shall be used or occupied by Lessee or any person or persons claiming through or under Lessee, then either Landlord the amount by which the Rent shall axxxx shall be equitably apportioned for the period from the date of any such use or Tenant mayoccupancy to the date when all such damage shall have been repaired. Section 12.02 Notwithstanding the foregoing provisions of this Article 12, if during the Term a “Material Portion” (as hereinafter defined) of the Building shall be damaged or rendered untenantable by a Casualty, and if Lessor shall decide not to restore the Building, then, Lessor, at Lessor's option, may give to Lessee within ten ninety (1090) days next succeeding after such Casualty, a thirty (30) days' notice of termination of this Lease and, in the giving event such notice is given, this Lease and the Term shall come to an end and expire (whether or not the Term shall have commenced) upon the expiration of said thirty (30) days with the same effect as if the date of expiration of said thirty (30) days were the Expiration Date. The Rent shall be apportioned as of the date of the Casualty and any prepaid portion of Rent for any period after such opinion date shall be refunded by XxxxxxxxLessor to Lessee. Section 12.03 Notwithstanding anything set forth to the contrary in this Article, in the event that any Casualty rendering a “Material Portion” (as hereinafter defined) of the Building wholly untenantable occurs during the final twelve (12) months of the Term, either Lessor or Lessee may terminate this Lease by giving notice to the other party within thirty (30) days after the occurrence of such termination. In that eventCasualty, this Lease shall terminate as to that building or buildings but shall remain in effect as to expire on the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to 30th day after the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Leasenotice, then Landlord the Rent shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from be apportioned as of the date of the happening Casualty and any prepaid portion of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible Rent for any delays beyond period after such date shall be refunded by Lessor to Lessee. For purposes of this Article 12, a “Material Portion” of the reasonable control Building shall be deemed untenantable if due to such Casualty, (a) Lessee shall be precluded from using more than 50% of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. the area of the Building for the conduct of its business and (b) If, in Landlord's reasonable opinion (Lessee’s inability to be given so use the Building is reasonably expected to Tenant not later than ten (10) days after notice to Landlord by Tenant continue until at least the earlier of the happening of such damage (i) Expiration Date, or destruction), (ii) the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from 90th day after the date of when such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day periodCasualty occurred. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease (P&f Industries Inc)

Fire and Other Casualty. If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property Building shall be partially or totally destroyed damaged by fire or other casualty otherwise to the extent of twenty-five (25%) or peril then less of the following replacement value and no material portion of the Premises is rendered untenantable, the Building and the Premises shall be applicable: repaired within one hundred and twenty (a120) Ifdays of the date on which the damage occurred at the expense of LESSOR, in Landlord's reasonable opinion (with the Rent paid by LESSEE to be given reduced proportionately based upon the percentage of useable space. If the damage to Tenant not later than ten the Building shall be in excess of twenty-five percent (1025%) days after notice to Landlord by Tenant of the happening replacement value, or so extensive as to render any material portion of such damage or destruction)the Premises untenantable, LESSOR shall have the building or buildings cannot be repaired or restored within a period of one hundred eighty (180) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, option to terminate this Lease by giving providing LESSEE notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election thereof within sixty (60) days of such casualty; provided, however, if LESSOR does not terminate this Lease, the damage or destruction and contemporaneously Rent shall cease until such time as the Building repair shall be substantially complete. Said repairs to be completed by LESSOR within eight (8) months after serving LESSEE with the giving aforementioned notice. LESSEE shall have the option to terminate this Lease by providing LESSOR notice thereof within sixty (60) days of notice provide Landlord with adequate security for such casualty (the payment "NOTICE PERIOD"), provided, however that LESSEE shall have no such right to terminate under this Article XIV if LESSOR has undertaken the repair or restoration of the Building during the Notice Period and is diligently pursuing the same. If there is a total destruction of the Premises, by fire or otherwise, either LESSOR or LESSEE shall have the option to terminate this Lease within sixty (based on written estimates60) days of all excess costs such casualty and expenses. The excess costs incurred by Tenant the Rent shall cease until such time as the Building Repair shall be divided substantially complete. If the casualty is caused by the years remaining in the Lease term and the annual rental due in each of the remaining years LESSEE'S negligence or neglect, LESSEE shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing the cost of all repairs or restoring any alterations, additions or improvements made reconstruction of the Premises (to the Demised Property by Xxxxxx. Furthermore, in extent no event shall Landlord be liable insurance is paid with respect thereto) and for any loss of or damage to any of Tenant's propertyall Rent. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease (First Valley Bancorp, Inc.)

Fire and Other Casualty. If during In the term of this Lease any of event the ----------------------- buildings comprising the Demised Property shall be partially Building is damaged or totally 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 peril then repair the following Leased Premises. The Lessor shall be applicable: have sixty (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (1060) days after notice to Landlord the date of written notification by Tenant the Lessee of the happening of such damage event in which to notify the Lessee of the Lessor's intention to rebuild or destruction)repair the Leased Premises or the parts thereof so damaged or destroyed. If the Lessor elects to rebuild or repair the Leased Premises, the building Lessor shall prosecute the work of such rebuilding or buildings cannot be repaired or restored within a repairing without unreasonable delay, and during the period of one hundred eighty (180) days from the date of such opiniondamage until the Leased Premises are made tenantable, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate rent payable under this Lease by giving notice shall be abated in the same ratio that the area of the portion of the Leased Premises rendered unfit for occupancy shall bear to the other area of the Leased Premises as at the commencement of this Lease. If the Lessor fails to give such termination. In that eventnotice before the expiration of the said sixty (60) days, this Lease shall terminate as to that building and be of no further force or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlordeffect. In the event Tenant elects the latter option and requires Landlord Leased Premises are damaged by fire or other casualty to repair an extent so as to render twenty-five (25%) percent or restore it shall give written notice to Landlord of that election within sixty (60) days less of the damage Leased Premises untenantable, the Lessor shall rebuild or destruction repair the same without unnecessary delay, and contemporaneously with during such period the giving rent shall be abated in the same ratio that the area of notice provide Landlord with adequate security the portion of the Leased Premises rendered for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant time being unfit for occupancy shall be divided by bear to the years remaining in the Lease term and the annual rental due in each area of the remaining years shall be reduced by Leased Premises as at the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss commencement of or damage to any of Tenant's propertythis Lease. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Rotoblock CORP)

