FIRE DAMAGE. Section 8.01. If the Demised Premises shall be partially damaged by fire or other insured casualty, the damages shall be repaired by and at the expense of Landlord and the annual minium rental an additional rent until such repairs shall be made shall xxxxx equitably according to the part of the Demised Premises which is unusable by Tenant (as determined by Tenant in the exercise of Tenant's reasonable discretion) or, if by reason thereof, the Demised Premises are rendered untenantable, said annual minimum rental and additional rent shall totally xxxxx until such repairs shall be made. Notwithstanding the foregoing, in the event that more than thirty (30%) percent of the Demised Premises shall be damaged and there shall be less than five (5) years remaining in the term of the Lease, then, and in such event, Landlord may terminate this Lease upon notice to Tenant given within ninety (90) days following such event , and upon the date specified in such notice, which date shall not be less than thirty (30) days nor more than sixty (60) days following the giving of said notice , this Lease shall terminate and Tenant shall vacate and surrender the Demised Premises to Landlord. Notwithstanding the termination right of Landlord set forth in the preceding sentence, Tenant shall have the right to nullify such termination by notifying Landlord that Tenant has elected to exercise its extension option set forth in Article 39 hereof. Any annual minimum rental prepaid by Tenant beyond said date shall be promptly refunded to Tenant. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of the Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedies which may be available against Tenant, the abatement of Tenant's rents provided for in this Article shall not be effective to the extent of the uncollected insurance proceeds.
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Samples: Lease (Programmers Paradise Inc)
FIRE DAMAGE. Section 8.01. If the Demised Premises shall be partially damaged by fire or other insured casualty, the damages shall be repaired by and at the expense of Landlord and the annual minium minimum rental an additional rent until such repairs shall be made shall xxxxx equitably according to the part of the Demised Premises which is unusable by Tenant (as determined by Tenant in the exercise of Tenant's reasonable discretion) or, if by reason thereof, the Demised Premises are rendered untenantable, said annual minimum rental and additional rent shall totally xxxxx until such repairs shall be made. Notwithstanding the foregoing, in the event that more than thirty (30%) percent of if the Demised Premises or the Building shall be damaged and there to such extent that Landlord shall be less than five (5) years remaining in the term of the Leasedecide to demolish same, or not to rebuild same, then, and in such event, Landlord may terminate this Lease upon notice to Tenant given within ninety sixty (9060) days following such event event, and upon the date specified in such notice, which date shall not be less than thirty (30) days nor more than sixty (60) days following the giving of said notice notice, this Lease shall terminate and Tenant shall vacate and surrender the Demised Premises to Landlord. Notwithstanding In the termination right event Landlord is required to repair and/or restore the Demised Premises and/or the Building and Landlord (i) has not commenced such restoration within ninety (90) days after the date of Landlord set forth in the preceding sentencedamage or destruction and diligently pursues completion of same, or (ii) has foiled to substantially complete restoration of the Demised Premises within two hundred seventy (270) days after the date of the damage or destruction, Tenant shall have the right to nullify terminate this Lease by written notice to Landlord given within thirty (30) days after the expiration of such ninety (90) day or two hundred seventy (270) day period, as the case may be, and prior to the date Landlord commences restoration in the case of (i) above or the date Landlord substantially completes such restoration in case of (ii) above, and if Tenant shall timely give such termination notice, then this Lease shall terminate as of the date set forth therefor in such notice, which shall be a date not less than thirty (30) days nor more than sixty (60) days following the giving /s/ [ILLEGIBLE] T /s/ [ILLEGIBLE] LL of said notice, and Tenant shall vacate and surrender the Demised Premises to Landlord on or before such date. The period for the commencement or completion of the required repairs and restoration may be extended by notifying the number of days Landlord is actually delayed as a result of strike, act of God, war, governmental action, national or state or municipal emergency, or any other cause beyond the reasonable control of Landlord. In the event that Tenant has elected to exercise its extension option the Demised Premises or a material part thereof or all access thereto shall be materially damaged or destroyed by fire or other casualty at any time during the last nine (9) months of the term of this Lease and the renewal option(s) set forth in Article 39 hereof40 hereof has not been exercised, either Landlord or Tenant may cancel this Lease upon written notice to the other party given within sixty (60) days after such damage or destruction, in which case this Lease shall terminate as of the date set forth therefor in such notice, which shall be a date not less than thirty (30) days nor more than sixty (60) days following the giving of said notice, and Tenant shall vacate and surrender the Demised Premises to Landlord on or before such date. Any annual minimum rental prepaid by Tenant beyond said date shall be promptly refunded to Tenant. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of the Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedies which may be available against Tenant, the abatement of Tenant's ’s rents provided for in this Article shall not be effective to the extent of the uncollected insurance proceeds.