Fire and Other Casualty. If In case of the destruction of the Premises or the Buildings of which the Premises are a part by fire or other casualty during the term of this Lease any of Lease, or such partial destruction or damage thereto so as to render the ----------------------- buildings comprising Premises wholly untenantable or unfit for occupancy, or should the Demised Property shall Premises be partially or totally destroyed by fire or other casualty or peril then so badly injured that the following shall be applicable: (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings same cannot be repaired or restored within a period of one hundred eighty (180) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the happening of such damage, or should the holder of any indebtedness secured by the Premises not make the proceeds of insurance policies available for the rebuilding of the damaged portion of the Premises and Landlord does not agree to provide the necessary funds for such rebuilding, then and in any such case, at the election of either Landlord or Tenant, upon written notice to the other party exercised within thirty (30) days of the date it is determined that the Premises cannot be repaired within one hundred eighty (180) days from the happening of such damage, the Term hereby created shall cease and become null and void from the date of such opiniondamage or destruction and then Tenant shall immediately surrender the Premises and all interest therein to Landlord, and Tenant shall pay the Rent within said Term only to the time of such destruction or damage; and in case of such destruction or partial destruction of said Buildings by fire, or other casualty, and the damage or destruction is such that a building is capable termination of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears this Lease pursuant to the whole provisions of this Article X of this Lease, Landlord may re-enter and repossess the buildingPremises discharged from this Lease and may remove all parties therefrom; provided, however, that the option to terminate this Lease pursuant to the provisions of this Article X shall be null and void if not exercised within thirty (30) days from the date it is determined that the Premises cannot be repaired within one hundred eighty (180) days from the happening of such damage. In the event the Premises, or any part thereof so damaged, are repairable within one hundred eighty (180) days from the happening of such damage, and Landlord shall repair or restore also if the building with reasonable diligence. Providing Landlord Lease is proceeding with reasonable diligence to repair or restore the buildingnot terminated by reason of such damage, Landlord shall enter and repair any such damage with all reasonable speed. From the date of such injury and until repairs shall have been completed, the Rent, or such proportionate share thereof as may be attributable to the portion damaged or destroyed or rendered unusable in whole or part, shall be abated, provided, if more than fifty percent (50%) of the balance of the Premises cannot be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such used by Tenant in a manner contemplated by Article VII, Rent shall xxxxx completely during said one hundred eighty (180) day period. (c) . In the event the Premises shall be so slightly injured by fire, or other casualty, as not to be rendered untenantable and unfit for occupancy, then Landlord agrees to repair the same with reasonable promptness, and in that case the Rent accrued and accruing shall not cease but shall continue without abatement. In performing any acts pursuant to the provisions hereunder, Landlord shall use its best efforts to cause the least practical interference with Tenant's business. In no event however, shall the provisions of this Article become effective or be applicable if the fire or other casualty and damage shall be the result of the carelessness, negligence or improper conduct of Tenant or Tenant's agents, employees, guests, licensees, invitees, subtenants, assignees or successors. In such case, Tenant's liability for payment of the Rent and the performance of all the covenants, conditions and terms hereof on Tenant's part to be performed shall continue and Tenant shall fully cooperate with each other regarding be liable for the settlement damage and adjustment of insurance claimsloss suffered by Landlord. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained hereincontrary, Landlord this provision shall not be obligated to repair or restore in any damage to or destruction of way limit the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of right to collect any Fixed Rent or Additional Rent from any insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's propertycompany. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Fire and Other Casualty. (a) If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property shall be partially Premises are destroyed or totally destroyed damaged by fire or other casualty or peril covered by the insurance required in Paragraph 7(b), then the following Landlord shall be applicable: (a) If, promptly repair and restore same to substantially the condition in Landlord's reasonable opinion (which they were immediately prior to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening occurrence of such damage or destruction)casualty, using the building or buildings canproceeds of such insurance. If the Landlord does not be repaired or restored complete said repair and restoration within a period of one hundred eighty and twenty (180120) days from the date of such opinionsaid casualty, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full Agreement retroactive to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored casualty by notice to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day periodLandlord. (b) If, If the Premises are damaged or destroyed by casualty not covered by the insurance required in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destructionParagraph 7(b), the building or buildings can be repaired or restored as set forth is subparagraph Landlord may, if it so elects, repair and restore same to substantially the condition in which they were immediately prior to the occurrence of such casualty. The Landlord shall notify the Tenant of its decision to restore the Premises within fourteen (b) above within one hundred eighty (18014) days from the date of such opinionthe casualty, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part upon failure of the building which Landlord to provide such notice, it is rendered unfit for occupancy bears conclusively presumed that it elected not to restore the Premises. If the Landlord does not elect to restore the Premises, or if Landlord elects to restore the Premises and it does not restore same within one hundred twenty (120) days from the date of the casualty, then the Tenant may terminate this Agreement retroactive to the whole date of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence casualty by notice to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day periodLandlord. (c) Landlord During the period from the date of casualty until the premises are repaired and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any buildingrestored, Tenant, at 's obligation to pay any rent due hereunder shall xxxxx in proportion to the amount of space of the Demised Premises rendered unusable for Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building purposes as shall be required by Landlord in order to repair or restore the Improvements constituting a part result of the buildingdamage or destruction. (d) Notwithstanding anything to Termination of this Lease in accordance with the contrary contained herein, Landlord foregoing provisions shall not be obligated to repair or restore any damage to or destruction prejudice the rights and remedies of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, and Tenant shall have the option of either (1) terminating under this Lease as it applies agreement prior to such damaged or destroyed building or buildings or (2) requiring Landlord termination, and any rent owing shall be paid up to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment such date and any payments of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred rent made by Tenant which were on account of any period subsequent to such date shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein returned to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that during the partial destruction last two (2) years of the Initial Term or casualty to last two (2) years of any renewal term, the entire Demised Premises is are more than fifty percent (50%)) destroyed, nothing contained in this section shall be construed to require Landlord to restore the Landlord in its sole discretion shall determine whether or not Premises to repair a condition that existed immediately prior to such destruction, unless the Demised Premises. In the event that the Landlord decides not Tenant agrees to repair the Demised Premises, then and in that event, extend this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlordlease agreement for an additional five (5) year term.

Appears in 1 contract

Samples: Lease Agreement (Enote Com Inc)

Fire and Other Casualty. If during the term Premises shall be damaged by fire or other casualty, not due to the negligence or willful misconduct of this Lease any Tenant, its agents, licensees, invitees, or subtenants insured against by Landlord and the Premises can be, fully repaired within 180 days from the date of the ----------------------- buildings comprising damage, Landlord shall repair the Demised damage, provided, however, 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 unusable for the purposes set forth in Section 8 above by reason of any such damage and under such conditions as are described above, the rent shall abatx xxx the period from the date of the damage to the date the damage is repaired, and if at least fifty percent (50%) of an entire floor of the Premises then being occupied by Tenant is so rendered unusable, and is not used, the Rent shall abatx xxx the same period in the proportion that the area of the unusable part bears to the gross rentable area of the Premises, provided, however, that if, prior to the date when all of the damage has been repaired, any part of the Premises so damaged is rendered usable by Tenant and shall be partially used or totally destroyed occupied by or through Tenant, then the amount by which the rent abates shall be apportioned for the period from the date of such use or occupancy to the date when all the damage has been repaired. No compensation or reduction of rent will 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 and no abatement will be allowed if the damage was the result of the negligence or intentional misconduct of Tenant, its agents, licensees, invitees or subtenants. Notwithstanding the provisions above, if (a) the Premises shall be so damaged by fire or other casualty that they cannot be fully repaired within 180 days from the date of damage, or peril then (b) the following Building shall be applicable: (a) Ifso damaged by fire or other casualty that, in Landlord's reasonable opinion opinion, substantial alteration or reconstruction of the Building is required (whether or not the Premises have been damaged or rendered untenantable), then either party, at its option, may give to be given to Tenant not later than ten the other party within sixty (1060) days after the fire or other casualty, written notice to Landlord by Tenant of termination of this Lease and, in the happening event such notice is given, this Lease and the Term shall terminate (whether or not the Term shall have commenced) upon the expiration of such damage or destruction), the building or buildings cannot be repaired or restored within a period of one hundred eighty thirty (18030) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding notice with the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in same effect as to if the remaining building or buildings (unless date of expiration of the only other remaining building is Building A in which event Tenant may terminate this Lease) and thirty days were the rent date initially fixed for expiration of the Term, and all other payments for which Tenant may be liable under the terms of this Lease rents shall be prorated and paid in full to apportioned as of the date of such destruction fire or damagecasualty. If neither Landlord nor Tenant so terminate this Lease, then Landlord the Premises or the Building shall repair be damaged by fire or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored other casualty due to the extent reasonably necessary to enable Tenant to again use and occupy the buildingwillful misconduct of Tenant, this Lease shall, at Landlord's option, not terminate and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenantshall, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring rights set forth for Landlord to repair or restore under the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's propertyLease. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Varsitybooks Com Inc)

Fire and Other Casualty. If during In the term event of this Lease damage to, or total or partial destruction of, the Building, EnerDel Parking areas, EnerDel Loading areas or any fixtures, equipment, or systems which constitute a part of the ----------------------- buildings comprising the Demised Property shall be partially or totally destroyed Building by fire or other casualty or peril then the following shall be applicable: (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction“Casualty Damage”), the building insurance proceeds, if any, which, as a result of the Casualty Damage, are payable under any fire or buildings cannot casualty insurance maintained by Landlord shall be repaired or restored within a period of one hundred eighty (180) days from payable to, and be the date of such opinionsole property of, then either Landlord or Tenant mayLandlord, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxxand, terminate this Lease by giving notice subject to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) terms and the rent and all other payments for which Tenant may be liable under the terms conditions of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the buildingSection, Landlord shall not be responsible for any delays beyond cause the reasonable control of Landlord which prevent such prompt and diligent repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant and replacement of the happening Building, EnerDel Parking areas, EnerDel Loading areas, Landlord’s Work and any other alterations, improvements or additions of such damage or destruction), to the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date Leased Premises which were completed by BCI on behalf of such opinionTenant, and as soon as reasonably possible so that it is in substantially the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears same condition as existed prior to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from Casualty Damage; provided that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore replace any item which was not part of Landlord’s Work, including without limitation, any alterations, improvements or additions of or to the Leased Premises made by Tenant, unless any of such alterations, improvements or additions of or to the Leased Premises were completed by BCI on behalf of Tenant. Notwithstanding the foregoing provision of this Section 14, in the event: (a) the portions of the Leased Premises to be restored by Landlord are so damaged or destroyed that they cannot be restored within twelve (12) months after the date of the damage to or destruction, (b) the damage or destruction is not covered by the policy of property insurance to be maintained by Landlord in accordance with Section 13 hereof and Landlord does not otherwise undertake to restore the Demised Property if Leased Premises within ninety (90) days after the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason date of such damage or destruction. In that event, Tenant shall have the option of either (1c) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due (without regard to any reduction thereof by Landlord. In ’s mortgagee to its mortgage debt) are when coupled with any deductible or retention amount, insufficient for restoration of the event Tenant elects the latter option Leased Premises and requires Landlord to repair or restore it shall give written notice to Landlord of that election does not otherwise undertake such restoration within sixty ninety (6090) days after the date of such damage or destruction, or (d) applicable law does not permit the restoration of the damage or destruction and contemporaneously with Leased Premises to substantially the giving of notice provide Landlord with adequate security for same condition as at the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each commencement of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstandingterm of this Lease and Landlord, after reasonable efforts, cannot obtain a variance from such limitations within 120 days; then Landlord shall not be responsible for repairing obligated to restore the Leased Premises and Landlord or restoring any alterationsTenant may, additions after ninety (90) days following the damage or improvements made destruction, terminate and cancel this Lease upon fifteen (15) days written notice to the Demised Property by Xxxxxxother party, and all obligations hereunder except those due or mature shall thereupon cease and terminate. Furthermore, in no event shall Landlord be liable for any loss If more than 50% of or damage to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Leased Premises is more than fifty percent damaged by a Casualty Damage that occurs during the last two (50%), 2) years of the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised PremisesExtension Term, then and in that eventLandlord or Tenant, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease yearat their respective option, Tenant may terminate this Lease as it applies upon ninety (90) days’ written notice to the building other party, and all obligations hereunder, except those due or buildings mature, shall cease and terminate. Rent shall be abated proportionately (based upon the proportion that the unusable space in the Leased Premises due to a Casualty Damage bears to the total space in the Leased Premises) for each day that the Leased Premises or any part thereof is unusable by reason of any such Casualty Damage. If the Leased Premises are so impacted upon notice damaged by casualty that Tenant’s operations are materially impaired and Landlord or its affiliate has other space available in the Project, Landlord shall use good faith efforts to Landlordmake such space available to Tenant during the restoration at Tenant’s request at commercially reasonable rates.