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FIRE DAMAGE. Section 8.01. If the Demised Premises shall be partially damaged by fire or other insured casualty, the damages shall be repaired by and at the expense of Landlord and the annual minium minimum rental an and additional rent due under Section 7.03, Article 12 and Article 14 of this Lease until such repairs shall be made shall xxxxx equitably according to the part of the Demised Premises which is unusable by Tenant (as determined by Tenant in the exercise of Tenant's reasonable discretion) or, if by reason thereof, the Demised Premises are rendered untenantable, said annual minimum rental and additional rent due under Section 7.03, Article 12 and Article 14 of this Lease shall totally xxxxx until such repairs shall be made. Notwithstanding the foregoing, in the event that more than thirty (30%) percent of if the Demised Premises or the Building shall be damaged and there to such extent that Landlord shall be less than five (5) years remaining in the term of the Leasedecide to demolish same, or not to rebuild same, then, and in such event, Landlord may terminate this Lease upon notice to Tenant given within ninety (90) days following such event event, and upon the date specified in such notice, which date shall not be less than thirty (30) days nor more than sixty (60) days following the giving of said notice notice, this Lease shall terminate and Tenant shall vacate and surrender the Demised Premises to Landlord. Notwithstanding the termination right of Landlord set forth in the preceding sentence, Tenant shall have the right to nullify such termination by notifying Landlord that Tenant has elected to exercise its extension option set forth in Article 39 hereof. Any annual minimum rental prepaid by Tenant beyond said date (after accounting for any abatement of rent to which Tenant is entitled pursuant to this Section 8.01) shall be promptly refunded to Tenant. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of the Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedies which may be available against Tenant, the abatement of Tenant's rents provided for in this Article shall not be effective to the extent of the uncollected insurance proceeds.
Appears in 1 contract
Samples: Lease (Microframe Inc)
FIRE DAMAGE. Section 8.01. If the Demised Premises shall be partially damaged by fire or other insured casualty, the damages shall be repaired by and at the expense of Landlord and the annual minium minimum rental an additional rent until such repairs shall be made shall xxxxx equitably according to the part of the Demised Premises which is unusable by Tenant (as determined by Tenant in the exercise of Tenant's reasonable discretion) or, if by reason thereof, the Demised Premises are rendered untenantable, said annual minimum rental and additional rent shall totally xxxxx until such repairs shall be made. Notwithstanding the foregoing, in the event that more than thirty (30%) percent of if the Demised Premises or the Building shall be damaged and there to such extent that Landlord shall be less than five (5) years remaining in the term of the Leasedecide to demolish same, or not to rebuild same, then, and in such event, Landlord may terminate this Lease upon notice to Tenant given within ninety (90) days following such event event, and upon the date specified in such notice, which date shall not be less than thirty (30) days nor more than sixty (60) days following the giving of said notice notice, this Lease shall terminate and Tenant shall vacate and surrender the Demised Premises to Landlord. Notwithstanding the termination right of Landlord set forth in the preceding sentence, Tenant shall have the right to nullify such termination by notifying Landlord that Tenant has elected to exercise its extension option set forth in Article 39 hereof. Any annual minimum rental prepaid by Tenant beyond said date shall be promptly refunded to Tenant. Notwithstanding any of the foregoing provisions of this Article, if Landlord or the holder of any superior mortgage shall be unable to collect all of the insurance proceeds (including rent insurance proceeds) applicable to damage or destruction of the Demised Premises or the Building by fire or other cause, by reason of some action or inaction on the part of the Tenant or any of its employees, agents or contractors, then, without prejudice to any other remedies which may be available against Tenant, the abatement of Tenant's rents provided for in this Article shall not be effective to the extent of the uncollected insurance proceeds.
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