Appears in 1 contract

Samples: Lease (Ener1 Inc)

Fire and Other Casualty. If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property Premises shall be partially or totally destroyed damaged by fire or other casualty casualty, other than as a result of the negligence or peril then misconduct of Tenant, the following Lease shall not terminate and, upon adjustment of insurance claims, Landlord shall repair the damage, provided that Landlord shall have no obligation to 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 axxxx 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. No compensation or reduction of Rent shall be applicable: (a) Ifpaid or allowed for inconvenience, in Landlord's reasonable opinion (to be given 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 later than ten 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 (10whether or not the Premises have been damaged), then Landlord, at its option, may give Tenant, within sixty (60) days after the casualty, written notice to Landlord by Tenant of termination of this Lease, and this Lease and the happening Term shall terminate (whether or not the Term has commenced) upon the expiration of such damage or destruction), the building or buildings cannot be repaired or restored within a period of one hundred eighty thirty (18030) days from the date of such opinionthe notice, then either Landlord or Tenant maywith the same effect as if the new expiration date had been the date initially fixed for expiration of the Term, within ten (10) days next succeeding the giving and all Rent shall be apportioned as of such opinion date. If the Premises or the Building shall be damaged by Xxxxxxxx, terminate this Lease by giving notice fire or other casualty due to the other negligence or misconduct of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings Tenant: (unless the only other remaining building is Building A in which event Tenant may terminate this Leasei) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not obligation to repair the Demised Premises. In Premises or the event that the Landlord decides not to repair the Demised PremisesBuilding, then and in that event, (ii) this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease yearshall, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to at Landlord.’s option, not terminate,

Appears in 1 contract

Samples: Lease Agreement (Global Secure Corp.)

Fire and Other Casualty. If during In the term of this Lease any of the ----------------------- buildings comprising event the Demised Property shall be partially or totally destroyed Premises are damaged by fire or other casualty insured or peril then required hereunder to be insured by Landlord, Landlord agrees to promptly restore and repair the following shall Demised Premises at Landlord's expense, including the Improvements to be applicable: (a) Ifinsured by Tenant but only to the extent Landlord receives insurance proceeds or adequate alternative funds from Tenant for the restoration of such Improvements to be insured by Tenant. Notwithstanding the foregoing, in the event that the Demised Premises are (i) in the reasonable opinion of Landlord's reasonable opinion project architect and Tenant's architect selected pursuant to subsection 17(b) above, acting in cooperation (or such other architect as Landlord or Tenant, as the case may be, may select as its architect for purposes of this Section 20 by written notice to be given to Tenant not later than ten the other within five (105) days after notice to Landlord by Tenant of the happening of such damage or destructioncasualty), the building or buildings so destroyed that they cannot be repaired or restored within a period of one hundred eighty (180) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above rebuilt within one hundred eighty (180) days from after the date of such opiniondamage, joint notice of such determination (the "Determination Notice") to be given to Landlord and Tenant by such architects within thirty (30) days of such casualty; or (ii) destroyed or damaged in any material respect during the last Lease Year of the Term (without Tenant having validly extended or thereupon agreeing to extend the Term pursuant to an existing renewal option ), then in the event only part (i) of the immediately preceding sentence applies, then Tenant (not Landlord) may terminate and cancel this Lease effective as of the date of such casualty by giving written notice to the Landlord within thirty (30) days after Tenant's receipt of the Determination Notice, and in the event part (ii) of the immediately preceding sentence applies, then 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 the date of such casualty. Upon the giving of any 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 make such repair or restoration of the Demised Premises to the approximate condition existing prior to such casualty [but, as to the Improvements to be insured by Tenant hereunder, only to the extent of insurance proceeds received by Landlord, provided that nothing herein shall relieve Tenant of its obligation under Section 30(b) hereof to return the Demised Premises to Landlord at the expiration of the Term in substantially the same condition (i.e., with substantially the same Improvements and in good condition and repair) as existed at the Lease Commencement Date, subject to any Tenant's Changes made in accordance with Section 18 hereof], 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 are unusable by reason of any such damage or destruction is such that a building is capable thereto (except to the extent they remain unusable due to the lack of being partially used available insurance proceeds with respect to the Improvements to be insured by Tenant). If Landlord fails to commence restoration within the earlier of thirty (30) days after receipt of all insurance proceeds payable as a result of such casualty (Landlord hereby agreeing to use reasonable efforts to settle any claim promptly following such casualty), thenor sixty (60) days after the date of such casualty (as such period shall be extended until Landlord shall have received adequate proceeds to restore the Improvements to be insured by Tenant), until Tenant may perform the restoration after giving Landlord written notice of its intent to perform such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the buildingrestoration, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible reimburse Tenant for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds such restoration actually incurred by Tenant up to the amount of insurance proceeds payable to Landlord (or which would be payable to Landlord had Landlord carried the insurance required to be carried by reason it herein) as a result of such damage or destruction. In that eventcasualty, Tenant shall have the option of either within thirty (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (6030) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security after Tenant's request for the payment (based on written estimates) of all excess costs and expensesreimbursement as described below. The excess costs incurred Any requests for reimbursement made by Tenant shall be divided accompanied by such documentation as Landlord shall reasonably require showing the years remaining in actual costs incurred by Tenant, together with full and final lien waivers from all contractors performing the Lease term and the annual rental due in each work. If Landlord has not paid to Tenant such amount or given Tenant notice of reasonable objection to such amount within such thirty (30) day period, or if Landlord's objection to such amount is resolved against Landlord by agreement of the remaining years shall be reduced parties or by a court of competent jurisdiction to which the resulting figure. Anything herein to dispute has been submitted by either party, then Tenant may offset the contrary notwithstandingreasonable and actual out-of pocket cost of such restoration from future Monthly Base Rent Installments next coming due hereunder until Tenant has been reimbursed in full therefor, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable such offset for any loss of or damage given month to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%)be up to, the Landlord in its sole discretion shall determine whether or but not to repair exceed, one-half (1/2) of the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should Monthly Base Rental Installment due for such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlordmonth.

Appears in 1 contract

Samples: Industrial Lease Agreement (Barnesandnoble Com Inc)

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Fire and Other Casualty. If during In the term of this Lease any event of the ----------------------- buildings comprising total or partial destruction of the Demised Property shall be partially or totally destroyed Premises by fire or other casualty or peril then casualty, the following insurance proceeds, if any, which as a result of such destruction are payable under the fire and extended coverage insurance to be maintained by Landlord shall be applicable: payable to, and be the sole property of, Landlord. Landlord and Tenant shall rebuild, repair and restore the Premises in accordance with the original construction obligations set forth in Article 5 (except that Landlord shall rebuild, repair and restore those parts of Tenant's original construction obligations, alterations, improvements, additions and leasehold improvements covered by the policy of fire and extended coverage insurance to be maintained by Landlord); provided, however, that in the event (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), Premises are so destroyed that the building or buildings Premises cannot be repaired or restored within a period of one hundred eighty (180) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from after the date of such opinionthe damage or destruction, and (b) the damage or destruction is such that a building is capable not covered by the policy of being partially used broad form fire and extended coverage insurance to be maintained by Tenant, then, until Landlord and Landlord does not undertake to restore the Premises within ninety (90) days after the date of such damage has been repaired or restoreddestruction, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is proceeds (reduced by any application thereof by Landlord's mortgagee to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part its mortgage) are insufficient for restoration of the building. Premises and Landlord does not undertake such restoration within ninety (d90) Notwithstanding anything to days after the contrary contained hereindate of such damage or destruction, then Landlord shall not be obligated to repair restore the Premises, and either Landlord or restore Tenant may then terminate and cancel this Lease upon thirty (30) days written notice to the other, and all obligations hereunder except those then due or mature shall thereupon cease and terminate. Monthly Rent shall proportionately xxxxx during the time that the Premises or any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord part thereof is unusable by reason of any such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's propertythereto. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Browsesafe Com Inc)

Fire and Other Casualty. If during In the term event of this Lease any total or partial destruction of the ----------------------- buildings comprising the Demised Property shall be partially or totally destroyed Premises by fire or other casualty casualty, Landlord agrees to promptly restore and repair the Premises to the same or peril then equivalent condition as existed as of the following Commencement Date, but not including Tenant's Trade Fixtures and other personal property which were not a part of the initial construction by Landlord; provided, however, that Landlord's obligation to restore and repair the Premises shall be applicable: (a) If, in Landlord's reasonable opinion (subject to be given the sufficiency of insurance proceeds for restoration and repair and subject to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening availability of such damage replacement insurance proceeds from any current or destruction)subsequent bona-fide mortgagee. Notwithstanding the foregoing, if the building or buildings Premises are (i) so destroyed that they cannot be repaired or restored rebuilt within a period of one two hundred eighty forty (180240) days from after the date of such opinionthe damage or destruction; or (ii) destroyed by a casualty which is not covered by the insurance required hereunder, then then, in the case of a clause (i) casualty, either Landlord or Tenant may, within ten or, in the case of a clause (10ii) casualty, then Landlord may, upon thirty (30) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving written notice to the other of such termination. In that eventparty, terminate and cancel this Lease Lease; and all further obligations hereunder shall thereupon cease and terminate as of the earlier to that building or buildings but shall remain in effect as to the remaining building or buildings occur of (unless the only other remaining building is Building A in which event Tenant may terminate this Leasei) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction termination, or damage(ii) the expiration of the rent loss insurance benefits described herein. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from notify Tenant in writing within ninety (90) days of the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein as to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not Landlord intends to restore and repair the Demised PremisesPremises and the estimated completion time thereof. In Any proceeds from the event fire and extended coverage insurance policies not utilized (i) by Landlord in restoring or repairing the Premises or (ii) to reimburse Landlord for any and all reasonable out-of-pocket costs and expenses incurred by Landlord in connection with such damage or destruction shall become the sole property of Tenant; provided, however, that Landlord shall oversee the Landlord decides not restoration and repair, and Tenant shall have no rights with respect thereto other than its right to repair employ an inspecting architect or engineer who will have the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in same rights as the final Lease year, Tenant may terminate this Lease as it applies to Inspecting Architect under the building or buildings so impacted upon notice to LandlordConstruction Addendum hereto.

Appears in 1 contract

Samples: Lease Agreement (Apria Healthcare Group Inc)

Fire and Other Casualty. If before or during the term of this Lease any of Lease, the ----------------------- buildings comprising Premises or the Demised Property Building shall be partially or totally destroyed damaged by fire or other casualty which renders the Building, the Premises, or peril then any part of the following shall be applicable: Building or the Premises untenantable, Lessor within thirty (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (1030) days after notice to Landlord by Tenant of such fire or casualty or of the happening receipt of written notice from Lessee of such damage (whichever shall last occur) shall have the right to either (i) serve written notice upon Lessee of Lessor's intent to repair said damage or destruction)(ii) if said damage renders so much of the Premises or of the Building untenantable that repair would not be feasible, or if said damage shall have been occasioned by the building act or buildings omission of Lessee, its servants, agents or employees, serve written notice upon Lessee that this Lease is terminated; provided, however, that Lessor shall not so terminate this Lease unless such repairs cannot be repaired or restored made within a period of one hundred eighty sixty (18060) days from or unless at the date time such notice is given there remains less than one (1) year during the unexpired current term of this Lease. If Lessor shall elect to repair such damage, such repairs shall be commenced within thirty (30) days of notice to Lessee of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of election and such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease repairs shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from of notice to Lessee of such election. Beginning at the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restoredcasualty, the rent Base Rent and payments due on account of Lessor's Operating Expenses shall xxxxx in be reduced to an amount which bears the proportion which that part same ratio to the same as the portion of the building which is rendered unfit Premises then available for occupancy use bears to the whole entire Premises. Upon completion of such repair, the building, Base Rent and Landlord such charges shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not thereafter be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, paid as if no fire or other items casualty had occurred. The other provisions of personal this paragraph 17 notwithstanding, Lessor shall have no obligation to replace or repair any property from that building as in Building or on the Premises belonging to Lessee or to any one claiming through or under Lessee; nor shall be required by Landlord in order Lessor have any obligation hereunder to replace or repair or restore any property on the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant Premises which Lessor shall have the option of either (1) terminating this Lease as it applies right to such damaged require Lessee to remove from the Premises or destroyed building any alteration, addition, or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements improvement made to the Demised Property by Xxxxxx. FurthermorePremises by, in no event shall Landlord be liable for any loss for, or at the direction of or damage to any of Tenant's propertyLessee. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Speizman Industries Inc)

Fire and Other Casualty. If during In the term event of this Lease damage to, or total or partial destruction of, the Building or any fixtures, equipment, or systems which constitute a part of the ----------------------- buildings comprising the Demised Property shall be partially or totally destroyed Building by fire or other casualty or peril then the following shall be applicable: (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction“Casualty Damage”), the building or buildings cannot be repaired or restored within a period of one hundred eighty (180) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice subject to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) terms and the rent and all other payments for which Tenant may be liable under the terms conditions of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Section, Landlord nor Tenant so terminate this Leaseshall, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent that insurance proceeds are available therefor, cause the prompt and diligent repair and replacement of the Building and the Leased Premises as soon as reasonably necessary possible so that it is in substantially the same condition as existed prior to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Casualty Damage; provided that Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such obligated to repair or restoration from being completed within such one hundred eighty (180) day period. (b) Ifreplace any item which was not part of the Landlord’s Work, including without limitation, any alterations, improvements or additions of or to the Leased Premises made by Tenant. Notwithstanding the foregoing provision of this Section, in Landlord's reasonable opinion the event: (a) the portions of the Leased Premises to be given to Tenant restored by Landlord are so damaged or destroyed that they cannot later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from after the date of such opinionthe damage or destruction, and (b) the damage or destruction is such that a building is capable not covered by the “Special Form” property insurance policy to be maintained by Landlord in accordance with Section 12 hereof and Landlord does not undertake to commence restoration of being partially used by Tenant, then, until the Leased Premises within ninety (90) days after the date of such damage has been repaired or restoreddestruction, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) the insurance proceeds (reduced by any application thereof by Landlord’s mortgagee to its mortgage debt) are insufficient for restoration of the Leased Premises and Landlord and Tenant shall fully cooperate with each other regarding does not undertake to commence such restoration within ninety (90) days after the settlement and adjustment date of insurance claims. If Landlord is to repair such damage or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventorydestruction, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything applicable law does not permit the restoration of the Leased Premises to substantially the contrary contained herein, same condition as at the commencement of the Lease Term; then Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if Leased Premises and Landlord may, within ninety (90) days following the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction, terminate and cancel this Lease upon fifteen (15) days written notice to Tenant, and all obligations hereunder except those due or mature shall thereupon cease and terminate. In that eventNotwithstanding the foregoing, if Landlord fails to complete repairs to the Premises within two hundred seventy (270) days of the date of the casualty, subject to Force Majeure and Tenant Delays, or if Landlord ceases to diligently pursue the repairs, then Tenant shall have the option right to terminate the Lease upon written notice delivered to Landlord at any time after such two hundred seventy (270) day period and prior to Landlord’s Substantial Completion of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore repairs. If substantial Casualty Damage occurs during the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess last year of the insurance proceeds due Landlord. In the event Lease Term, unless Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord exercises its Renewal Option (which Tenant may exercise at such time regardless of that election within sixty (60) days of the damage or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining any time periods set forth in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%Section 2(b)), the then Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised PremisesTenant, then and in that eventat their respective option, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies upon ninety (90) days’ written notice to the building other party, and all obligations hereunder, except those due or buildings so impacted mature, shall cease and terminate. Base Rent and Additional Rent shall be abated proportionately (based upon notice the proportion that the unusable space in the Building due to Landlorda Casualty Damage bears to the total space in the Building) for each day that the Building or any part thereof is unusable by reason of any such Casualty Damage.

Appears in 1 contract

Samples: Lease (Dirtt Environmental Solutions LTD)

Fire and Other Casualty. The Tenant shall notify, orally or in writing, the Landlord promptly of any fire or other casualty in the Rental Space. The Tenant is not required to pay Rent when the Rental Space is unusable. I If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property shall be partially or totally destroyed Building is so damaged by fire or other casualty that in the reasonable estimate of the Landlord it cannot be repaired or peril then rebuilt within ninety (90) days of the following issuance of all requisite municipal building permits the Landlord shall have the option, to be exercised by written notice to the Tenant within forty-five (45) days of the casualty event, to (i) replace, repair and rebuild all damaged or destroyed improvements, or (ii) terminate this Lease as of a specified date, in which event all Rent shall be applicable: (a) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant apportioned as of the happening date of such damage or destruction), and this lease shall terminate as of the building or buildings cannot be repaired or restored within a period of one hundred eighty (180) days from the date of such opinion, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such terminationspecified date. In that eventthe event the Landlord proceeds to replace, repair and rebuild, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Leasenot terminate, then Landlord shall repair or restore cause the building or buildings with reasonable diligence Building and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been fixtures installed by Landlord to be repaired or restored to the extent reasonably necessary insurance proceeds are available to enable Tenant to again use and occupy the buildingLandlord, as speedily as good faith efforts will allow, and Landlord there shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant a proportional abatement of the happening Rent reserved under this Lease during such period as the Building remains untenantable, based on the extent to which the Building is untenantable. Tenant shall also have the option to terminate this Lease effective as of such the date of damage or destruction), destruction in the building or buildings can event (x) the Building cannot reasonable be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from of such date (as set forth in an opinion to that effect of an architect or engineer retained by the Tenant (at its expense) or the expiration date of such opinion, and the damage or destruction is such that a building is capable term of being partially used by Tenant, then, until such damage has been repaired or restored, the rent this Lease shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such occur within one hundred eighty (180) day period. days or less of such date; (cy) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated give written notice of Landlord’s election under clause (i) above within the forty-five (45) day period; or (z) the Landlord after having elected to repair or repair, shall not restore any the Building substantially to its condition prior to the event causing the damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable a timely fashion. Tenant’s option to Landlord terminate shall be exercised by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days of the casualty event with respect to clauses (x) and (y) and within one hundred ninety five days after the date of such damage or destruction and contemporaneously with respect to clause (z Notwithstanding the giving of notice provide Landlord with adequate security for foregoing, if the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred Building is totally destroyed by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing fire or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's property. (e) In the event that the partial destruction or other casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and automatically terminate, in which event the Rent shall be terminated provided however should apportioned as of the date of such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlorddestruction.

Appears in 1 contract

Samples: Business Lease

Fire and Other Casualty. If during In case of fire or other casualty, Tenant shall give immediate notice to Landlord. In the term of this Lease any of event the ----------------------- buildings comprising the Demised Property Premises shall be partially or totally destroyed damaged by fire fire, the elements or other casualty casualty, but shall not be so destroyed or peril damaged as to require practically a rebuilding thereof, then the following Landlord shall repair the same as speedily as practicable to the extent of the scope of Landlord's work in the original construction of the Premises, and if any portion of the Premises shall be applicable: rendered untenantable, then the Tenant's obligation to pay Rental hereunder shall xxxxx in the same proportion which the square footage of the portion rendered untenantable bears to the total square footage of the Premises until such time as the Landlord shall have substantially repaired the Premises. In the event that at least fifty (a50%) Ifpercent 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 other party, in Landlord's reasonable opinion which event the Rental as abated, if applicable, shall be paid up to the time of such termination and then and from thenceforth this lease shall come to an end. In the event that less than fifty percent (to be given to Tenant not later than ten (1050%) days after notice to Landlord by Tenant of the happening of such damage or destruction)Premises is damaged, the building or buildings cannot be repaired or restored within a period of one hundred eighty Landlord shall have One Hundred Twenty (180120) 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. If Landlord has not substantially restored the Premises in the manner provided herein within such opinionOne Hundred Twenty (120) day period, then either Landlord or Tenant may, within ten (10) days next succeeding tenant shall have the giving of such opinion by Xxxxxxxx, right to terminate this Lease by giving within thirty (30) days following the expiration of then aforesaid One Hundred Twenty (120) day period. If at least fifty (50%) percent of the Building (whether or not the Premises shall have been damaged)shall be damaged, then the Landlord shall have the right to terminate the lease on thirty (30) days' written notice delivered to the other Tenant, in which event the Rental as abated, if applicable, shall be paid up to the time of such terminationtermination and then and from thenceforth this lease shall come to an end. In that eventthe event the Landlord does not elect to terminate this lease, this Lease shall terminate as to that building or buildings but then the lease shall remain in effect full force and effect, the Rental payments shall be reduced as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) aforesaid, and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or proceed diligently to rebuild the Building and/or to restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored Premises to the extent reasonably necessary to enable Tenant to again use and occupy of the buildingscope of its work in originally constructing the Building, and Landlord shall repair or restore Premises, provided however, that the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond required to expend a sum greater that the reasonable control net proceeds of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, fire or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of casualty insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election within sixty (60) days received on account of the damage to the Building and Premises as a result of such casualty. If the net proceeds of fire or destruction and contemporaneously with the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant other casualty insurance shall be divided by insufficient to restore the years remaining in Premises to the Lease term and the annual rental due in each extent of the remaining years shall be reduced by original construction of the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage Building due to any environmental condition which may have arisen as a result of Tenant's propertysuch casualty. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Cadapult Graphic Systems Inc)

Fire and Other Casualty. If during the term of this Lease any of the ----------------------- buildings comprising the Demised Property shall be partially or totally destroyed Premises are damaged by fire or other casualty or peril then insured by Landlord, Lxxxxxxx agrees to restore and repair the following shall Premises promptly at Landlord's expense, including the Tenant Alterations to be applicable: insured by Txxxxx (but only to the extent Landlord receives insurance proceeds therefor, including the proceeds from the insurance required to be carried by Tenant on the Tenant Alterations). Notwithstanding the foregoing, if the Premises are (a) If, in Landlord's the reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction)Landlord, the building or buildings so destroyed that they cannot be repaired or restored rebuilt within a period of one two hundred eighty seventy (180270) days from after the later of (i) the date of such opinion, then either Landlord damage or Tenant may, within ten (10ii) days next succeeding the giving of such opinion by Xxxxxxxx, terminate this Lease by giving notice to the other of such termination. In that event, this Lease shall terminate as to that building or buildings but shall remain in effect as to the remaining building or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full to the date all tenants, including Tenant, vacate the necessary portions of the Building to allow Landlord to commence said repair; or (b) destroyed by a casualty which is not covered by Lxxxxxxx's insurance, or if such destruction casualty is covered by Landlord's insurance but Lender or damage. If neither other party entitled to insurance proceeds fails to make such proceeds available to Landlord nor Tenant so terminate this Leasein an amount sufficient for restoration of the Premises, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord Tenant of that election such determination (the "Determination Notice") within sixty (60) days after such casualty. Either Landlord or Tenant may terminate and cancel this Lease by giving written notice to the other within twenty (20) days after Txxxxx's receipt of the damage or destruction and contemporaneously with Determination Notice. Upon the giving of notice provide such termination notice, all obligations hereunder with respect to periods from and after the date of receipt by Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided by the years remaining in the Lease term and the annual rental due in each or Tenant, as applicable, of the remaining years termination notice shall be reduced by the resulting figurethereupon cease and terminate. Anything herein If no such termination notice is given, Landlord shall, to the contrary notwithstandingextent of the available insurance proceeds, Landlord shall not be responsible for repairing or restoring any alterations, additions or improvements made repair and restore the Premises to the Demised Property approximate condition existing immediately prior to such casualty, promptly and in such manner as not to interfere unreasonably with Txxxxx's use and occupancy of the Premises (if Tenant is still occupying the Premises). Rent shall axxxx during the time that the Premises or any part thereof are unusable, by Xxxxxxreason of any casualty damage, in proportion to the loss of use of the Premises actually suffered by Tenant. FurthermoreNotwithstanding anything in this Lease to the contrary, in no event shall Landlord Tenant be liable for any loss entitled to an abatement of Rent or damage right to any of Tenant's property. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to provided in this Section 18 if the building Premises are damaged by fire or buildings so impacted upon notice to Landlord.other casualty caused by Tenant or Tenant’s Affiliates. LEGAL02/32900769v10

Appears in 1 contract

Samples: Industrial Lease (Orasure Technologies Inc)

Fire and Other Casualty. If In the event that, at any time during the term of this Lease ----------------------- hereof (including any of extended term), the ----------------------- buildings comprising the Demised Property shall be partially Leased Premises are totally damaged or totally destroyed by fire or other casualty or peril damaged so as to render them or a material portion thereof untenantable, then the following there shall be applicable: a just and proportionate abatement of the Rent payable hereunder, until the Leased Premises are made suitable for Tenant's occupancy. In the event of any destruction or damage to the Leased Premises caused by fire or other casualty, Landlord shall proceed at its expense (aexcept that Tenant shall promptly fund any insurance deductible) Ifand with reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such casualty. Notwithstanding the foregoing, if the Landlord, in its reasonable discretion, determines that either (i) timely restoration is not possible or practical and more than forty percent (40%) of the Leased Premises has been damaged or destroyed; or (ii) that there are or will be insufficient insurance proceeds available to accomplish timely restoration of the Leased Premises (provided that Landlord has maintained the all risk insurance on the Leased Premises as provided for in Section 5.5); or (iii) the ----------- Landlord's reasonable opinion (Mortgagee will not authorize the release of insurance proceeds to be pay for the restoration of the Leased Premises, then Landlord shall have the right to terminate this Lease by written notice given to Tenant not later than ten within sixty (1060) days after the Landlord receives notice to Landlord by from the Tenant of the happening occurrence of any destruction or damage to the Leased Premises by fire or other casualty. In the event that the Landlord has not terminated this Lease as provided for in the preceding sentence, then the Landlord shall use reasonable diligence to repair and restore the Leased Premises to substantially the same condition they were in immediately prior to such destruction or damage to the Leased Premises. If the Landlord has not commenced the repair or restoration of the Leased Premises within ninety (90) days after the Landlord receives notice from the Tenant of the occurrence of such destruction or damage or destruction)or, after such commencement, the building Landlord is not proceeding with reasonable diligence to repair or buildings canrestore the Leased Premises (subject to the funding of the insurance proceeds, the payment of the insurance deductible by the Tenant and force majeure) then the Tenant may terminate this Lease by sending written notice to the Landlord. In the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within one hundred eighty (180) days after the Landlord receives notice from the Tenant of such destruction or damage to the Leased Premises, then either Landlord or Tenant may terminate this Lease by written notice given to the other within fifteen (15) days following such one hundred eighty (180) day period, (provided, however, that in the case of a notice of termination coming from Tenant, Tenant must give its notice of termination to Landlord before the Leased Premises are so restored). If Landlord sends a notice of termination as aforesaid, then Tenant may, within one week of receiving such notice, give the Landlord a written notice extending the time period for such restoration by an additional ninety days (90) (provided that Tenant must have promptly funded to Landlord the insurance deductible); in which case the Lease Term shall automatically be repaired or restored within extended, without the necessity of further action by any party, for a period of equal to the time Rent abates beyond one hundred eighty (180) days from the date the Landlord received notice from the Tenant of such opiniondestruction or damage to the Leased Premises. In the event the Leased Premises have not been restored to a condition substantially suitable for their intended purpose within said ninety (90) additional days, then either Landlord or Tenant may, within ten (10) days next succeeding the giving of such opinion by Xxxxxxxx, may terminate this Lease by giving written notice given to the other within fifteen (15) days following such ninety (90) day additional period (provided that, in the case of a notice of termination coming from Tenant, such termination. notice must also be sent before the Leased Premises has been so restored) In that eventthe event that, this during the last two (2) years of the Lease shall terminate Term the Leased Premises are totally damaged or destroyed by fire or other casualty or damaged so as to that building render them or buildings but shall remain in effect as to the remaining building a material portion thereof untenantable, then either Landlord or buildings (unless the only other remaining building is Building A in which event Tenant may terminate this Lease) and the rent and all other payments for which Tenant may be liable under the terms of this Lease shall be prorated and paid in full by written notice given to the date of such destruction or damage. If neither Landlord nor Tenant so terminate this Lease, then Landlord shall repair or restore the building or buildings with reasonable diligence and the rent shall xxxxx on each damaged building from the date of the happening of such damage or destruction until that building has been repaired or restored to the extent reasonably necessary to enable Tenant to again use and occupy the building, and Landlord shall repair or restore the building with reasonable diligence. Provided Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed within such one hundred eighty (180) day period. (b) If, in Landlord's reasonable opinion (to be given to Tenant not later than ten (10) days after notice to Landlord by Tenant of the happening of such damage or destruction), the building or buildings can be repaired or restored as set forth is subparagraph (b) above within one hundred eighty (180) days from the date of such opinion, and the damage or destruction is such that a building is capable of being partially used by Tenant, then, until such damage has been repaired or restored, the rent shall xxxxx in the proportion which that part of the building which is rendered unfit for occupancy bears to the whole of the building, and Landlord shall repair or restore the building with reasonable diligence. Providing Landlord is proceeding with reasonable diligence to repair or restore the building, Landlord shall not be responsible for any delays beyond the reasonable control of Landlord which prevent such repair or restoration from being completed without such one hundred eighty (180) day period. (c) Landlord and Tenant shall fully cooperate with each other regarding the settlement and adjustment of insurance claims. If Landlord is to repair or restore any building, Tenant, at Tenant's sole cost and expense, shall remove any machinery, equipment, furniture, inventory, or other items of personal property from that building as shall be required by Landlord in order to repair or restore the Improvements constituting a part of the building. (d) Notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to repair or restore any damage to or destruction of the Demised Property if the costs of repair or restoration, in Landlord's reasonable opinion, exceeds the amount of insurance proceeds payable to Landlord by reason of such damage or destruction. In that event, Tenant shall have the option of either (1) terminating this Lease as it applies to such damaged or destroyed building or buildings or (2) requiring Landlord to repair or restore the damaged property in which event Tenant shall assume responsibility for the payment of all costs and expenses to repair or restore in excess of the insurance proceeds due Landlord. In the event Tenant elects the latter option and requires Landlord to repair or restore it shall give written notice to Landlord of that election party within sixty (60) days after the Landlord receives notice from the Tenant of the such total damage or destruction and contemporaneously with of the giving of notice provide Landlord with adequate security for the payment (based on written estimates) of all excess costs and expenses. The excess costs incurred by Tenant shall be divided Leased Premises by the years remaining in the Lease term and the annual rental due in each occurrence of the remaining years shall be reduced by the resulting figure. Anything herein to the contrary notwithstanding, Landlord shall not be responsible for repairing fire or restoring any alterations, additions or improvements made to the Demised Property by Xxxxxx. Furthermore, in no event shall Landlord be liable for any loss of or damage to any of Tenant's propertyother casualty. (e) In the event that the partial destruction or casualty to the entire Demised Premises is more than fifty percent (50%), the Landlord in its sole discretion shall determine whether or not to repair the Demised Premises. In the event that the Landlord decides not to repair the Demised Premises, then and in that event, this Lease shall cease and be terminated provided however should such destruction or casualty occur in the final Lease year, Tenant may terminate this Lease as it applies to the building or buildings so impacted upon notice to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Lifeline Systems Inc)

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